我国私募股权投资对创业板上市公司价值影响的实证研究

发布时间：2018-01-09 13:21

本文关键词：我国私募股权投资对创业板上市公司价值影响的实证研究　出处：《山东财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：在全球经济一体化的今天,私募股权投资作为一种新型投资方式,拓宽了公司的融资渠道,推动了被投资公司的价值发现,同时也提供了一种高收益的投资渠道,在当今金融体系中扮演着十分重要的角色。目前国内理论界对私募股权投资对经济影响的认识,尤其是对被投资公司影响的认识主要来自国外成熟私募股权投资市场。不过鉴于我国经济正处于转型期,相关的制度不健全,公司治理机制不完善,私募股权投资机构及其管理人的发展仍不成熟,从而可能造成实际情况与国外的研究结果会有所偏差。本文利用委托代理理论重点研究了私募股权投资对创业板上市公司价值的影响。由于私募股权投资并不能直接影响被投资公司的价值,而是通过改变被投资公司的资本结构和股权结构等来间接影响被投资公司价值,所以在本文的理论分析中重点研究分析了资本结构和股权结构等与公司价值间的关系。实证分析中,将研究对象按照有无得到私募股权投资分为两类,研究私募股权投资有无增加被投资公司的价值。最终,本文得出结论:私募股权投资对被投资公司价值没有影响。本文的研究结果不仅回答了私募股权投资有无增加被投资公司价值这个问题,还为我国私募股权投资行业的建设与发展提供了进一步的理论依据与政策建议,这对于优化我国公司股权结构、完善多层次资本市场体系、深化投融资体制改革等都具有一定的现实指导意义。
[Abstract]:In the global economic integration today, private equity investment as a new type of investment, broaden the financing channels of the company, promote the value of the invested company discovery. It also provides a high-yield investment channel that plays a very important role in today's financial system. At present, the domestic theorists' understanding of the impact of private equity investment on the economy, especially on the influence of invested companies, mainly comes from the mature foreign private equity investment market. However, our economy is in the transition period. The related system is not perfect, the corporate governance mechanism is not perfect, and the development of private equity investment institutions and their managers is still immature, which may cause the actual situation to deviate from the foreign research results. This paper focuses on the impact of private equity investment on the value of listed companies on the gem using the principal-agent theory. Because private equity investment can not directly affect the value of invested companies. It affects the value of the invested company indirectly by changing the capital structure and equity structure of the invested company. Therefore, in the theoretical analysis of this paper, we focus on the analysis of the relationship between capital structure and equity structure and the value of the company. In the empirical analysis, the research object is divided into two categories according to whether the private equity investment is available or not. Finally, this paper concludes that private equity investment has no effect on the value of invested companies. The results of this paper not only answer the question of whether the private equity investment has increased the value of the invested company, but also provide further theoretical basis and policy recommendations for the construction and development of the private equity investment industry in China. It is of practical significance to optimize the ownership structure of Chinese companies, perfect the multi-level capital market system and deepen the reform of investment and financing system.
【学位授予单位】：山东财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275;F271

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