私募股权投资的决定因素和对我国IPO影响实证研究

发布时间：2018-01-06 16:00

本文关键词：私募股权投资的决定因素和对我国IPO影响实证研究　出处：《上海交通大学》2014年硕士论文　论文类型：学位论文

【摘要】：本文重点探讨了私募股权投资(Private Equity,PE)在中国资本市场中起到的作用。在2008年-2010年每年上市的公司中各随机抽取50家公司,从其招股说明书中手动搜集研究所需数据。本文采用Logit模型研究PE投资的决定因素,并用多元回归模型探讨PE投资对公司上市后业绩表现的影响情况。本文首先概述了中国PE行业的产生和发展概况,并介绍了近年来PE行业在投资、募资和退出方面情况的描述性统计数据。在选取的150家上市公司中,77家有PE投资背景,这表明了PE投资在我国上市公司中已普遍存在。Logit模型分析结果表明是否能引入PE投资取决于拟上市所属行业、盈利能力和盈利增长性。进一步的回归分析结果表明PE投资与IPO抑价呈正相关。
[Abstract]:This paper focuses on private equity investment and private Equity. PE) plays a role in the Chinese capital market. From 2008 to 2010, 50 companies were randomly selected from each of the listed companies. This paper studies the determinants of PE investment by using Logit model to collect the research data manually from its prospectus. Using multiple regression model to explore the impact of PE investment on the performance of the company after listing. Firstly, this paper summarizes the emergence and development of PE industry in China, and introduces the PE industry investment in recent years. Descriptive statistics on fundraising and withdrawal. 77 out of 150 listed companies have PE investment background. This shows that PE investment in listed companies in our country has been widespread. Logit model analysis results show that whether PE investment can be introduced depends on the industry to be listed. Further regression analysis showed that PE investment was positively correlated with IPO underpricing.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.6;F832.5

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