私募股权投资对企业IPO抑价及上市后长期绩效的影响

发布时间：2018-01-04 13:38

本文关键词：私募股权投资对企业IPO抑价及上市后长期绩效的影响　出处：《华中科技大学》2012年硕士论文　论文类型：学位论文

【摘要】：私募股权投资(Private Equity, PE)作为发达金融市场的产物在资本市场上扮演着越来越重要的角色，尤其对于高新科技产业一直起到良好的推动作用。近年来，私募股权投资成为我国资本市场的新兴事物，其快速的发展给我国金融市场带来了新的活力。国外学者早在20世纪90年代便开始探究PE对企业的影响，其中PE对股票首次发行上市（Initial Public Offering，IPO）功效的研究则是重要的课题之一，他们以不同资本市场样本作为研究对象，得出结论不尽相同，这些研究可总结为四个经典假说，即认为PE对企业上市具有积极作用的“认证功效”假说、“筛选/监督功效”假说，认为PE介入企业带来消极作用的“逆向选择”与“逐名假说”；然而，我们更希望知道PE对我国企业IPO过程中起到积极还是消极作用，，被投企业上市后的表现又是如何，相对于国外研究的深入性，我国学者对这一问题的关注还只是刚刚起步，本文便是对上述两个问题的探讨、解答。本文利用我国中小企业板2004-2011年以及创业板2009-2011年上市公司数据，将数据按是否有PE背景分为两组对PE功效进行实证检验。发现在我国，PE并没有发挥“认证功效”，即并未有效降低发行方与投资人的信息不对称，两组样本IPO抑价率没有明显差异；在2008年以前的样本中PE背景企业质量显著好于非PE背景企业，而在创业板与2009年以后中小企业板的样本中并未发现显著差异，说明PE只是部分地发挥“筛选功效”；在对上市企业IPO后长期表现进行回归分析时，发现PE与非PE组在长期表现上并没有显著差异，说明PE并未有效发挥其“监督功效”；而样本检验结果亦未满足“逆向选择”与“逐名假说”。这说明我国资本市场和PE行业还存在其自身的特殊性，并不能简单的直接运用国外已有理论，由于股权分置、二级市场的投机行为以及PE从业经验与组织形式的变化，我国PE市场有着更为复杂的环境，总之，PE并未发挥其应有的作用。本文提出完善与同一PE行业监管法规、建立声誉评价体系以及择时引入PE等政策建议。
[Abstract]:Private equity investment (Private Equity PE) as a result of developed financial markets in the capital market plays an increasingly important role, especially for the high-tech industry has played a good role. In recent years, private equity investment has become a new thing in China's capital market, its rapid development brings new vitality the financial market in China.
Foreign scholars began to explore the impact of PE on enterprise in early 1990s, the IPO of PE (Initial Public Offering, IPO) efficacy study is one of the important issues in the capital market, their different samples as the research object, the conclusion is not the same, these studies can be summarized as four classical hypothesis. That PE of listed companies has a positive effect on "certification effect" hypothesis, "screening / monitoring function" hypothesis, that the intervention of PE enterprise to bring the negative effects of "adverse selection" and "grandstanding hypothesis"; however, we want to know the PE of Chinese enterprises in the process of IPO play a positive or negative role investment companies, the performance of listed and how deep relative to the studies abroad, Chinese scholars focus on this issue is just at the starting point, this paper is to discuss the above two questions Answer.
According to China's SME board and GEM listed companies 2004-2011 data in 2009-2011 data according to whether the background of PE is divided into two groups to carry out an empirical test of the PE effect. Found in China, PE did not play "certification effect", which did not reduce the information asymmetry of issuers and investors, two group there was no significant difference between sample IPO under pricing; in 2008 the previous sample in PE background enterprise quality is significantly better than non PE companies in the background, with the gem in 2009 after the board of small and medium-sized enterprises in the sample did not find significant differences, indicating that PE is only part of its screening effect";
In the long-term performance of listed companies after IPO regression analysis, found that PE and non PE group in the long-term performance and no significant difference, indicating that PE did not play its function of supervision "; and sample test result does not meet the" adverse selection "and" grandstanding hypothesis ". This shows that China's capital market and the PE industry also has its own particularity, and not simply the direct use of foreign theories, due to the non tradable shares, the two secondary market speculation and the change of PE experience and the form of organization, the PE market in China has a more complex environment, however, PE did not play its due role. This paper puts forward the improvement and supervision of the same PE industry regulations, build a reputation evaluation system and timing of the introduction of PE and other policy recommendations.

【学位授予单位】：华中科技大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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