PE影响我国中小板上市公司长期发展的实证研究

发布时间：2017-12-30 18:42

本文关键词：PE影响我国中小板上市公司长期发展的实证研究　出处：《沈阳航空航天大学》2014年硕士论文　论文类型：学位论文

【摘要】：我国中小板2004年正式启动以后，为私募股权投资在国内资本市场提供了IPO（首次公开发行股票）的退出方式。自此之后，私募股权投资就开始在中国飞速发展，对中国的经济增长、促进创新、创造就业、培育企业家等方面都产生了较大的影响，成为推动中国经济增长不可或缺的推动力。目前，私募股权投资在我国已经成为了一种重要的融资手段仅次于银行贷款和IPO，构成了我国金融体系不可或缺的组成部分，所以最近国内关于私募股权投资各方面的研究也应运而生。私募股权投资（简称PE）在我国出现相对较晚，关于PE的金融市场发展尚不完善，实际交易数据也不丰富，所以国内关于PE的研究比较少。目前国内关于PE的研究大部分都停留在理论层面，缺少以国内实际交易数据为依据的实证研究。虽然近年来部分学者以上市公司首次公开发行时的数据或者公司上市后一年内的数据进行研究，但是仍然缺乏以上市公司连续几年长期数据的研究，而PE机构通过改善被投资公司的治理结构、财务状况、市场地位等来促进公司的发展，PE对公司发展的促进作用只有在公司的长期发展中才能更明显地显现出来，所以对PE影响上市公司长期发展的研究十分必要。本文首先在借鉴中外学者研究成果的基础上，对私募股权投资的相关概念进行界定，把私募股权市场和其他融资市场分别进行了对比，关于私募股权投资在中国的发展历程、面临的障碍进行了描述以及对PE影响公司发展的理论进行分析。其次，以在深圳中小板首次公开上市的39家上市公司2004年—2011年连续八年的交易数据、公司年报为研究对象，选择净资产收益率、主营业务收入增长率、PE、资产负债率、公司规模、每股收益这些指标为变量，并且把有PE参与的上市公司、无PE参与的上市公司、整体样本三者发展情况进行长期的对比，，来检验PE对我国上市公司长期发展的影响。通过实证的检验和对比分析，得出有PE参与的上市公司要比无PE参与的上市公司长期发展状况好，最终得出PE有助于被投资公司长期良好发展的结论。最后关于如何使得PE在我国快速良好的发展，给我国政府机构提出了一些建议；并且给我国那些未上市但有发展潜力的公司在选择投资者进行融资方面也提出了一些建议，以帮助其解决财务困境乃至早日上市成功，并使它们在上市后有长期较好的发展。
[Abstract]:In 2004, China's small and medium-sized board officially launched, for private equity investment in the domestic capital market to provide IPO (initial public offering) exit. Since then. Private equity investment began to develop rapidly in China, which has a great impact on China's economic growth, promote innovation, create jobs, cultivate entrepreneurs and so on. At present, private equity investment has become an important means of financing in China, second only to bank loans and IPO. It has become an indispensable part of our financial system, so the recent domestic research on private equity investment also came into being. Private equity investment (PEI) appeared relatively late in China, the financial market of PE is not perfect, and the actual transaction data is not rich. Therefore, the domestic research on PE is relatively few. At present, most of the domestic research on PE stays at the theoretical level. There is a lack of empirical research based on domestic actual transaction data. Although in recent years some scholars have studied the data of listed companies at the time of initial public offering or within one year after listing. However, there is still a lack of long-term data of listed companies for several years, and PE institutions to improve the governance structure, financial situation, market position and so on to promote the development of companies. The promotion of PE to the development of the company can only be more obvious in the long-term development of the company, so it is necessary to study the impact of PE on the long-term development of listed companies. Based on the research results of Chinese and foreign scholars, this paper defines the related concepts of private equity investment and compares the private equity market and other financing markets. On the development of private equity investment in China, the obstacles are described and the theory of PE affecting the development of the company is analyzed. Secondly, taking the transaction data of 39 listed companies listed on Shenzhen small and medium-sized board for eight consecutive years from 2004 to 2011, the annual report of the company is taken as the research object, and the return on net assets is chosen. The main business income growth rate PE, asset-liability ratio, company size, earnings per share as variables, and the PE participation of listed companies, non-PE participating listed companies. The whole sample three development situation carries on the long-term contrast, to test the PE to our country listed company long-term development influence. Through the demonstration test and the contrast analysis. It is concluded that the listed companies with PE participation have better long-term development than the listed companies without PE participation, and finally draw the conclusion that PE is conducive to the long-term good development of invested companies. Finally, some suggestions on how to make PE develop quickly and well in our country are put forward. And it also puts forward some suggestions to those unlisted companies that have the development potential to choose investors to finance, to help them solve the financial distress and even the early success of the listing. And make them after listing has a long-term good development.
【学位授予单位】：沈阳航空航天大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F276.6;F832.51

【参考文献】