风险投资对创业板IPO抑价影响的实证研究

发布时间：2018-01-16 14:42

本文关键词：风险投资对创业板IPO抑价影响的实证研究　出处：《哈尔滨工业大学》2012年硕士论文　论文类型：学位论文

【摘要】：目前，国内外关于风险投资对IPO影响的研究集中在风险投资的投资行为可能发挥的证明作用，筛选监督作用，逆向选择效应和躁动效应，但风险投资对我国创业板市场存在何种作用或效应的研究尚为空白。因此，本文着重对该问题进行检验，探究创业板市场存在何种风险投资作用或效应。同时，引入有关风险投资的变量作为解释变量，研究风险投资对我国创业板IPO抑价的影响。本文首先对信息不对称理论和风险投资的作用与效应理论进行了理论阐述和探讨，并参考国外的经典模型和我国资本市场的实际情况，设置了主要解释变量和其他解释变量以构建多元线性回归模型。其次，对风险投资总体发展情况、创业板IPO及风险投资和创业板IPO进行了描述性统计。实证研究部分，采用均值差异性检验的方法，对有无风险投资支持的IPO指标进行检验，探究风险投资在创业板市场发挥何种效应或作用；同时，根据先前构建的模型，提取2009年10月30日到2011年6月30日期间在创业板登陆的236家上市公司的相关数据并进行数据处理，应用STATA软件进行多元线性回归后得出：经过IPO指标的均值差异性检验，风险投资的认证作用和筛选作用在创业板市场没有得到发挥，但创业板市场存在逆向选择效应和躁动效应。其次，在5%水平下，风险投资对IPO抑价率具有显著影响，且呈现正相关关系。再次，风险投资的持股特点对IPO抑价率的影响不显著。最后，在对118家创业板IPO的数据经过筛选和处理，回归结果发现，IPO所含风险投资的经验和数量与IPO抑价率之间存在显著负相关关系。
[Abstract]:At present, the domestic and foreign research on the impact of venture capital on IPO concentration that may play a role in the investment behavior of venture investment, screening supervision function, adverse selection effect and the effect of agitation, but what are the effects or effects on China's GEM market risk investment is still blank. Therefore, this paper focuses on the test the problem of the GEM market, what are the risks of investment or effect. At the same time, the introduction of investment risk variables as explanatory variables, affect the underpricing of venture capital investment in China's gem IPO.
The paper discusses firstly the theory and effect of the theory of information asymmetry theory and risk investment, the actual situation of the classical model and the reference of foreign and China's capital market, set up the main explanatory variables and other explanatory variables to construct multiple linear regression model. Secondly, the general situation of the development of venture capital, the gem IPO and the risk of investment and the gem IPO for descriptive statistics. The empirical research part, using the method of mean difference test, to test the IPO index has no risk investment support, explore the risk investment effect or play what role in the GEM market; at the same time, according to the previous model, from October 30, 2009 to June 30, 2011 period the relevant data of 236 listed companies in the gem landing and data processing, STATA software was used for multiple linear regression after that: After a mean difference of IPO index of inspection, certification and screening effect can not play a role of risk investment in the GEM market, but the GEM market has the adverse selection effect and agitation effect. Secondly, at the 5% level, risk investment has a significant impact on the rate of IPO Underpricing and price, showing a positive correlation. Thirdly, shareholding the characteristics of risk investment of IPO under pricing rate effect is not significant. Finally, in the 118 gem IPO data after screening and treatment, the regression results show that the IPO contained in the experience of risk investment and the number of IPO and suppression are significant negative correlation between the rate of price.

【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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