风险投资与我国创业板IPO首日收益研究

发布时间：2017-12-31 06:13

本文关键词：风险投资与我国创业板IPO首日收益研究　出处：《河南大学》2014年硕士论文　论文类型：学位论文

更多相关文章： 风险投资 IPO 首日收益 创业板

【摘要】：截止到2012年10月，共有355家公司在我国创业板上市，其中有风险投资参与的公司超过250家，由此显示出风险投资与我国创业板公司关系密切。本文主要研究风险投资对我国创业板公司IPO首日收益的影响。以前学者有关风险投资对IPO首日收益影响的研究大都基于信息不对称理论，从单个时点、单个角度对风险投资对IPO首日收益影响进行研究，很少有学者全面从风险投资的内在特征差异对IPO首日收益影响进行研究，尤其是对我国年轻的创业板市场。由此本文根据前人的研究成果以及我国创业板的实际情况，结合IPO溢价理论和声誉效应理论，综合分析风险投资对我国创业板公司IPO首日收益的影响，从风险投资是否参与、风险投资持股比例高低、风险投资所有权属性差异、联合投资与非联合投资四个方面来分析风险投资对我国创业板公司IPO首日收益的影响。本文选取2012年10月以前在我国创业板上市的所有公司，剔除一些ST和财务数据不全以及风险投资目的不明确的公司，最终涉及到304家样本公司。分别从风险投资是否参与、风险企业前十大股东中风险投资持有股权的总比例高低、风险企业前十大股东中风险投资的所有权属性差异以及联合投资与非联合投资四个方面对我国创业板公司IPO首日收益的影响进行研究。实证结果显示，风险投资的参与会影响到我国创业板公司IPO首日收益，即相比较于无风险投资参与的公司，有风险投资参与的公司IPO首日收益较高；风险投资持有股权比例与我国创业板公司IPO首日收益表现出显著的正相关性，即风险投资持股比例越高，IPO首日收益越高；风险投资所有权属性的差异会影响到我国创业板公司IPO首日收益，通过理论分析，本文以政府所有权属性的风险投资参与的公司为基准，结果显示，相比较于政府所有权属性的风险投资参与的公司，民营所有权属性的风险投资参与的公司IPO首日收益较高，，外资所有权属性的风险投资参与的公司IPO首日收益较低，即对风险投资属性差异对我国创业板公司IPO首日收益的影响，民营的最强，政府的其次，外资的最弱；是否为联合投资对我国创业板公司IPO首日收益没有显著影响。最后对结果进行内生性问题及其他稳健性检验，验证实证结果。本文的研究在理论上为声誉效应理论和IPO溢价理论提供了实证基础，也为投资者更加全面的了解风险投资对我国创业板公司IPO首日收益提供了实际的数据分析，更为我国中小企业在选择风险投资时提供重要基础，对促进我国风险投资以及创业板市场的健康发展有重要意义。
[Abstract]:As of October 2012, there are 355 companies listed on the gem, among which more than 250 companies are involved in venture capital. This paper mainly studies the influence of venture capital on the first day income of IPO in China. The previous scholars concerned about the influence of venture capital on the first day income of IPO. The research of response is mostly based on the theory of information asymmetry. From a single point of view, a single point of view on the impact of venture capital on the first day of IPO income, few scholars from the inherent characteristics of venture capital differences on the first day of IPO income research. According to the previous research results and the actual situation of gem in China, this paper combines IPO premium theory and reputation effect theory. This paper comprehensively analyzes the impact of venture capital on the IPO first-day income of China's gem companies, including whether venture capital participates, the proportion of venture capital holding shares and the ownership attributes of venture capital. This paper analyzes the influence of venture capital on the first-day income of IPO in China's gem from four aspects: joint investment and non-joint investment. This paper selects all the companies listed on the gem before October 2012 to eliminate some companies with incomplete St and financial data and unclear venture capital purpose. Ultimately involving 304 sample companies. From the venture capital participation, the top ten shareholders of the venture capital holding equity ratio. The difference of ownership attributes of venture capital in the top ten shareholders of venture enterprises and the influence of joint investment and non-joint investment on the first-day income of IPO in China's gem companies are studied. The empirical results show that. The participation of venture capital will affect the first day income of IPO, that is, compared with the company without venture capital, the first day return of venture capital company is higher than that of venture capital company. There is a significant positive correlation between the proportion of venture capital holding equity and the first day income of IPO in China, that is, the higher the proportion of venture capital holding is, the higher the return on the first day of IPO is. The difference of ownership attributes of venture capital will affect the first-day income of IPO in China's gem. Through theoretical analysis, this paper takes the venture capital participation of the attribute of government ownership as the benchmark, and the results show that. Compared with the venture capital participation companies with government ownership attributes, the companies with private ownership attributes of venture capital participation have higher IPO first-day income. Foreign ownership attributes of venture capital participation in the first day of the company IPO income is lower, that is to say, the differences in the attributes of venture capital on the first day of China's gem IPO income, the strongest private, the next government. The weakest foreign capital; Whether it is a joint investment has no significant effect on the first-day income of IPO of China's gem companies. Finally, the results are tested with endogenous problems and other robustness tests to verify the empirical results. The research in this paper provides an empirical basis for reputation effect theory and IPO premium theory in theory. It also provides the actual data analysis for the investors to understand the venture capital to the first day income of the IPO of our country's growth enterprise board, and provides the important foundation when the small and medium-sized enterprises of our country choose the venture capital. It is of great significance to promote the healthy development of venture capital and growth enterprise market in China.
【学位授予单位】：河南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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