风险投资对我国创业板IPO影响的实证研究

发布时间：2018-04-06 07:04

本文选题：风险投资　切入点：创业板　出处：《广东财经大学》2013年硕士论文

【摘要】：2009年10月30日，，创业板的顺利推出，不仅为具有发展潜力的新兴中小企业在资本市场上市开辟了道路，而且为投资者将资金投资于资本市场提供了便利。创业板最初的高股价、高市盈率、高融资额，不仅使其成为名副其实的“造富板”，也使许多投资于上市前企业的风险投资得到了巨大的投资回报。由于IPO是风险资本的最优退出方式，风险资本在其持股企业的IPO过程中发挥着重要的作用。关于风险投资的参与对企业IPO影响作用的研究，主要有两种不同的理论：一种是正面影响，代表模型是认证/监督模型；另外一种是负面影响，代表模型是逆向选择/哗众取宠模型。认证/监督理论认为风险投资参与的企业经营绩效更好，IPO发行费用和IPO抑价率更低，而且风险投资的参与能够有效降低IPO效应。逆向选择/哗众取宠理论认为风险投资参与的企业经营绩效更差，IPO发行费用和IPO抑价率更高，原因是风险投资机构发展并不成熟，往往为了建立自己的声誉和筹集资金的压力，而将被投资企业过早上市。然而，这些理论是否成立，有待于通过创业板上市企业在上市前后的表现进行验证。本文选取2010年6月30日——2012年6月30日在深圳证券交易所创业板上市的242家公司为研究样本，共计242家企业。利用描述性统计、相关性分析、逐步线性回归分析等方法分析两个方面的内容：（1）风险投资对支持企业IPO前后的各财务指标，以及上市企业的IPO效应有什么影响，从盈利能力、偿债能力、成长能力、营运能力来考察实际影响情况。（2）风险投资参与在创业板IPO中是否具有认证作用，风险投资支持企业的IPO费用和IPO抑价率，和无风险投资支持企业相比有什么区别。研究发现风险投资对创业板企业IPO之前的经营业绩影响不明显，IPO之后上市公司的业绩出现了显著的下降，但有风险投资支持的企业比没有风险投资支持的企业下降的少，风险投资能够降低上市公司IPO效应的程度。在IPO费用和IPO抑价率方面，风险投资支持企业比无风险投资支持企业更低。这说明我国风险投资在一定程度上起到了认证/监督作用，但是在经营绩效方面影响不明显，可能和我国风险投资行业发展不成熟有关。
[Abstract]:On October 30, 2009, the successful launch of the gem not only opened the way for the emerging small and medium-sized enterprises with development potential to list in the capital market, but also provided convenience for investors to invest their funds in the capital market.The initial high stock price, high price-earnings ratio and high financing amount of gem not only make it a "rich board", but also make a lot of venture investment in pre-listed enterprises get a huge return on investment.Because IPO is the optimal exit method of venture capital, venture capital plays an important role in the process of IPO of its shareholding enterprises.There are two different theories on the effect of venture capital participation on IPO: one is positive effect, the other is certification / supervision model, the other is negative effect.The representative model is the reverse selection / grandstanding model.The certification / supervision theory holds that the venture capital participating enterprises have better operating performance and lower IPO fees and IPO underpricing, and the participation of venture capital can effectively reduce the IPO effect.The theory of adverse selection / grandstanding holds that the enterprises participating in venture capital have lower operating performance and higher IPO fees and IPO underpricing rate, because venture capital institutions are not mature and are often under pressure to build their own reputation and raise funds.And will be invested in the early listing of enterprises.However, whether these theories hold true or not remains to be verified by the performance of gem listed enterprises before and after listing.In this paper, 242 companies listed on the gem of Shenzhen Stock Exchange from June 30, 2010 to June 30, 2012 are selected as the research sample, a total of 242 enterprises.Using descriptive statistics, correlation analysis, stepwise linear regression analysis and other methods to analyze the two aspects of the content: 1) how the venture capital affects the financial indexes before and after supporting the IPO and the IPO effect of the listed enterprises.Ability to repay debt, ability to grow, ability to operate to investigate the actual impact. 2) Venture capital participation in the gem IPO has the role of certification, venture capital to support the IPO costs and IPO underpricing rate,What is the difference with venture-free investment-backed firms?The study found that venture capital had no obvious effect on the performance of IPO before gem. However, the companies with venture capital support declined less than those without venture capital support.Venture capital can reduce the IPO effect of listed companies.In terms of IPO fees and IPO underpricing, venture capital-backed firms are lower than VC-backed firms.This indicates that venture capital in China has played a role of certification / supervision to a certain extent, but the impact on business performance is not obvious, which may have something to do with the immature development of venture capital industry in China.
【学位授予单位】：广东财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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