创业投资对中国中小板上市公司IPO抑价的影响研究

发布时间：2018-05-30 04:37

本文选题：创业投资 + IPO抑价　；参考：《华南理工大学》2013年硕士论文

【摘要】：IPO问题是公司财务的研究热点之一，而IPO抑价又是IPO领域研究成果最为丰硕的一个研究方向。从20世纪70年代起，有关研究就IPO抑价的原因提出了许多理论假说。而创业投资通过权益投资的方式有效地将中小企业和资本市场衔接在一起，不仅为中小企业提供了新的融资渠道，而且还为创业企业提供一系列增值服务，帮助创业企业成长和上市融资。近年来，随着资本市场的迅速发展，创业投资在中国已经进入一个全面复苏和加速成长的时期，同时由于创业投资在IPO过程中扮演的特殊角色吸引了学术界的广泛关注，很多学者开始对创业投资与IPO抑价的关系进行研究。国际学术界有关创业投资在IPO过程中的作用的研究，主要有两种理论：一是认证/监督理论。该理论认为，创业投资对公司的潜力具有认证作用，可以控制公司IPO时的抑价现象，并监督公司的成长过程；二是逆向选择/逐名理论。该理论则认为，选择创业投资的公司并不是最佳的公司，而新兴的创业投资机构会过早地使公司实现IPO，从而错误传递公司的声誉和绩效信息。针对美国、欧洲等发达国家和地区成熟的证券市场进行的实证研究多数支持认证/监督理论；然而，在亚洲尤其是中国这样的新兴资本市场，两大理论学说都有可能成立。本文的主要任务是，在借鉴现有学者提出的相关理论基础上，立足于中国国情，以2006-2010年深圳中小企业板的上市公司为研究对象，采用理论与实证相结合并以实证分析为主的研究方法，探讨创业投资对IPO抑价的影响：包括创业投资的参与是否降低了IPO抑价，以及创业投资的哪些特征因素会影响IPO抑价程度的高低。本文首先回顾了国内外相关理论，并从理论上分析创业投资在IPO过程中的作用，提出了3个研究假设；其次，将样本按有无创业投资背景分为两组，并采用描述性统计和均值差异检验方法进行均值差异比较，，检验我国创业投资在IPO中的作用，并深入研究创业投资的不同特征，如创投机构年限和创投机构背景对IPO抑价程度的影响；最后，针对所得结论提出相应的对策与建议。本文的实证结果表明，创业投资的参与显著提高了IPO抑价程度，并且成熟创投机构所支持的公司IPO抑价程度会更高，外资背景创投机构所支持的公司IPO抑价程度显著低于民营背景和政府背景创投机构所支持的公司抑价程度。
[Abstract]:The IPO problem is one of the hot topics in corporate finance, and IPO underpricing is one of the most fruitful research directions in the field of IPO. Since the 1970s, many theoretical hypotheses have been put forward on the causes of IPO underpricing. Venture capital effectively links small and medium-sized enterprises with the capital market by means of equity investment, which not only provides new financing channels for small and medium-sized enterprises, but also provides a series of value-added services for start-up enterprises. Help startups grow and go public for financing. In recent years, with the rapid development of capital market, venture capital has entered a period of comprehensive recovery and accelerated growth in China. At the same time, due to the special role of venture capital in the process of IPO, it has attracted wide attention in academic circles. Many scholars began to study the relationship between venture capital and IPO underpricing. There are two kinds of theories about the role of venture capital in IPO process in international academic circles: one is certification / supervision theory. The theory holds that venture capital has the function of certification to the potential of the company, it can control the underpricing phenomenon in the IPO of the company and supervise the growth process of the company, and the second is the theory of adverse selection / name by name. The theory holds that the company that chooses the venture capital is not the best company, and the new venture capital institution will make the company realize IPO prematurely, thus mistransmitting the company's reputation and performance information. Empirical studies on mature securities markets in developed countries and regions such as the United States and Europe support the certification / supervision theory. However, in emerging capital markets such as Asia, especially China, the two theories are likely to hold true. The main task of this paper is to take the listed companies of Shenzhen SME Board from 2006 to 2010 as the research objects, based on the national conditions of China and on the basis of the relevant theories put forward by the existing scholars. This paper discusses the influence of venture capital on IPO underpricing, including whether the participation of venture capital reduces the IPO underpricing. And which characteristics of venture capital will affect the level of IPO underpricing. This paper first reviews the relevant theories at home and abroad, and theoretically analyzes the role of venture capital in the IPO process, and puts forward three research hypotheses. Secondly, the samples are divided into two groups according to the background of venture capital. Using descriptive statistics and mean difference test method to compare the mean difference, to test the role of venture capital in IPO, and to deeply study the different characteristics of venture capital. For example, the influence of the number of years of venture capital institution and the background of venture capital institution on the degree of IPO underpricing; finally, the corresponding countermeasures and suggestions are put forward in view of the obtained conclusions. The empirical results show that the participation of venture capital can significantly increase the degree of IPO underpricing, and the degree of IPO underpricing of the companies supported by mature venture capital institutions will be higher. The degree of IPO underpricing supported by foreign venture capital institutions is significantly lower than that supported by private background and government background.
【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】：F275;F832.51

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