创业板风险投资IPO的持股时间与投资成本、收益分析

发布时间：2018-06-24 10:28

本文选题：创业板 + 风险投资　；参考：《西南财经大学》2013年硕士论文

【摘要】：风险投资作为一种创新的金融工具,能够有效地推动经济快速增长,因此,被称为“经济增长的发动机”。风险投资与高新技术产业结合,已经成为风险投资最为普遍的一种投资模式。我国创业板创立的目的旨在发展补充性资本市场,为高科技企业提供金融服务；与此同时,它也为我国风险投资退出提供了一个高效、快速的途径。然而,近年来,风险投资在创业板市场上的投资行为却暴露出许多问题,严重影响了风险投资在我国的可持续发展。同时,这些问题也会干扰我国创业板的运行秩序,阻碍我国资本市场健康发展。我国创业板设立已经有3年多的时间,对于创业板的研究和讨论是层出不穷,主要的文献研究都集中在创业板“三高症”、超募等问题,并且得到了不少有意义的研究结论。关于风险投资在创业板市场的投资研究也有许多的文献,主要是在制度建设、退出机制等方面,而专门针对创业板风险投资持股时间与成本、收益的研究文献较少。本文以2009-2011年间在创业板上市的281家创业板上市公司为研究样本,研究风险投资企业的性质、类型以及风险投资的区域分布等特点,然后以这些特点作为切入点,分析研究风险投资持股时间与成本的关系,风险投资持股时间与收益的变动规律,从而对风险投资、风险企业的基本规律有深入的认识和了解。本文研究内容分为5个部分：第一部分主要介绍本文研究的背景、意义和方法,阐述了本文的研究思路以及结构安排,提出了本文的创新点。第二部分主要从创业板和风险投资两个方面入手,对国内外文献进行了梳理和评述。第三部分主要分析了投资时间、成本、收益等概念及相关理论。阐述了风险与收益均衡理论的具体内容,并且从财务会计的角度出发,解释了股权投资的时间、成本、收益三者之间的关系。该部分还进一步明确了本文研究对象——风险投资企业的分类标准。通过阐述风险投资构成,比较不同国家风险投资在不同的经济政治环境下存在的差异,为下一步的研究提供了理论准备。第四部分主要是数理统计分析。该部分主要包括样本的选取、中国创业板总体现状的描述、风险投资企业持股时间与投资成本分析、风险投资企业持股时间与收益分析。本文选择了2009-2011期间在创业板上市的281家公司为样本,以其上市发行前入股的风险投资企业作为研究对象,通过对其持股时间、成本、收益的研究分析,得出本文研究的相关结论。在这部分,我们对于持股时间、入股成本、投资收益、IPO账面投资收益率等相关概念进行了界定,为数据的收集提供了标准和依据。在进行统计分析时,我们以行业类别、地区、企业性质等划分标准对风险投资进行了分类汇总分析,并在此基础上对不同划分标准下的风险投资企业持股时间与成本、收益之间的关系进行了比较分析,发现其变化规律。第五部分主要是研究结论及政策建议。本文研究结论有： (1)从风险投资的分布看,存在明显的地区差异。这种分布差异与我国经济发展的区域性相吻合。 (2)创业板市场中,风险投资的投资时间偏短。创业板中风险投资平均投资年限不到2年,与传统的风险投资的投资周期相差较大；存在着“短线投资”的倾向,从而影响企业的价值评估。 (3)投资时间长短与成本负相关,投资时间长短与收益正相关；这与理论分析部分的阐述相吻合。投资时间越长,其收益越大；投资时间越长,其成本越小；反之。 (4)我国创业板市场的投资收益率相较于各个国家及地区的投资收益率,显著偏高。这些数据真实、客观地反映了我国创业板市场存在着严重的市值高估的现象,隐藏着巨大的资产泡沫。这严重影响到我国资本市场的稳定,同时也不利于我国资本市场的发展。 (5)创业板风险投资中存在着部分券商直投绑定保荐券商以及私募、创投投资行为同质化等现象。这些问题都可能助涨创业板虚高的投资收益率,扰乱资本市场有效的秩序,阻碍资本市场的发展。根据创业板中风险投资企业的投资研究结论,提出相关可行性措施,规范风险投资行为。本文的创新点与学术贡献有： (1)本文选取2009-2011年在创业板上市的有风险投资入股的281家上市公司为对象,对风险投资持股时间与成本、收益三者相互关系及变动规律进行专题研究,弥补了这方面的研究空白。 (2)论文中的研究内容,为我国创业板制定相应的监管制度提供了参考依据。自2009年创业板推出至今,其发展面临着很多问题,风险投资在创业板上的表现也差强人意。本文的研究,证实了我国创业板市场风险投资存在着非理性的高收益,从而为风险投资制度的改革提供了方向。本文的不足之处有以下几个方面： (1)本文数据均采用手工收集。由于剔除了部分不完整的数据,这可能会对样本的有效性产生影响,从而影响研究结论的准确性。 (2)影响风险投资投资收益的因素很多,无法全面考虑。本文只选择了部分的影响因素进行研究,存在着一定的遗漏。 (3)本文的研究样本仅为截至2011年12月31日在深交所上市的公司,其数量有限。为了得到更加科学研究的结论还需增加数据量,做进一步的实证研究。
[Abstract]:Venture capital , as an innovative financial instrument , can effectively promote the rapid economic growth , so it is called the " engine of economic growth " . The venture capital and the high - tech industry have become the most common mode of investment in venture capital . The purpose of the creation of China ' s GEM is to develop the complementary capital market and provide financial services for high - tech enterprises ;
At the same time , it provides an efficient and fast way for the exit of venture capital in China . However , in recent years , the investment behavior of venture capital in GEM has exposed many problems , which seriously affects the sustainable development of venture capital in China . At the same time , these problems can also interfere with the operation order of China ' s GEM and hinder the healthy development of China ' s capital market .

There have been more than 3 years in the establishment of GEM in China . The research and discussion of venture capital have been concentrated in the research and discussion of GEM . There are many literatures about venture capital stock holding time and cost and earnings . The paper focuses on the relationship between venture capital stock holding time and cost and the change law of venture capital holding time and earnings , so as to realize the basic law of venture capital and venture capital .

This paper is divided into 5 parts :

The first part mainly introduces the background , meaning and method of the research in this paper , expounds the research thinking and structure arrangement of this paper , and puts forward the innovation point of this paper .

The second part starts from two aspects of venture capital and venture capital , and reviews the literatures at home and abroad .

The third part mainly analyzes the concept of investment time , cost , income and other concepts and relevant theories . The concrete contents of risk and income equilibrium theory are expounded , and the relationship between time , cost and income of equity investment is explained from the perspective of financial accounting .

The fourth part mainly includes the selection of samples , the description of the general situation of Chinese GEM , the analysis of the holding time and investment cost of venture capital enterprises , the holding time and earnings analysis of venture capital enterprises . In this part , we have selected 281 companies listed in the GEM as the research objects during the period 2009 - 2011 . In this part , we analyze the relationship between the holding time , the stock cost , the investment income , the IPO book investment yield and so on . On the basis of this , we analyze the relationship between the holding time and the cost and the income of venture capital enterprises under different division standards .

The fifth part is mainly research conclusions and policy recommendations . The conclusions of this paper are as follows :

( 1 ) In view of the distribution of venture capital , there are obvious regional differences . This distribution difference is consistent with the regional economic development .

( 2 ) In the GEM market , the investment time of venture capital is short . The average investment period of venture capital in the GEM is less than 2 years , and the investment cycle of venture capital is relatively large .
There is a tendency of " short - line investment " , which affects the value evaluation of enterprises .

( 3 ) The length of the investment is negatively correlated with the cost , and the length of the investment is positively correlated with the income ;
This is in agreement with the exposition of the theoretical analysis part . The longer the investment time , the bigger the profit is .
the longer the investment time , the less the cost ;
and vice versa .

( 4 ) The investment yield of China ' s GEM market is higher than that of each country and region . These data are true and objective , reflecting the serious market value overvaluation in China ' s GEM market , hiding huge asset bubbles . This seriously affects the stability of China ' s capital market , and is not conducive to the development of China ' s capital market .

( 5 ) There are some phenomena such as the direct investment of bond dealers and the homogenization of private equity and venture capital investment in venture capital venture capital . These problems may help to increase the return of investment yield of GEM , disturb the effective order of capital market , and hinder the development of capital market .

According to the investment research conclusion of venture capital enterprises in GEM , relevant feasibility measures are put forward to regulate venture capital behavior .

The innovation points and academic contributions of this paper are as follows :

( 1 ) The paper selects 281 listed companies listed in venture capital market in 2009 - 2011 as the object , and studies the relationship between the holding time of venture capital and the cost and income , and makes up the research gap in this regard .

( 2 ) The research content in the paper provides the reference for the establishment of the corresponding regulatory system for China ' s GEM . Since the launch of GEM in 2009 , the development of venture capital has faced a lot of problems , and the performance of venture capital on GEM is also different . The research of this paper confirms that there is irrational high return of venture capital in venture capital market in our country , thus providing direction for the reform of venture capital system .

The shortcomings of this paper are as follows :

( 1 ) The data in this paper are collected manually . Due to the elimination of some incomplete data , this may have an impact on the validity of the sample , thus affecting the accuracy of the study conclusion .

( 2 ) There are many factors that influence the investment income of venture capital , which can ' t be taken into consideration .

( 3 ) The study samples are limited only for companies listed on the Shenzhen Stock Exchange as at 31 December 2011 . In order to obtain more scientific conclusions , data volumes need to be increased to further empirical studies .
【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

【参考文献】