风险投资对我国农业企业IPO市场表现的影响研究

发布时间：2018-01-08 05:31

本文关键词：风险投资对我国农业企业IPO市场表现的影响研究　出处：《西北农林科技大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着大力推进农业现代化政策的落实,越来越多的农业企业谋求创新,致力于做大做强,但缺乏资金成为其发展路上的绊脚石。而风险投资相对银行贷款门槛更低,相对政府扶助资金量更大,为农业企业提供了一条良好的融资渠道。农业企业通过风险投资进行融资,风险投资机构则通过IPO完成投资退出。那么,风险投资对农业企业IPO市场表现会产生怎样的影响?本文从两个层面进行了研究:一是风险投资的存在性问题,即有无风险投资参与的农业企业IPO市场表现是否存在差异,风险投资是否发挥了“认证”、“监督/筛选”效应,以此分析风险投资对农业企业IPO市场表现是否产生积极的作用;二是风险投资异质性对农业企业IPO市场表现的差异性问题,即不同属性特征的风险投资对农业企业IPO时市场表现的影响程度和作用方向。本文以上交所和深交所上市的农业企业为研究对象,筛选匹配成两个样本组,即有风险投资参与和无风险投资参与的农业企业。关于风险投资的存在性问题,本文选取IPO抑价率、发行价格、发行规模、市盈率、筹资额、发行费用、超额认购倍数等7个指标来综合衡量农业企业IPO上市首日的市场表现,同时选取净资产收益率、总资产增长率、主营业务收入增长率、净利润增长率4个指标来衡量IPO后的市场表现。通过均值分析比较两个样本组的具体差异,再通过独立样本T检验进一步验证差异是否显著存在。关于风险投资的异质性问题,选择IPO抑价率为被解释变量,设置多元回归模型,对于非数值型变量设置虚拟变量。通过多元回归分析,研究风险投资不同特征对于IPO抑价率的影响方向及程度。研究结论为:(1)有无风险投资参与的农业企业在IPO上市首日的市场表现,不存在显著差别;(2)有风险投资参与的农业企业在IPO时可以实现更大的发行规模和获得更高的筹资额,部分证实了风险投资存在积极作用;(3)有无风险投资参与的农业企业在IPO后的市场表现不存在显著差别;(4)有风险投资参与的农业企业长期弱势表现更明显;(5)风险投资持股比例对IPO抑价率有显著的负影响,风险投资持股比例越高,IPO抑价率越低;(6)风险投资机构声誉、风险投资机构个数、风险投资阶段分别可以解释假设但都不显著。综合结果,风险投资对我国农业企业没有充分发挥其积极作用,农业企业可以适当调高风投持股比例以降低IPO抑价率。最后本文从导致“筛选监督效应”、“认证效应”失灵以及其他原因三个方面对风险投资未充分发挥其积极作用的原因进行了深入分析,并结合原因提出对策建议。
[Abstract]:With the implementation of the policy of promoting agricultural modernization, more and more agricultural enterprises seek innovation and devote themselves to becoming bigger and stronger. But the lack of capital is a stumbling block on its path. Venture capital has a lower threshold for bank loans and more money than the government. Agricultural enterprises provide a good financing channel. Agricultural enterprises through venture capital to finance, venture capital institutions through IPO to complete the investment exit. How will venture capital affect the IPO market performance of agricultural enterprises? This article has carried on the research from two aspects: first, the existence question of the venture capital, namely whether there is the difference in the IPO market performance of the agricultural enterprise with or without the venture capital participation, whether the venture capital has played the "authentication". The "supervision / screening" effect is used to analyze whether the venture capital has a positive effect on the IPO market performance of agricultural enterprises. The other is the difference between the heterogeneity of venture capital and the IPO market performance of agricultural enterprises. That is, the impact of venture capital with different attributes on the market performance of agricultural enterprises when IPO. This paper takes the listed agricultural enterprises of Shanghai Stock Exchange and Shenzhen Stock Exchange as the research object, and selects and matches into two sample groups. About the existence of venture capital, this paper selects IPO underpricing rate, issuing price, issuing scale, price-earnings ratio, raising amount, issuing expenses. Oversubscription ratio and other seven indicators to comprehensively measure the market performance of agricultural enterprises on the first day of IPO listing, at the same time select the rate of return on net assets, the total asset growth rate, the growth rate of main business income. The net profit growth rate is used to measure the market performance after IPO. The difference between the two sample groups is compared by means analysis. Then through the independent sample T test to further verify the existence of significant differences. Regarding the heterogeneity of venture capital the IPO underpricing rate is selected as the explained variable and the multiple regression model is set up. For non-numerical variables set virtual variables. Through multiple regression analysis. To study the influence of different characteristics of venture capital on IPO underpricing. The conclusion is: 1) the market performance of agricultural enterprises with or without venture capital on the first day of IPO listing. There is no significant difference; (2) Agricultural enterprises with venture capital participation can achieve larger issuance scale and higher amount of capital raising in IPO, which partly proves the positive role of venture capital; 3) there is no significant difference in market performance of agricultural enterprises with or without venture capital after IPO. 4) the long-term weakness of agricultural enterprises with venture capital is more obvious; (5) the proportion of venture capital shares has a significant negative impact on the IPO underpricing rate, the higher the ratio of venture capital holdings, the lower the IPO underpricing rate; (6) the reputation of venture capital institutions, the number of venture capital institutions, and the stages of venture capital can be explained respectively, but all of them are not significant. The comprehensive results show that venture capital does not play a positive role in agricultural enterprises of our country. Agricultural enterprises can appropriately increase the proportion of venture capital holding to reduce the IPO underpricing rate. Finally, this paper leads to the "screening and supervision effect". In this paper, the reasons for the failure of "certification effect" and other reasons are deeply analyzed, and the countermeasures and suggestions are put forward in the light of the reasons for the failure of "certification effect" and other reasons.
【学位授予单位】：西北农林科技大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F324

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