风险投资对我国创业板企业IPO抑价影响实证研究

发布时间：2018-04-15 02:31

本文选题：创业板 + IPO　；参考：《新疆财经大学》2015年硕士论文

【摘要】：2009年9月,随着首批28家企业拿到IPO批文,在10月30日正式挂板创业板市场。创业板市场作为主板市场的补充,推动我国多层次资本市场建设步伐,拓宽了资本市场对科技型中小企业融资渠道。经过五年多的发展,创业板市场上市的企业数达到400多家,不仅为我国制造业转型提供了支持,同时也为风险投资行业的发展提供新的机遇。我国创业板市场新股上市时,首日涨幅往往过大,存在着严重的IPO抑价现象。大量资金从二级市场流入一级市场,这一现象长期存在会影响到资本市场对资金的配置效率。针对IPO抑价现象国内外学者进行了广泛而深入的研究,风险投资与IPO抑价的关系研究作为该领域的一个新的视角也备受关注。大量风险投资参与创业板市场上市企业对IPO抑价的影响程度,国外已经有完整理论体系,本文将国外理论运用到我国创业板市场中,来验证我国风险投资在IPO抑价中起“认证效应”还是“声誉效应”。本文选取创业板设立五年以来共计400家上市企业作为研究对象,首先对同时期的主板、中小板IPO抑价进行比较,创业板抑价水平同中小板接近,高于主板市场;其次以风险投资视角比较了我国创业板市场同在美国上市中国概念股抑价的不同,探究风险投资在企业上市中起到的作用;第三,在实证分析中,对风险投资在我国创业板IPO抑价中起到作用进行了验证,研究表明风险投资的参与助涨了IPO抑价程度,支持“声誉效应”假说,间接地说明了我国的风险投资机构较为年轻、投资理念短视;最后,本文在对策建议方面主要落脚在我国创业板市场的改革与规范发展、鼓励与规范风险投资的发展、引导企业树立长期发展理念和教育广大投资者树立价值投资理念。
[Abstract]:In September 2009, with the first batch of 28 enterprises to receive IPO approval, on October 30, the formal hanging board gem market.As a supplement to the main market, the gem market promotes the construction of multi-level capital market in China and broadens the financing channels of the capital market to the small and medium-sized technological enterprises.After more than five years' development, the number of enterprises listed on the gem has reached more than 400, which not only provides support for the transformation of manufacturing industry in China, but also provides new opportunities for the development of venture capital industry.When the new shares are listed on the gem, the first day's increase is often too big, and there is a serious phenomenon of IPO underpricing.A large amount of capital flows into the primary market from the secondary market, which will affect the allocation efficiency of the capital market for a long time.Scholars at home and abroad have carried out extensive and in-depth research on IPO underpricing, and the relationship between venture capital and IPO underpricing has attracted much attention as a new perspective in this field.A large number of venture capital participate in the IPO underpricing degree of listed enterprises in the gem market, foreign countries have a complete theoretical system, this paper applies the foreign theory to the gem market of our country.To verify the "certification effect" or "reputation effect" of venture capital in IPO underpricing.In this paper, 400 listed enterprises have been selected as the research object since the gem was established for five years. Firstly, the IPO underpricing of the main board and the small and medium-sized board of the same period are compared, and the level of IPO underpricing is close to that of the small and medium-sized board, which is higher than that of the main board market.Secondly, from the perspective of venture capital, the paper compares the differences of underpricing between China's gem and American listed Chinese stocks, and explores the role of venture capital in the listing of enterprises. Thirdly, in the empirical analysis,This paper verifies the role of venture capital in the IPO underpricing of China's gem. The research shows that the participation of venture capital helps increase the degree of IPO underpricing, supports the "reputation effect" hypothesis, and indirectly indicates that the venture capital institutions in China are relatively young.The investment idea is short-sighted. Finally, this paper mainly focuses on the reform and standard development of the gem market in China, and encourages and standardizes the development of venture capital.Guide enterprises to establish long-term development concept and educate investors to set up value investment concept.
【学位授予单位】：新疆财经大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F832.51

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