风险投资与上市公司超募

发布时间：2018-09-19 13:48

【摘要】：2009年10月,创业板的推出引起了社会各界的广泛关注,市场开始对其进行疯狂的追捧,但这种盲目的追捧也带来了许多问题,如高发行价、高市盈率、超募等等,其中超募的关注度最高。与此同时,学术界也对创业板上市公司超募现象、风险投资都分别进行了深入研究,但是之前的研究中很少将风险投资与上市公司超募相结合,这就显得前人的研究存在着一些不足。因此,本文在之前研究的基础上,对风险投资与上市公司超募进行研究,分析风险投资与上市公司超募的内在关系。为了揭示风险投资与上市公司超募的内在机理,本文从理论上对风险投资对公司治理结构的影响、风险投资对被投公司IPO承销商选择的影响以及风险投资对上市公司超募的影响等问题进行了深入阐述。在理论分析的基础上,本文以创业板2009-2012年的上市公司为样本,从公司治理结构和承销商两个不同的角度,运用描述性统计和多元回归分析等方法进行实证分析。实证结果表明：风险投资的参与对被投公司IPO超募的影响,是通过改变被投公司治理结构和影响公司承销商选择这两个途径来实现的。第一,风险投资的参与减少了管理层持股比例、提高了公司董事会的独立性；公司董事会独立性越强、管理层持股比例越高,公司IPO时的超募率就越高。第二,风险投资的参与对被投公司IPO承销商选择存在显著影响,即具有风险投资背景的公司更加倾向于选择高声誉的承销商,承销商声誉越高,公司IPO时的超募率就越高。
[Abstract]:In October 2009, the launch of the gem caused widespread concern from all walks of life, and the market began to pursue it crazily, but this blind pursuit also brought many problems, such as high issue price, high price-earnings ratio, over-raising and so on. Among them, the highest degree of attention is overraised. At the same time, the academic circle has also carried on the thorough research to the growth enterprise board listed company over-raising phenomenon, the venture capital has carried on the thorough research separately, but in the previous research rarely will the venture capital and the listed company over-raise unifies, This shows that there are some deficiencies in previous studies. Therefore, based on the previous research, this paper studies the relationship between venture capital and over-raising of listed companies, and analyzes the internal relationship between venture capital and over-raising of listed companies. In order to reveal the internal mechanism of venture capital and over-raising of listed companies, this paper theoretically influences the corporate governance structure of venture capital. The influence of venture capital on the selection of IPO underwriters and the influence of venture capital on overfundraising of listed companies are discussed. On the basis of theoretical analysis, this paper takes the listed companies in the gem 2009-2012 as a sample, from two different angles of corporate governance structure and underwriter, using descriptive statistics and multiple regression analysis methods to carry out empirical analysis. The empirical results show that the impact of venture capital participation on the IPO overfundraising of the invested company is realized by changing the corporate governance structure and influencing the underwriter selection. Firstly, the participation of venture capital reduces the proportion of management holding shares and improves the independence of the board of directors; the stronger the independence of the board of directors, the higher the proportion of management holding shares, and the higher the over-raising rate of the company when it comes to IPO. Second, the participation of venture capital has a significant impact on the selection of IPO underwriters, that is, companies with venture capital background tend to choose high-reputation underwriters. The higher the underwriter reputation is, the higher the over-raising rate of the company is when it comes to IPO.
【学位授予单位】：南京财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F271;F275

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