风险投资对IPO估值泡沫及后续经营业绩的影响研究

发布时间：2018-12-11 23:04

【摘要】：风险投资机构作为我国股票市场的重要投资主体,深度参与了企业IPO运作。它对企业的效应主要包括认证效应、逐名效应和逆向选择效应。认证理论认为,风险投资具有第三方认证功能,可缓解企业IPO过程中的信息不对称问题,并监督企业的发展,从而有利于抑制股市泡沫。逐名理论认为,风险投资公司急于通过业绩表现向市场传递自身能力信号、建立行业口碑,其IPO估值泡沫会更严重。逆向选择效应认为仅仅是劣质企业才会让风险投资机构入股,以实现其融资目的,这类企业在上市后可能由于其糟糕的经营业绩和市场表现而不得不退市。为验证风险投资的不同效应,本文选用2009—2012年共862家上市企业为样本,包括有风险投资机构支持的企业和没有风险投资支持的企业,采用差异性检验、回归分析等方法,研究有无风险投资机构支持对企业IPO估值泡沫(新股发行价对新股内在价值的偏离度,其中新股的内在价值用剩余收益模型衡量)的影响差异,以及有无风险投资机构支持对企业后续经营业绩(ROE、ROA)的影响差异。结果发现,相对于没有风险投资机构支持的企业,有风险投资机构支持的企业的IPO估值泡沫程度更严重,企业后续经营业绩也更差,从而证实了风险投资会助长IPO估值泡沫,且会降低企业长期业绩。
[Abstract]:Venture capital institution, as an important investor in Chinese stock market, deeply participates in the operation of IPO. Its effects on firms mainly include certification effect, name-by-name effect and adverse selection effect. The authentication theory holds that venture capital has the function of third party certification, which can alleviate the problem of information asymmetry in the process of enterprise IPO and supervise the development of enterprise, which is helpful to restrain the stock market bubble. Case by case theory suggests that venture capital firms are eager to send their own capacity signals to the market through performance and to build industry word-of-mouth, and that their IPO valuation bubble will be even worse. The adverse selection effect thinks that only the inferior enterprises will let the venture capital institutions buy shares in order to achieve their financing purposes. After listing, such enterprises may have to withdraw from the market because of their poor operating performance and market performance. In order to verify the different effects of venture capital, this paper selects 862 listed enterprises from 2009-2012 as a sample, including enterprises supported by venture capital institutions and enterprises without venture capital support, using difference test, regression analysis and so on. To study the differences of the IPO valuation bubble (the deviation of the IPO price to the intrinsic value of the new stock, in which the intrinsic value of the new stock is measured by the residual income model). And the impact of venture capital support on the enterprise follow-up performance (ROE,ROA) is different. The results show that the IPO valuation bubble of VC-backed enterprises is more severe than that of VC-backed enterprises, and the subsequent operating performance of VC-backed enterprises is worse, which proves that venture capital contributes to the IPO valuation bubble. And will reduce the long-term performance of the enterprise.
【学位授予单位】：电子科技大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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