【摘要】：大企業(yè)創(chuàng)業(yè)投資是指有明確主營(yíng)業(yè)務(wù)的非金融企業(yè)在其內(nèi)部或外部進(jìn)行的創(chuàng)業(yè)投資活動(dòng)。近年來(lái),隨著多層次資本市場(chǎng)的逐步建立和發(fā)展,作為創(chuàng)業(yè)投資的一種特殊形態(tài),大企業(yè)創(chuàng)業(yè)投資(Corporate Venture Capital,CVC)也經(jīng)歷著快速的發(fā)展。 然而,CVC活動(dòng)近幾年才獲得國(guó)內(nèi)學(xué)術(shù)界的重視,與之相關(guān)的研究不足。目前我國(guó)參與大企業(yè)創(chuàng)業(yè)投資的企業(yè)主要以上市公司為主,在目前的文獻(xiàn)中,多數(shù)是理論研究,實(shí)證研究較少,還沒(méi)有學(xué)者關(guān)注參與大企業(yè)創(chuàng)業(yè)投資的上市公司在二級(jí)市場(chǎng)的表現(xiàn),而二級(jí)市場(chǎng)的運(yùn)行情況是上市公司的質(zhì)量、內(nèi)在價(jià)值、經(jīng)營(yíng)狀況的重要體現(xiàn)。因此,深入研究上市公司參與大企業(yè)創(chuàng)業(yè)投資對(duì)其股價(jià)的影響,對(duì)于我國(guó)大企業(yè)創(chuàng)業(yè)投資行業(yè)以及作為參與主體的上市公司的健康、快速發(fā)展具有重要的理論和現(xiàn)實(shí)意義。 本文主要探討上市公司參與大企業(yè)創(chuàng)業(yè)投資對(duì)其股價(jià)的影響,以及在此過(guò)程中影響股價(jià)的因素。本文首先對(duì)國(guó)內(nèi)外相關(guān)文獻(xiàn)進(jìn)行了回顧及述評(píng)。接著對(duì)上市公司參與大企業(yè)創(chuàng)業(yè)投資的現(xiàn)狀及問(wèn)題進(jìn)行了分析。然后運(yùn)用事件研究法,研究上市公司參與大企業(yè)創(chuàng)業(yè)投資的臨時(shí)公告信息披露對(duì)于上市公司平均超額收益率和累計(jì)超額收益率的影響情況。之后,建立多元回歸方程,研究了影響累計(jì)超額收益的因素。最后,借鑒了國(guó)外大企業(yè)創(chuàng)業(yè)投資的相關(guān)經(jīng)驗(yàn),并從投資者、上市公司、政府、資本市場(chǎng)約束機(jī)制角度提出了可操作性的政策建議。 通過(guò)理論分析和實(shí)證研究,本文得出以下幾個(gè)結(jié)論： 滬深兩市上市公司參與大企業(yè)創(chuàng)業(yè)投資的程度相當(dāng)：在地域差異上與創(chuàng)業(yè)投資發(fā)展?fàn)顩r相符；大部分上市公司發(fā)行規(guī)模較大；主營(yíng)業(yè)務(wù)明確,多數(shù)屬于非金融類(lèi)、傳統(tǒng)性行業(yè)；投資金額在1千萬(wàn)至5千萬(wàn)元等級(jí),處于投資額中等水平。目前我國(guó)上市公司參與大企業(yè)創(chuàng)業(yè)投資時(shí)存在的問(wèn)題,包括總量偏少、投資模式單一、財(cái)務(wù)收益為主導(dǎo)、注重短期收益、忽略未來(lái)成長(zhǎng)性等。 總體樣本方面,大企業(yè)創(chuàng)業(yè)投資活動(dòng)公告事件窗內(nèi)能夠獲得顯著為正的累計(jì)平均異常收益率,說(shuō)明公告事件對(duì)于其股價(jià)產(chǎn)生了一定的波動(dòng)性影響。 分類(lèi)樣本方面,S1組(2009年3月31日之前)公告對(duì)股價(jià)影響的程度并不明顯,而無(wú)論是從平均超額收益率、累計(jì)平均超額收益率還是t檢驗(yàn)的情況來(lái)看,S2組(2009年3月31日之后)都表現(xiàn)出了明顯的股價(jià)波動(dòng)。 在影響累計(jì)超額收益率的因素方面,股權(quán)集中度、每股收益的系數(shù)均為正顯著,說(shuō)明這些變量分別對(duì)公告后的股價(jià)產(chǎn)生正向作用,與預(yù)期相符。投資額占上市公司總資產(chǎn)的比重、上市公司在創(chuàng)業(yè)投資公司中所占股權(quán)的比例也如預(yù)期與股價(jià)呈現(xiàn)顯著的正相關(guān)關(guān)系。市盈率的系數(shù)符號(hào)雖然與假設(shè)相同,但并不顯著。
[Abstract]:Venture capital of large enterprises refers to the venture capital activities carried out by non-financial enterprises with clear main business. In recent years, with the gradual establishment and development of multi-level capital market, as a special form of venture capital, large enterprise venture capital (Corporate Venture Capital,CVC) is also experiencing rapid development. However, CVC activities have only been paid attention to by domestic academic circles in recent years, and the related research is insufficient. At present, the listed companies are mainly involved in the venture capital of large enterprises in our country. In the current literature, most of them are theoretical research, but the empirical research is less. No scholars have paid attention to the performance of the listed companies participating in the venture capital of large enterprises in the secondary market, and the operation of the secondary market is an important embodiment of the quality, intrinsic value and management status of the listed companies. Therefore, it is of great theoretical and practical significance to deeply study the influence of listed companies' participation in large enterprise venture capital on their stock prices, which is of great theoretical and practical significance for the healthy and rapid development of large enterprise venture capital industry and listed companies as the main body of participation in China. This paper mainly discusses the influence of listed companies' participation in venture capital on their stock prices, and the factors that affect the stock prices in this process. First of all, this paper reviews and reviews the relevant literature at home and abroad. Then it analyzes the present situation and problems of listed companies participating in venture capital of large enterprises. Then, using the event research method, this paper studies the influence of the temporary announcement information disclosure of listed companies participating in venture capital on the average excess return and cumulative excess return of listed companies. After that, the multiple regression equation is established to study the factors that affect the cumulative excess return. Finally, this paper draws lessons from the relevant experience of venture capital of large foreign enterprises, and puts forward some operable policy suggestions from the perspective of investors, listed companies, government and capital market restraint mechanism. Through theoretical analysis and empirical research, this paper draws the following conclusions: the degree of participation of listed companies in venture capital of large enterprises in Shanghai and Shenzhen stock markets is the same: the regional differences are consistent with the development of venture capital; most of the listed companies issue large scale; the main business is clear, most of them belong to non-financial and traditional industries; the amount of investment is between 10 million and 50 million yuan, which is in the middle level of investment. At present, there are some problems existing in the participation of listed companies in the venture capital of large enterprises, including the small total amount, the single investment mode, the financial income as the leading factor, the short-term income, the neglect of the future growth and so on. In terms of the overall sample, the cumulative average abnormal rate of return can be significantly positive in the window of the announcement event of venture capital activities of large enterprises, which indicates that the announcement event has a certain volatility impact on their stock prices. In terms of classified samples, the influence of S1 group (before March 31, 2009) on stock price was not obvious, but both in terms of average excess return, cumulative average excess return or t test, S2 group (after March 31, 2009) showed obvious stock price fluctuations. In terms of the factors affecting the cumulative excess return, the equity concentration degree and the coefficient of earnings per share are positively significant, indicating that these variables have a positive effect on the stock price after the announcement, which is consistent with expectations. The proportion of investment in the total assets of listed companies, and the proportion of equity held by listed companies in venture capital companies is also positively correlated with the stock price as expected. Although the coefficient symbol of P / E ratio is the same as the hypothesis, it is not significant.
【學(xué)位授予單位】：東華大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F276.6;F832.48;F224

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