私募股权投资机构参与对上市公司投融资行为的影响研究

发布时间：2018-02-01 08:55

本文关键词： 私募股权投资行为融资行为　出处：《南京财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：近年来，随着私募股权基金在推动全球经济发展中的作用日益突出，对之相关研究也继而兴起。目前有关该领域的研究更多的集中于对私募股权基金本身的研究，如私募股权基金概念的引入、方法比较、机理的剖析和政策探讨；私募股权基金投资项目的选择、退出、收益等的研究，，而对私募股权机构在其投资的企业上市后所起的作用却较少研究，且只是简单假设私募股权基金在公司IPO后就迅速退出了，其实在IPO后还有一定的锁定期，并不是简单迅速退出。本文在上述前提背景下，将私募股权机构参与背景与上市公司投融资行为结合起来加以考虑，并辅以实证数据进行分析，以期获得有效结果。通过选取2004—2011年间的上证、深证所有A股上市公司作为初始样本，经过一定条件的筛选后最终剩余938家上市公司共7504个样本作为本文的数据分析基础，并引入上市公司十大股东中的私募股权投资背景，将样本公司分为有私募股权投资背景和无此背景的公司两组，在以往研究上市公司投融资行为的模型的基础上，加入该虚拟变量进行一系列的回归分析。最后还将私募股权投资机构特征分为外资背景、联合投资、声誉及持股比例四部分并研究了该四种特征分别对上市公司行为的进一步影响。本文采用的方法是多元线性回归模型分析，分别以过度投资、投资不足、融资额为因变量，选取公司部分特征、私募股权投资背景等为自变量，并控制年份、行业，进行一系列的实证，最终得出以下结论：（1）私募股权投资背景会在一定程度上影响企业的投融资行为；（2）私募股权投资资本参与对调整后的企业短期有息债务融资额及外部权益额的影响依然在不同显著性水平下显著；（3）私募股权投资机构的不同特征对上市公司投融资行为的影响程度不同。最后，根据这些结论，提出一些对上市公司及政府的建议，并指出本文的研究不足。
[Abstract]:In recent years, the role of private equity funds in promoting global economic development has become increasingly prominent. At present, the research in this field is more focused on the study of private equity fund itself, such as the introduction of the concept of private equity fund, method comparison, mechanism analysis and policy discussion; Private equity fund investment project selection, exit, income and other research, but private equity institutions in its investment after the listing of the role of enterprises is less studied. And simply assume that private equity funds quickly quit after the company IPO, in fact, there is a certain locking period after the IPO, is not a simple and rapid exit. In this paper, the background of private equity participation and listed companies' investment and financing behavior are considered, and the empirical data are used to analyze it in order to obtain effective results. By selecting the Shanghai Stock Exchange between 2004 and 2011, all the A-share listed companies of Shenzhen Stock Exchange are taken as the initial sample. After certain conditions of screening, the final remaining 938 listed companies a total of 7504 samples as the data analysis basis, and the introduction of listed companies among the ten shareholders of private equity investment background. The sample companies are divided into two groups: private equity investment background and non-private equity investment background. Based on the previous research on listed companies' investment and financing behavior model. Add this virtual variable to a series of regression analysis. Finally, the characteristics of private equity investment institutions are divided into foreign background, joint investment. The four parts of reputation and shareholding ratio study the further influence of these four characteristics on the behavior of listed companies. The method used in this paper is multivariate linear regression model analysis, with overinvestment, underinvestment, financing as dependent variables, select some characteristics of the company, private equity investment background as independent variables, and control year. Industry, a series of empirical, and finally draw the following conclusions: 1) the background of private equity investment will affect the investment and financing behavior of enterprises to a certain extent; (2) the influence of private equity investment capital participation on the amount of short-term interest-bearing debt financing and the amount of external equity of enterprises after adjustment is still significant at different significant levels; Finally, according to these conclusions, some suggestions to the listed companies and the government are put forward. And pointed out the insufficient research in this paper.
【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】：F275;F832.51

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