私募股权投资对我国创业板上市公司绩效表现的影响研究

发布时间：2018-01-27 11:33

本文关键词： 私募股权投资经营绩效市场表现机构差异　出处：《天津财经大学》2014年博士论文　论文类型：学位论文

【摘要】：金融市场的出发点和落脚点都是实体经济,而企业又是微观经济的基础,因而评判私募股权投资市场发展的主要标准就是看它是否提升企业价值。私募股权投资机构和企业家之间关系的核心是委托代理关系,由于信息不对称,私募股权投资机构作为委托方可能面临逆向选择、道德风险和套牢风险。那么,私募股权投资机构如何应对风险并提升企业价值?既往的实证研究集中讨论了私募股权投资对持股企业的筛选效应／逆向选择效应、增值服务效应、治理效应、认证效应、逐名效应、市场势力效应等。私募股权投资对企业的影响既体现在市场表现上也体现在经营绩效上,二者有关联但却并不相同。基于理论与文献述评,论文重点研究三个专题,即PE是否以及如何影响持股公司发行市盈率、上市首日涨跌以及上市后市场表现?PE是否以及如何影响公司经营绩效及其上市前后的变化?PE的差异性是否以及如何影响公司的市场表现和经营绩效?考虑到创业板是我国PE退出的主要市场,企业多有“两高六新”特征,IPO时的高市盈率问题和上市后的业绩下滑问题又非常突出,故被选为研究对象。论文共设6章,重点讨论3个专题。第1章为绪论；第2章为理论与文献述评；第3章为专题一,探讨PE持股对创业板上市公司市场表现的影响和方式；第4章为专题二,探讨PE持股对创业板上市公司经营绩效及其变化的影响和方式；第5章为专题三,探讨PE组织背景、市场声誉、管理人特征、投资策略及网络能力等五个方面的差异是否以及如何影响创业板上市公司经营绩效和市场表现；第6章为结论与建议。在每个专题具体的研究中,论文首先进行了背景分析,阐述该专题下的研究问题、基本观点和验证思路；其次,为了进行规范的实证分析,除去通过wind数据库等进行常规的数据收集和计算外,论文还通过招股说明书、wind数据库手工收集整理了355家创业板上市公司近30项与私募股权投资相关指标的数据；第三,通过实证分析验证基本观点,主要方法包括描述统计、均值检验、单变量回归分析、多元回归分析、交互效应分析和Heckman两阶段分析等；此外,为保证结论的客观和稳健,论文还进行了相关的检验和比较,包括替代变量回归检验、配对样本检验、均值检验和回归分析的结果对比、直接效应模型和交互效应模型的结果对比,以及数据趋势特征和实证分析的对比分析等。论文的主要研究结论有：(1)PE通过发动更多的网下机构投资者参与IPO竞价进而提升了持股企业发行市盈率,体现出“市场势力”效应,同时,PE会显著降低持股企业长期累计超额收益率。(2)有无PE持股的公司在上市前盈余管理上无显著差别,PE对持股企业经营绩效的影响主要体现为两个主效应和多个间接效应。两个主效应分别是“逆向选择效应”和“增值(服务)效应”。PE的问接效应即PE持股企业在税务筹划、主营业务收入增长、长期债务融资以及技术创新等方面和无PE持股企业存在差异,进而导致经营绩效不同。(3)PE五类差异导致其对持股企业经营绩效和市场表现有不同的影响和作用机理。总体上,PE的组织背景和投资策略差异对持股公司经营和市场表现影响都颇为显著,PE市场声誉差异对市场表现影响较显著,PE网络能力差异对经营绩效有影响,而PE管理人差异的影响不显著或不重要。具体地,PE股权背景、投资规模、投资阶段、分阶段投资、联合投资、持有期限等差异等会间接影响企业经营和市场表现。论文的研究结论对政府、私募股权融资企业、私募股权基金出资人、股票投资者、中介机构和私募股权投资机构等各类私募股权投资市场参与主体都有一定的借鉴和启发意义。政府既是私募股权市场的参与者又是监管者,作为参与者应逐渐淡出市场,或增强筛选和增值服务能力并加强投后监督；作为监管者,一方面应坚持并加大中报企业财务检查,另一方面要继续搭建平台,鼓励引导PE继续发挥积极作用；更重要的是要实施差别化的PE政策,如严厉打击PE发动市场势力哄抬发行价的行为,鼓励PE分阶段投资、联合投资,鼓励民营PE投资等；此外,继续推行市场化改革也有利于PE市场的发展。对于私募股权融资企业而言,首先要了解PE盈利模式及操作风格等,切勿盲目融资；其次,当前我国企业可考虑引入国有PE和非国有PE联合投资；第三,针对我国PE市场普遍的逆向选择效应,优质企业融资时应通过“信号效应”或信息披露等证明自身质量；此外,尽管PE入股后带来融资便利,但企业不宜因此过度融资,否则会影响经营绩效。对于股权基金出资人而言,要意识到PE投资项目IPO退出的高收益是以承担很大的退出风险为代价获得的；要认识到PE机构存在差异,如分阶段投资的PE往往筛选增值能力更强、国有PE市场影响力更大等；第三,应尽量约束PE给投资企业过度融资。对于私募股权投资机构而言,应选择与互补型的PE机构合作,在选项时应关注会计师质量、政治关联情况等因素,尤其要重视提升尽职调查和选项能力。对于股票投资者而言,应关注打新股阶段和IPO后私募股权投资持股解禁前(约IPO后一年内)内PE持股及其特征差异对上市公司市场表现的影响。对于中介机构而言,PE投资强化了会计师声誉的正向作用,抑制了负向作用,有利于行业健康发展。
[Abstract]:The starting point of the financial market and the end result is the real economy, and the enterprise is the basis of micro economy, thus the main criterion for judging the private equity investment market development is to see whether it enhance the corporate value. The relationship between the core of private equity investment institutions and entrepreneurs is a principal-agent relationship, because of the information asymmetry, private equity investment institutions as the client may face adverse selection, moral hazard and secure risk. So, how to deal with the risks of private equity investment institutions and enhance enterprise value? The previous empirical research focused on private equity investment screening effect on the ownership of enterprises and the effect of adverse selection, service effect, governance effect, certification effect, grandstanding effect, market forces effect. Impact of private equity investment of enterprises is reflected in the market performance is also reflected in the operating performance, but the two have relevance Is not the same. Based on the theory and literature review, this paper focuses on three topics, namely, whether and how PE influences the Holding Company to issue earnings, and the price listed on the first day after the listing of the market performance? Whether and how PE influences the performance of listed companies before and after the change and management? Whether differences in PE and how to influence the market performance and operating performance of the company? Considering the GEM market in China is mainly PE exit, many enterprises have "high six new features, IPO high price earnings ratio and the decline in performance after the listing of the problem is very prominent, so it was selected as the research object. The thesis consists of 6 chapters, focuses on 3 topics. The first chapter is the introduction; the second chapter is the theoretical and literature review; the third chapter is a discussion of PE special, stock market performance of listed companies on the impact of the gem and the way; the fourth chapter is a monographic study of two, PE shares listed on GEM The operating performance of the company and its changes and methods; the fifth chapter is a monographic study of three, PE background, market reputation, management characteristics, whether the differences between the five aspects of investment strategy and network capacity and how to influence the GEM listed companies operating performance and market performance; the sixth chapter is the conclusion and suggestion. In the study of each topic specifically, the paper first introduced the background analysis, this paper expounds the topic, basic ideas and verification ideas; secondly, to analyze the empirical specification, removed through the wind database for routine data collection and calculation, the prospectus manual wind database collected 355 venture in the related index of listed companies and nearly 30 private equity investment data; third, through the empirical analysis to verify the basic point of view, the main methods include descriptive statistics, mean value test, Univariate regression analysis, multivariate regression analysis, interaction analysis and Heckman analysis of two stages; in addition, in order to ensure the robust and objective conclusions, the paper also carried out inspection and comparison, including alternative regression test, paired sample test, mean comparison test and regression analysis results, comparing the direct effect model and interaction the effect of the model results, and data trend analysis and empirical characteristics of comparative analysis. The main conclusions are as follows: (1) PE by launching more institutional investors under the net participation and promote the IPO bidding holding company earnings release, reflecting the "market forces" effect, at the same time, PE will significantly reduce the stock the enterprise long-term cumulative abnormal return. (2) there was no significant difference between the PE's holdings in pre IPO earnings management, the impact of PE on the shareholding enterprise performance mainly reflected two main Multiple effect and indirect effect. The two main effects are "adverse selection effect" and "value added (service) effect".PE PE effect is indirect ownership of enterprises in tax planning, the main business revenue growth, long-term debt financing and other aspects of technological innovation and non PE shareholding companies are different, resulting in business the performance is different. (3) PE five because of the difference of its performance on business performance and market share have different effects and mechanism. On the whole, affect the organization background and the difference of PE investment strategy of Holding Company's operating and market performance are quite significant, PE market reputation differences on the market performance has a significant effect, the difference of PE network the ability to have the impact on business performance, and the influence of PE management differences is not significant or important. Specifically, PE equity background, investment scale, investment stage, stage investment, joint investment, holding different period The indirect effects of business and market performance. The research conclusion of the government, private equity financing, private equity fund investors, stock investors, intermediaries and private equity investment institutions and other private equity market participants have certain reference and inspiration significance. The government is not only the private equity market participants and as regulators, participants should gradually fade out of the market, or enhance the screening and value-added services and strengthen the investment supervision; as a regulator, on the one hand should adhere to and increase financial inspection report enterprise, on the other hand to continue to build a platform to encourage the PE to continue to play an active role; the more important is to implement differentiated PE policy. Such as PE launched market forces to crack down on the issue price gouging behavior, encourage PE stage investment, joint investment, encourage private investment in PE; in addition, continue to implement Market reform is conducive to the development of PE market. Private equity financing for enterprises, we must first understand the PE profit model and operating style, do not blindly financing; secondly, the current Chinese enterprises can consider the introduction of joint investment of state-owned and non state-owned PE PE; third, the adverse selection effect of China's PE market generally. The quality of corporate finance should prove their quality through the "signal effect" or disclosure of information; in addition, although the PE shares to bring the convenience of financing, but the enterprise should not be so excessive financing, otherwise it will affect the business performance. For equity investors, to realize high yield IPO PE investment project is to bear the risk of exit exit the cost of getting; to recognize the PE differences, such as the investment stage PE often screening value-added ability, the state-owned PE market more influence; third, should as far as possible Constrained PE to investors over financing for the private equity investment institutions, institutions should be PE selection and complementary cooperation, should pay attention to quality of Accountants in option, political association and other factors, with particular attention to the promotion of due diligence and ability. Options for equity investors, should pay attention to new stage and IPO after private equity the investment of shares before (one year after IPO in PE) differences in the effects and characteristics of the stock market performance of listed companies. For intermediaries, PE investment to strengthen the positive effect of auditor reputation, inhibit the negative effect, is conducive to the healthy development of the industry.

【学位授予单位】：天津财经大学
【学位级别】：博士
【学位授予年份】：2014
【分类号】：F275;F832.51

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