风险投资对风险企业IPO市盈率的影响研究

发布时间：2018-03-13 07:01

本文选题：风险投资　切入点：风险企业　出处：《安徽财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：我国风险企业的发展是中小企业板和创业板市场发展的主要推动力,同时也是高科技转化为生产力的重要载体,但是有限的金融融资渠道却限制了我国风险企业的进一步发展。值得庆幸的是风险投资的产生与发展有效的促进了风险企业的成长,它以权益投资的方式将风险企业与资本市场紧密的衔接在一起。风险投资在风险企业首次公开发行上市中起着重要的作用,成功的IPO不仅可以为企业扩大经营规模筹措足够的资金,而且可以改善企业的财务治理结构和资本结构,为企业的持续发展奠定基础。而IPO市盈率是指股票首次公开发行的本益比,一直以来被认为是判断股票估值是否合理的指标之一,同时也是金融监管部门制定政策重要依据。正是由于以上原因使得风险投资吸引了越来越多投资者与学者的关注。本文以中小企业板和创业板的2011年1月1日-2012年6月30的上市公司为研究对象,将其按有无风险投资背景分为两组,采用描述统计和回归分析的方法进行深层次研究,本文具体的分为五部分。第一部分为绪论,主要对现有的研究成果进行整理,总结出本文研究的主要方向和理论支持,从而找到自己的研究方法和内容；第二部分为风险投资与风险企业的关系研究,本部分从风险投资和风险企业的概念和发展历史出发,研究风险投资和风险企业的结合点和关系；第三部分为风险投资对风险企业IPO市盈率的分析,从IPO市盈率的研究模型和影响因素出发,研究目前我国风险企业IPO市盈率的现状,并分析其中的原因；第四部分为风险投资对风险企业IPO市盈率的实证分析,采用定性分析和定量分析相结合的方法,通过对风险企业IPO市盈率的比较分析、相关分析和回归分析,找出对IPO市盈率的影响因素；第五部分为政策建议,通过前几部分的理论和实证分析提出相关的政策建议,以促进我国证券市场的健康快速发展。
[Abstract]:The development of venture enterprises in China is the main driving force for the development of the SME and gem markets, and is also an important carrier for the transformation of high technology into productive forces. However, limited financial financing channels have restricted the further development of venture enterprises in China. Fortunately, the emergence and development of venture capital has effectively promoted the growth of venture enterprises. Venture capital plays an important role in the initial public offering of venture enterprises. A successful IPO can not only raise enough funds for an enterprise to expand its business scale, but also improve its financial governance structure and capital structure. The price-to-earnings ratio of IPO is the price-benefit ratio of the initial public offering of stocks, which has long been regarded as one of the indicators to judge the reasonableness of stock valuation. It is also an important basis for financial regulators to formulate policies. It is precisely because of the above reasons that venture capital has attracted more and more attention of investors and scholars. In this paper, the listed companies of SME and gem from January 1st 2011 to June 30th 2012 were divided into two groups according to the background of venture capital, and the methods of descriptive statistics and regression analysis were used to carry out the deep research. This paper is divided into five parts. The first part is the introduction, mainly to the existing research results, summed up the main research direction and theoretical support, so as to find their own research methods and content; The second part is the research on the relationship between venture capital and venture enterprise. This part studies the combination and relationship of venture capital and venture enterprise from the concept and history of venture capital and venture enterprise. The third part is the venture capital to venture enterprise IPO price-earnings ratio analysis, from the IPO price-earnings ratio research model and the influence factor, studies our country venture enterprise IPO price-earnings ratio present situation, and analyzes the reason among them; The 4th part is the empirical analysis of venture capital to the IPO price-earnings ratio of venture enterprises. By combining qualitative analysis with quantitative analysis, the paper analyzes the IPO price-earnings ratio of venture enterprises through comparative analysis, correlation analysis and regression analysis. In order to promote the healthy and rapid development of China's securities market, the author finds out the factors that affect the price-earnings ratio of IPO, 5th is the policy suggestion, and through the theoretical and empirical analysis of the previous parts, the relevant policy recommendations are put forward in order to promote the healthy and rapid development of China's securities market.
【学位授予单位】：安徽财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F224

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