创业投资背景对IPO抑价及长期绩效影响的实证研究

发布时间：2018-11-23 06:08

【摘要】：首次公开发行(IPO)股票的抑价和长期绩效是IPO研究领域的两大热点问题,其中越来越来的学者开始关注创业投资对这两个问题的影响。由于中国资本市场发展相对落后,国内的相关研究比较缺乏。随着国内资本市场扩容的加快,研究上市公司IPO抑价及长期走势与创业投资之间的关系特别具有现实的意义,不仅可能发现中国IPO市场的不同特征,也有助于投资者制定投资策略,更可以促进我国股票发行制度的发展及完善,以及对迅猛发展创业投资提供一定的指导。本文在梳理国外相关研究及我国股票发行市场的历史背景的基础之上,选用2004年6月25日中小板成立以来至2008年9月25日在中小板市场上市的273只股票为研究样本,研究了其上市首日的抑价及长期绩效与创业投资背景之间的关系。通过统计检验结果获得以下结论：第一,中小板普遍存在着IPO抑价现象,有创业投资背景的上市公司相比没有创业投资背景的上市公司,抑价率更高。第二,中小板上市公司在上市后两年内普遍存在着绩效偏弱的现象,但第三年的绩效开始好于市场平均水平。第三,创业投资背景对股票IPO后的长期业绩无显著影响。第四,二级市场对上市公司的创业投资背景的信息是强有效的,即在上市首日股价就很好的纠正了发行价中未考虑创业投资对公司价值影响的错误。最后本文在上述理论和实证研究基础上提出了相关的政策建议。
[Abstract]:The underpricing and long-term performance of (IPO) stocks are two hot issues in the field of IPO research. Among them, more and more scholars begin to pay attention to the impact of venture capital on these two issues. As the development of China's capital market is relatively backward, domestic research is relatively scarce. With the rapid expansion of domestic capital market, it is of practical significance to study the relationship between IPO underpricing and long-term trend of listed companies and venture capital. It is not only possible to discover the different characteristics of China's IPO market, It is also helpful for investors to formulate investment strategies, to promote the development and improvement of China's stock issuance system, and to provide certain guidance for the rapid development of venture capital. On the basis of combing the relevant research abroad and the historical background of China's stock market, this paper selects 273 stocks listed in the small and medium-sized board market from June 25, 2004 to September 25, 2008 as the research sample. The relationship between underpricing, long-term performance and venture capital background was studied. The main conclusions are as follows: first, IPO underpricing is common in small and medium scale boards. The underpricing rate of listed companies with venture capital background is higher than that of listed companies without venture capital background. Second, the performance of small and medium board listed companies is weak in two years after listing, but the third year's performance is better than the market average. Thirdly, the background of venture capital has no significant effect on long-term performance after IPO. Fourth, the secondary market information on the background of venture capital of listed companies is highly effective, that is, the stock price on the first day of listing is a good correction of the issue price did not consider the impact of venture capital on the value of the company. Finally, based on the above theoretical and empirical research, this paper puts forward the relevant policy recommendations.
【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

【参考文献】