风险投资声誉对IPO退出决策的影响研究

发布时间：2018-02-09 14:31

本文关键词： 风险投资声誉 IPO 退出时间退出收益　出处：《华南理工大学》2013年硕士论文　论文类型：学位论文

【摘要】：目前IPO依然是风险投资的主要退出渠道，而且也是可以获得公开数据的唯一渠道，因此以往学者开展了很多以IPO为窗口的风险投资退出研究。以往的研究过程往往将风险企业IPO等同于风险投资机构实现了退出，但是实际情况是风险投资机构在风险企业IPO后锁定期结束后择机退出，因此本文主要研究这一时间段，风险投资机构的声誉对风险投资机构退出时间以及退出收益方面的退出决策的影响。本文主要分为三个部分，第一部分绪论，主要阐述本文的研究背景与意义、整理现有的文献综述并从中总结不足找出本文的研究立足点，之后总体介绍本文的研究目标、内容、结构和方法以及创新点；第二部分是博弈理论模型研究，这部分将风险投资的声誉简单理解为外部投资者对风险投资机构的信任程度，将风险投资的退出理解为风险投资机构与外部投资者之间的博弈，从而建立起独立重复事件和非独立重复事件下的风险投资IPO退出决策的声誉均衡；第三部分实证分析，在第二章博弈结论的基础上，提出风险投资机构声誉对风险投资机构在风险企业IPO后的退出时间和退出收益的研究假设，并选取中小板和创业板上市公司数据进行实证分析。经过本文的研究，主要得到以下结论：（1）风险投资机构的声誉越高，在风险企业IPO后，风险投资机构的退出时间越长、退出收益越高；（2）IPO市场中优质企业的数量越多、对风险投资机构造假的惩罚越严重，越有利于形成良好的风险投资机构退出环境。本章的最后，，根据研究结论，提出了完善风险投资机构退出的建议。
[Abstract]:At present, IPO is still the main exit channel for venture capital, and it is also the only way to obtain public data. Therefore, previous scholars have carried out a lot of venture capital exit research with IPO as the window. The previous research process often equates venture enterprise IPO with venture capital institution to realize exit. However, the actual situation is that venture capital institutions choose to exit after the IPO lock period ends, so this paper mainly studies this time period. The influence of the reputation of the venture capital institution on the exit time and the exit decision of the venture capital institution. This paper is divided into three parts. The first part is introduction, which mainly describes the research background and significance of this paper, collates the existing literature review and finds out the research foothold of this paper, and then introduces the research objectives of this paper. The second part is the study of game theory model, in which the reputation of venture capital is understood as the degree of external investors' trust in venture capital institutions. The exit of venture capital is understood as the game between venture capital institution and external investor, and the reputation equilibrium of venture capital IPO exit decision under independent repeated event and non-independent repeated event is established. The third part is empirical analysis. On the basis of the conclusion of the second chapter, this paper puts forward the research hypothesis of venture capital institution reputation to the exit time and return of venture capital institution after IPO, and selects the data of small and medium-sized board and gem listed company to carry on the empirical analysis. Through the research of this paper, we get the following conclusion: 1) the higher the reputation of venture capital institutions, the longer the exit time of venture capital institutions, the higher the return of exit, the more the number of high quality enterprises in the market of venture capital firms. The more serious the punishment of fraud of venture capital institutions, the more conducive to the formation of a good exit environment of venture capital institutions. Finally, according to the conclusion of the study, the author puts forward some suggestions to improve the exit of venture capital institutions.
【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.48

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