风险投资声誉与创业板IPO抑价的关系研究

发布时间：2018-06-03 10:08

本文选题：风险投资 + IPO抑价　；参考：《西南财经大学》2013年硕士论文

【摘要】：首次公开发行股票(IPO)的抑价现象是IPO研究领域的三大热点问题。我国股票发行市场长期存在抑价程度相对西方成熟市场偏高的现象,研究者结合中国股票发行制度的特殊性对该问题进行了深入的讨论。创业板的开板完善了我国资本市场的结构,丰富了资本市场的层次,改变了过去风险投资支持的高风险创业型中小企业通常选择在国外上市的情况。随着风险投资机构在资本市场上的活跃,风险投资对IPO抑价的影响越来越受到关注。关于风险投资支持对发行上市公司IPO抑价的影响,目前主要有两种假说：“认证监督假说”认为风险投资机构作为第三方,有助于消除发行过程中的信息不对称,使投资的企业抑价程度更低；“声誉效应假说”认为风险投资机构迫于投资基金到期清算和后续融资的压力,将推动企业过早上市,因此IPO抑价率会更高。研究发现两种情况都可能发生,取决于所考察IPO数据的制度背景和风险投资机构的发展阶段。本文以截至2012年底成功在中国创业板发行上市的全部355家公司(其中有风险投资支持的公司有191家)为研究样本,主要研究分析三方面的内容：(1)基于风险投资声誉的角度,分析不同声誉的风险投资机构的支持对企业IPO抑价程度的影响；(2)通过对风险投资机构声誉影响公司发行前盈余管理的研究,以及对风险投资机构声誉影响公司上市等待期和发行费用的比较,探索不同声誉风险投资机构在投资企业发行上市过程中的作用；(3)基于风险投资机构从业时间、进入投资企业时间和持股比例的角度,分析不同的风险投资特征对企业IPO抑价程度的影响,并分析不同声誉的风险投资机构的投资特征的差异,揭示不同声誉风险投资机构在投资企业发行上市过程中发挥不同作用的原因。研究发现在创业板上市样本中,高声誉风险投资机构支持的企业IPO抑价率较低,低声誉风险投资机构支持的企业IPO抑价率较高。说明风险投资对创业板上市公司IPO抑价的影响既存在符合“认真监督假说”的情况,也存在符合“声誉效应假说”的情况。对风险投资在企业上市过程中的作用的研究发现,低声誉风险投资机构的支持与公司发行前正向盈余管理的程度正相关。进一步对风险投资特征的研究发现,风险投资机构从业时间和进入投资企业的时间越长,则所支持的企业IPO抑价率越低,同时高声誉风险投资机构从业时间和进入投资企业的时间显著长于低声誉风险投资机构,说明高声誉风险投资机构具有发挥认证监督作用的条件,“认证监督假说”可以解释其对IPO抑价的影响。而更多的低声誉机构对投资企业IPO抑价的影响符合“声誉效应假说”的预测,并且上市过程中低声誉风险投资机构主要帮助企业进行了正向的盈余管理。特别地,我们将券商直接投资看作一类特殊声誉的风险投资,发现这类特殊声誉风险投资支持的企业IPO抑价偏高,这一影响与低声誉风险投资相同。对券商直接投资在企业发行过程中的主要作用的研究发现,券商直接投资的企业发行过程中上市等待期较短而发行费用较高,暗示券商直接投资可能促使企业进行了更多的寻租行为以求成功发行。同样,券商直接投资的从业时间和进入投资企业的时间相对高声誉风险投资都较短。由此,我们得出结论：高声誉风险投资从业时间长,拥有丰富的投资经验,倾向于在创业企业发展的早期进入,通过战略决策、公司治理、资本结构和人力资源安排等专业化管理帮助企业提升价值,在发行上市过程中起到认证监督的作用,减弱了信息不对称的影响,因而企业IPO抑价率较低；而低声誉风险投资和券商直接投资从业时间较短,尚未积累起丰富的投资经验,在为企业提供专业化管理方面较弱,因此这两类风险投资倾向与在企业即将成熟的阶段进入企业,为企业提供资金的同时主要起到帮助企业成功上市的作用。其中低声誉风险投资对企业上市前进行盈余管理提供了支持,于是企业财务信息质量降低,信息不对称程度提高,而券商直接投资则增加了企业在发行过程中的寻租行为,寻租的成本包括直接成本即发行费用和间接成本即IPO抑价,因此这两类风险投资支持的企业IPO抑价程度都偏高。本文的研究发现不同声誉的风险投资机构在投资企业在创业板上市过程中所起的作用不同,原因一方面在于风险投资行业尚处于发展阶段,相对不成熟,项目管理和专业化服务有待提高,另一方面在于当前政府管制为主的IPO发行审核制度下的广泛存在的寻租行为。基于这些考虑,本文对风险投资行业的发展和IPO审核制度的完善提出了相应的建议。本文的主要贡献在于：(1)本文选取创业板开板至2012年底在创业板上市的全部355家公司作为研究样本,数据为同类研究中比较完备的；(2)本文将券商直接投资机构单独作为一类进行研究,并通过对企业上市过程中的寻租行为的分析,拓展了风险投资参与对IPO抑价影响的研究的方向；(3)本文对风险投资背景对上市公司IPO抑价的影响的内在机理进行了研究,深化了风险投资参与对IPO抑价影响的研究。
[Abstract]:The pricing of IPO is one of the three hot issues in IPO research field . In our country , the stock issue market has a long - standing phenomenon , which is relatively high relative to the mature market in the west . In combination with the particularity of China ' s stock issuance system , researchers have discussed the problem in depth . The opening of the GEM has improved the capital market structure , enriched the capital market , and changed the situation of the venture capital support high - risk startup type small and medium - sized enterprises . With the active investment of venture capital institutions in the capital market , the influence of venture capital on IPO underpricing is more and more attention .

As to the effect of venture capital support on IPO underpricing of listed companies , there are two main hypotheses : " Certification Supervision Hypothesis " believes that the venture capital institution is regarded as a third party , which helps to eliminate the information asymmetry in the issuance process , so that the price of the investment is lower ;
The " reputation effect hypothesis " holds that venture capital institutions are under the pressure of investment fund ' s maturity liquidation and follow - up financing , which will promote the premature listing of the enterprises , so the IPO underpricing rate will be higher . The research finds that both cases may occur , depending on the system background of IPO data and the development stage of venture capital institutions .

In the end of 2012 , all 355 companies ( including 191 companies with venture capital support ) successfully listed in China ' s GEM have been the research samples . The main research and analysis are as follows : ( 1 ) Based on the angle of venture capital reputation , the influence of the support of venture capital institutions with different reputation on IPO underpricing is analyzed .
( 2 ) To explore the role of different reputation venture capital institutions in the listing process of investment enterprises through the research on the pre - issuance earnings management of venture capital institutions and the comparison between the listing waiting period and the issuing cost of the company ' s reputation .
( 3 ) Based on the time of venture capital institution , the time of entering the investment enterprise and the proportion of shareholding , the influence of different venture capital characteristics on IPO underpricing degree is analyzed , and the difference of investment characteristics of venture capital institutions with different reputation is analyzed , and the reason why different reputation venture capital institutions play different roles in the listing process of investment enterprises is revealed .

It is found that the IPO underpricing rate of venture capital is higher than that of low reputation venture capital . The research on the role of venture capital in the IPO process of venture capital is the same as that of low reputation venture capital .

Therefore , we draw the conclusion that high reputation venture capital has long history and abundant investment experience , which tends to enter in the early stage of venture enterprise development , helps enterprises to improve the value through specialized management such as strategic decision - making , corporate governance , capital structure and human resources arrangement , and plays the role of authentication and supervision during the issuance of the listing process , weakens the influence of information asymmetry , and thus the IPO underpricing rate of the enterprise is low ;
The low - reputation venture capital has not accumulated abundant investment experience , has not accumulated abundant investment experience , and has been weak in providing specialized management for enterprises . The low - reputation venture capital has provided support for the earnings management before the enterprises are listed . The cost of seeking rent includes direct cost , issuance expense and indirect cost , namely IPO underpricing , so the IPO underpricing of both types of venture capital is high .

In this paper , it is found that venture capital institutions with different reputation play different roles in the listing process of venture capital . The reason is that venture capital industry is still in development stage , relatively immature , project management and specialized services are to be improved . On the other hand , there are extensive rent - seeking behaviors under the IPO issuance examination system based on the current government control . Based on these considerations , the paper puts forward some suggestions on the development of venture capital industry and the improvement of IPO auditing system .

The main contribution of this paper is : ( 1 ) The paper selects all 355 companies listed in GEM as the research samples at the end of 2012 , and the data is complete in the same kind of research ;
( 2 ) In this paper , the direct investment institutions of securities firms are studied separately as a kind of research , and through the analysis of the rent - seeking behavior in the listing process of the enterprises , the research direction of the participation of venture capital in IPO underpricing is expanded ;
( 3 ) The paper studies the internal mechanism of the influence of venture capital on IPO underpricing of listed companies , and further studies the impact of venture capital participation on IPO underpricing .
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F224

【参考文献】