风险投资参与对企业IPO抑价影响的实证研究

发布时间：2018-01-10 20:37

本文关键词：风险投资参与对企业IPO抑价影响的实证研究　出处：《南京财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：IPO抑价问题被认为是IPO研究领域三大研究课题之一。近年来，随着我国风险投资的发展和创业板的推出，越来越多的风险投资机构以公开上市的方式退出企业，国内学者开始关注风险投资对IPO抑价的影响问题。有鉴于此，本文根据声誉效应理论和认证理论，提出5个研究假设，构建多元回归模型，从创业板和中小板两个角度来研究风险投资参与对企业IPO抑价的影响。另外，还深入研究了风险投资机构特征与IPO抑价的关系。本文选取2009年9月18日至2012年6月28日在创业板和中小板上市的664家公司的相关数据为研究样本，包括上述664家公司的发行价和首日收盘价，以及参与投资的风险投资公司的特征（声誉、股权性质、投资期限、是否为联合投资以及投资时被投资公司所处的发展阶段）。研究得出以下结论：第一，创业板市场和中小板市场中有风险投资机构参与的企业IPO抑价率都较高，与声誉效应假说的结论一致。第二，对声誉效应假说的进一步验证，发现根据声誉效应假说推导出的假设并不完全适用于我国中小板和创业板，只是部分支持声誉效应假说。另外，中小板和创业板的结论也并不完全一致。第三，创业板市场中低声誉的风险投资机构所投资的企业有较高的IPO抑价率。中小板市场中低声誉、投资期限长和投资时被投资企业处在早期的企业有较高的IPO抑价率。第四，，股权性质为外资的风险投资和联合投资的风险投资机构投资的企业抑价率更低这一假说没有得到验证。
[Abstract]:IPO underpricing is regarded as one of the three research topics in the field of IPO. In recent years, with the development of venture capital and the launch of gem in China. More and more venture capital institutions withdraw from enterprises in the form of public listing. Domestic scholars begin to pay attention to the impact of venture capital on IPO underpricing. In view of this, according to the reputation effect theory and the certification theory, this paper puts forward five research hypotheses, constructs the multivariate regression model. From the growth enterprise board and small and medium-sized board to study the impact of venture capital participation on the IPO underpricing. The relationship between the characteristics of venture capital institutions and the underpricing of IPO is also studied in depth. This paper selects the relevant numbers of 664 companies listed on the gem and small and medium-sized boards from September 18th 2009 to June 28th 2012. According to the study sample. Including the above 664 companies' offering price and closing price on the first day, as well as the characteristics (reputation, equity nature, investment duration) of the venture capital company involved in the investment. Whether it is a joint investment and the stage of development in which the company was invested at the time of the investment. The study draws the following conclusions: Firstly, the IPO underpricing rate of venture capital institutions in gem market and small and medium-sized market is higher, which is consistent with the conclusion of reputation effect hypothesis. Second, the further verification of reputation effect hypothesis, we find that the assumption derived from reputation effect hypothesis is not fully applicable to the small and medium-sized boards and gem in China, but only partially supports the reputation effect hypothesis. The conclusion of medium and small board and gem is also not completely consistent. Third, the venture capital institutions with low reputation in the gem market have a high IPO underpricing rate. The enterprises with long investment term and early investment have higher IPO underpricing rate. In 4th, the hypothesis of lower underpricing rate of firms with equity nature of foreign venture capital and joint venture capital institution has not been verified.
【学位授予单位】：南京财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F832.48

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