风险投资对中国创业板上市公司的影响研究

发布时间：2018-04-30 09:44

本文选题：风险投资 + 创业板上市公司　；参考：《辽宁大学》2013年硕士论文

【摘要】：自2009年10月我国深圳创业板成立以来,具有创新和高成长性的高新技术企业，包括部分有风险投资支持的企业得以在创业板这个市场公开上市,国内风险投资因此也增多了一个退出渠道的选择。风险投资作为一种新型的融资方式，不仅为中小企业的发展提供了资金支持，而且促进了一批科技技术型企业甚至是整个行业的发展。风险投资的快速发展使得风险投资的微观行为以及其作用成为理论界的一个重要课题而备受关注。本文通过分析风险投资与创业板上市企业之间的影响关系，提出风险投资对上市企业的内在价值和外在价值影响两方面作用的研究假说。以创业板上市公司为研究样本，通过实证研究证明风险投资对被投资企业的作用是否具有显著性，结合实证结论探讨其影响的原因，并提出了相应的政策建议。文章首先简要概述选题背景和研究问题，总结国内外关于风险投资作用的文献，确立本文的研究方法与内容安排以及创新之处。然后通过分析国内风险投资和创业板发展现状，理论上阐明风险投资介入企业的利弊分析，并在前人研究基础上探讨了风险投资的功能及其作用。作为权益资本的参与者，风险投资家为了获得预期投资收益、降低代理成本，通常通过在投资前项目筛选、投资后参与监督管理中提供价值增值性服务来提高被投资企业的内在价值。另一方面，在资本市场上，风险投资提供认证监督功能，或为了维护自身声誉而培育和扶持企业上市，从而提高被投资企业的市场价值。接着，文章以创业板中的281家上市公司为样本，并对样本数据进行了均值和多元逐步回归检验，，检验结果认为有风险投资支持与无风险投资支持的上市公司在IPO折价率、发行三个月后收益率、发行市盈率、托宾Q值以及上市前后四年财务绩效等方面差异性并不显著。多元回归结论也认为与风险投资相关的指标对企业价值的影响也并不显著。本文实证检验结果不支持风险投资的认证/监督的理论。最后，在理论和实证分析的基础上针对实证结果，分析了出现这种结论的原因。并根据原因提出相应的政策建议。对加大发展我国风险投资事业、完善多层次资本市场，促进我国中小企业的发展具有重要的参考意义。
[Abstract]:Since the establishment of the Shenzhen gem in October 2009, high-tech enterprises with innovation and high growth, including some enterprises with venture capital support, have been listed on the gem. Domestic venture capital has thus increased the choice of an exit channel. As a new type of financing, venture capital not only provides financial support for the development of small and medium-sized enterprises, but also promotes the development of a number of scientific and technological enterprises or even the whole industry. With the rapid development of venture capital, the microcosmic behavior and its function of venture capital have become an important subject in theory. Based on the analysis of the relationship between venture capital and gem listed enterprises, this paper puts forward the hypothesis of the influence of venture capital on the internal value and external value of listed enterprises. Taking the listed companies on the gem as the research sample, this paper proves whether the role of venture capital to the invested enterprises is significant or not through empirical research, discusses the reasons for its influence combined with the empirical conclusions, and puts forward the corresponding policy recommendations. Firstly, this paper briefly summarizes the background and research issues of the topic, summarizes the domestic and foreign literature on the role of venture capital, and establishes the research method, content arrangement and innovation of this paper. Then, by analyzing the current situation of venture capital and growth enterprise market in China, this paper theoretically clarifies the advantages and disadvantages of venture capital intervention in enterprises, and discusses the function and function of venture capital on the basis of previous studies. As participants in equity capital, venture capitalists usually filter through pre-investment projects in order to achieve expected investment returns and reduce agency costs. After investment participate in supervision and management to provide value-added services to enhance the intrinsic value of invested enterprises. On the other hand, in the capital market, venture capital provides the function of certification and supervision, or cultivates and supports the listing of enterprises in order to maintain their own reputation, so as to improve the market value of the invested enterprises. Then, the paper takes 281 listed companies in gem as the sample, and carries on the average and the multivariate stepwise regression test to the sample data, the test result thinks that the IPO discount rate of the listed companies with venture capital support and no venture capital support, There are no significant differences in three months' yield, P / E ratio, Tobin Q value and four years financial performance before and after listing. Multiple regression conclusion also concluded that the impact of venture capital related indicators on corporate value is not significant. The empirical results of this paper do not support the theory of certification / supervision of venture capital. Finally, on the basis of theoretical and empirical analysis, this paper analyzes the reasons for this conclusion. And according to the reasons put forward the corresponding policy recommendations. It is of great significance for the development of venture capital in China, the improvement of multi-level capital market and the development of small and medium-sized enterprises in China.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F832.48

【参考文献】