创业板IPO中风险投资支持的市场效应分析

发布时间：2018-07-05 06:04

本文选题：创业板 + 风险投资　；参考：《浙江财经大学》2013年硕士论文

【摘要】：论文研究风险投资支持对拟上市公司的发行审核及IPO抑价率的影响。论文首先对“风险投资”这一概念进行了说明和界定，梳理了国内外关于风险投资者的“增值功能理论”、“认证作用假说”、“逆向选择理论”及其对企业IPO抑价率影响的研究。然后在我国公司的上市制度并参考相关研究成果的基础上提出了本文的研究假设：风险投资者支持、风险投资者声誉、国有性质的风险投资者及风险投资者持股比率与企业的过会率呈正比；风险投资者支持、风险投资的声誉与企业IPO抑价率呈反向关系。接着本文以创业板创建以来至2012年9月31日所有申请过会的489家企业为样本，分析了有无风险投资支持及风险投资的特征与企业过会率的相关性，发现风险投资支持及风险投资各个特征与企业过会率有相关性，但相关性较弱。进而在本文的实证部分，运用Logistic回归分析进一步探讨了风险投资支持及风险投资各个特征对企业过会率的影响，发现风险投资持股及风险投资各个特征对过会率影响不显著，说明风险投资并不能有效的推进企业的平稳上市。在对过会率分析的基础上，运用多元线性回归模型分析了风险投资者支持及风险投资者声誉对企业IPO抑价率的影响，研究结果表明风险投资者支持及风险投资者声誉对IPO抑价率没有显著影响，说明风险投资者的功能并未被投资者认可。研究结果表明我国风险投资者还不成熟，并没有发挥应有的功能。最后本文针对实证结果提出了政策建议。
[Abstract]:This paper studies the impact of venture capital support on the IPO underpricing rate of listed companies. Firstly, this paper explains and defines the concept of "venture capital", combing the theory of "value-added function" and the hypothesis of "certification function" about venture capital. Reverse selection Theory and its influence on IPO underpricing rate. Then, based on the listed system of Chinese companies and referring to the related research results, this paper puts forward the research hypotheses: venture capital support, venture capital reputation, The ratio of state-owned venture capital and venture capital holding is in direct proportion to the overpass rate of the enterprise, and the reputation of venture capital is inversely related to the IPO underpricing rate. Then this paper takes 489 enterprises that have applied for meetings since the establishment of gem to September 31, 2012 as a sample, and analyzes the correlation between the characteristics of venture capital support and venture capital. It is found that the characteristics of venture capital support and venture capital have a correlation with the overpass rate, but the correlation is weak. Then, in the empirical part of this paper, we use Logistic regression analysis to further explore the impact of venture capital support and venture capital on the overturn rate of enterprises, and find that each characteristic of venture capital holding and venture capital has no significant impact on the overpass rate. It shows that venture capital can not effectively promote the smooth listing of enterprises. Based on the analysis of overpass rate, this paper analyzes the influence of venture capital support and venture capital reputation on IPO underpricing rate by using multiple linear regression model. The results show that the support of venture capital and the reputation of venture capital have no significant influence on IPO underpricing, which indicates that the function of venture capital is not recognized by investors. The results show that venture capitalists in China are not mature and do not play their proper functions. Finally, this paper puts forward some policy suggestions on the empirical results.
【学位授予单位】：浙江财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F275

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