私募股权投资入股期限与IPO后公司业绩的实证研究

发布时间：2018-01-03 17:44

本文关键词：私募股权投资入股期限与IPO后公司业绩的实证研究　出处：《中国地质大学（北京）》2014年硕士论文　论文类型：学位论文

【摘要】：自2004年深圳中小企业板正式启动，私募股权投资（Private Equity，简称PE）在我国市场中掀起又一轮的投资热潮。以美国著名PE新桥资本成功进入深圳发展银行为起点，PE在我国的发展日趋活跃。全国社保基金理事会副主席王忠民在2013年底更是直言，我国后市场改革周期内，私募股权将处于最为关键的位置。在以上研究背景下，通过对国内外文献进行整理，本文对私募股权投资入股期限（即PE持有期）与首次公开募股（Initial Public Offerings,简称IPO）后公司业绩的关系进行实证研究。本文样本选定深圳交易所中经PE融资IPO上市的387家公司，其中包含中小板2005年至2011年间224家，创业板2009年至2011年间163家。在五个逐层深入假设的基础上，通过对样本进行描述性统计、相关性分析、多元回归分析等实证分析后，本文发现：两板市场中有私募持股的样本公司呈现一定“IPO效应”现象；私募股权投资入股期限与IPO后公司业绩呈正相关关系；持有期不足一年的迅速脱手容易引发IPO投机现象，致使IPO后公司业绩呈现一定下滑趋势；私募股权投资自身声誉对其入股期限长短的抉择起着重要影响。此外，“多家私募股权股东搭便车”的现象并未在本位得以证实，，企业IPO时市场状况对PE持有期的影响也并不明显。本文的研究结果在一定程度上验证IPO效应理论，证实“私募股权投资入股期限影响IPO后公司业绩”现象在我国市场中的存在，对规范PE投资,抑制其IPO投机行为的研究提供一个全新的视角。此外，本文关于企业如何更好利用私募融资，政府与市场如何更好完善PE投资环境的建议有着一定参考价值。
[Abstract]:Since 2004, Shenzhen SME board officially launched, private equity investment private Equity. PE) has set off another round of investment upsurge in the Chinese market, starting from the successful entry of the famous PE New Bridge Capital into the Shenzhen Development Bank. In end of 2013, Wang Zhongmin, vice chairman of the National Social Security Fund Board, said that private equity would be in the most critical position in the post-market reform cycle of China. In the above research background, through the domestic and foreign literature collation. This paper deals with the term of private equity investment (PE holding period) and initial Public Offerings. Empirical study on the relationship between the performance of the companies after IPOs. This paper selected 387 companies listed through PE financing IPO in Shenzhen Stock Exchange. It includes 224 small and medium-sized boards from 2005 to 2011, and 163 from 2009 to 2011 on the basis of five in-depth assumptions. Through descriptive statistics, correlation analysis, multiple regression analysis and other empirical analysis, this paper finds that: the sample companies with private equity in the two boards market show a certain "IPO effect" phenomenon; There is a positive correlation between the duration of private equity investment and the performance of the company after IPO. It is easy to cause IPO speculation when the holding period is less than one year, which leads to the decline trend of the company's performance after IPO. The reputation of private equity investors plays an important role in the choice of the duration of their investment. In addition, the phenomenon of "multiple private equity shareholders hitchhiking" has not been confirmed on the basis of the standard. The influence of market condition on PE holding period is not obvious when enterprise IPO. The research results of this paper to some extent verify the theory of IPO effect, confirm the existence of the phenomenon of "the period of private equity investment affect the performance of IPO" in our market, and standardize PE investment. The research on restraining its IPO speculation provides a new perspective. In addition, this paper discusses how firms can make better use of private equity financing. Government and market how to better improve PE investment environment suggestions have a certain reference value.
【学位授予单位】：中国地质大学（北京）
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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