证券公司直投业务对被投资企业影响研究

发布时间：2018-04-21 02:36

本文选题：证券公司 + 风险投资　；参考：《复旦大学》2013年硕士论文

【摘要】：本文旨在研究证券公司开展直投业务对被投资企业带来的影响。文章按照上市公司在上市之前有无证券公司直投对样本进行分类,并通过均值检验,中位数检验的方法进行统计检验。在此基础上,文章进一步以直投证券公司的特征值对样本进一步细分,研究了不同证券公司的特征值对被投资企业带来的影响。研究结果证实了证券公司的直接投资能够给被投资企业带来积极的长期股价回报率和优秀的财务绩效。通过对证券公司特征值的分类,进一步证明了带来积极长期股价回报率和优秀财务绩效的主要原因来自于证券公司强烈的市场认证作用和优异的金融服务能力。除此以外,研究通过对证券公司持股比例的研究也说明,证券公司的直投业务与风险投资公司类似,受到逆向选择及作秀等作用的影响,表现出持股比例高的被投资企业短期内绩效的不理想化,为今后证券市场的管理者和投资者提供了参考和改良的依据。
[Abstract]:The purpose of this paper is to study the impact of direct investment business of securities companies on invested enterprises. This paper classifies the samples according to whether the listed company has direct investment before listing, and carries on the statistical test through the method of mean value test and median test. On this basis, the paper further subdivides the sample with the characteristic value of the direct investment securities company, and studies the influence of the characteristic value of the different securities company on the invested enterprise. The results show that the direct investment of securities companies can bring positive long-term return on stock price and excellent financial performance. By classifying the characteristic values of securities companies, it is further proved that the main reasons for the positive long-term stock price returns and excellent financial performance are the strong market certification and excellent financial service capability of securities companies. In addition, the research on the shareholding ratio of securities companies also shows that the direct investment business of securities companies is similar to that of venture capital companies, and is affected by adverse selection and performance. It shows that the short-term performance of the invested enterprises with high shareholding ratio is not idealized, which provides a reference and improvement basis for the managers and investors of the securities market in the future.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.39

【参考文献】