风投声誉对创业板IPO抑价和业绩影响

发布时间：2018-08-01 12:40

【摘要】：我国创业板自2009年成立以来,为进一步完善我国多层次资本市场做出了巨大贡献。在创业板成立以前,我国学者研究国内风险投资及其对企业各方面的影响,都只能运用中小板市场数据,甚至是主板数据。而创业板的推出方便了我国学者在研究风险投资及其影响时,更易获得相关数据。理论研究和实践表明,风险投资对被投资企业具有筛选、培育、监督等作用。而声誉对企业来说是一项重要的无形资产,对风险投资更是如此。声誉的不同将影响风险投资作用的发挥。我国创业板自2009年设立以来,大量出现IPO“三高”和“业绩变脸”现象。参与IPO企业的风险投资一方面因创业板造富效应获得了巨大的回报,另一方面则在解禁之后就争相套现退出。这些现象和行为让人不得不思考风险投资在创业板公司IPO过程中所发挥的作用,尤其是那些投资能力和经验相对欠缺的低声誉风险投资。本文考虑到创业板关于限售的相关规定,为了能够尽可能多的观察到限售期结束后风险投资的活动情况,选取截止到2010年底在创业板上市的153家公司为样本；同时,为了能更好的反应公司的长期发展能力,本文的研究仅关注样本公司的长期业绩。最后通过实证的方法,试图解决以下问题：在有风险投资支持的企业当中,风险投资声誉的不同对企业IPO抑价和IPO后长期业绩的影响。在文献回顾以及对风险投资与创业板发展现状进行梳理的基础上,提出了两个相关假设,通过描述性统计和多元线性回归分析等对这两个假设进行了验证,并得到以下结论：高声誉风险投资支持的企业IPO抑价程度更高；风险投资声誉的高低对其所支持企业的IPO长期业绩不存在显著影响。
[Abstract]:Since the establishment of gem in 2009, it has made a great contribution to the further improvement of China's multi-level capital market. Before the establishment of the gem, Chinese scholars studied the domestic venture capital and its impact on all aspects of enterprises, can only use small and medium-sized market data, or even the main board data. The introduction of gem makes it easier for Chinese scholars to obtain relevant data when studying venture capital and its influence. Theoretical research and practice show that venture capital plays a role in screening, cultivating, supervising and so on. Reputation is an important intangible asset for enterprises, especially for venture capital. Different reputation will affect the role of venture capital. Since the establishment of gem in 2009, a large number of IPO "three high" and "performance change face" phenomenon. On the one hand, the venture capital of IPO enterprises get a huge return because of the rich effect of gem, on the other hand, they rush to withdraw after lifting the ban. These phenomena and behaviors make people have to think about the role of venture capital in the IPO process of gem companies, especially those low reputation venture capital with relatively inexperienced investment ability and experience. In this paper, considering the relevant regulations of the gem, in order to observe as much as possible the activities of venture capital after the end of the restricted period, 153 companies listed on the gem as of the end of 2010 are selected as a sample; at the same time, In order to better reflect the long-term development ability of the company, this study only focuses on the long-term performance of the sample company. Finally, through empirical method, we try to solve the following problems: among the enterprises supported by venture capital, the different reputation of venture capital affects the IPO underpricing and the long-term performance after IPO. On the basis of reviewing the literature and combing the development of venture capital and gem, this paper puts forward two hypotheses, which are verified by descriptive statistics and multivariate linear regression analysis. The conclusions are as follows: the IPO underpricing degree of the enterprises supported by high reputation venture capital is higher, and the reputation of venture capital does not have a significant effect on the long-term performance of the enterprises they support.
【学位授予单位】：大连理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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