私募股权投资对我国上市生物医药企业的发展影响

发布时间：2018-01-11 09:07

本文关键词：私募股权投资对我国上市生物医药企业的发展影响　出处：《浙江工商大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着生物医药产业在“十二五”规划中被认定为我国的重要战略新兴产业后,它在我国的发展已经成为了一个重点关注问题,但我国生物医药企业发展缓慢,急需培养自己的研发创新能力,摆脱传统的药物模仿制造道路。这也就意味着处于发展中的高潜力生物医药企业离不开资金的支持,而银行等传统的金融机构却因为种种原因无法向这些企业提供贷款。但伴随着我国资本市场的发展和完善,国内私募股权投资机构如雨后春笋般纷纷涌现,并得到了一定程度的发展和成熟,这些私募股权投资机构在一定程度上能够填补银行等传统金融机构的空白,为具有高发展潜力的生物医药企业提供了发展的空间,因此选择研究私募股权投资对我国上市生物医药企业的发展影响也是基于以上的原因。本文从理论和实证两个方面探究了私募股权投资对于我国生物医药的发展影响。在理论研究中,我们以私募股权投资和被投资企业的关系、私募股权投资对被投资生物医药企业的影响机制作为理论支持,进行实证。在实证研究中,以2006—2014年上市的生物医药企业作为研究样本,分别针对被投资企业的短期表现和长期表现进行实证研究,在短期表现中,分别对有无获得私募股权投资支持的企业上市首日溢价指标的表现和上市首日超额收益率是否具有差异进行研究,在此基础上,分析私募股权投资的相关性质对被投资企业的上市首日的超额收益率所产生的具体影响;在长期表现中,利用fama-french三因子模型分析上市超过3年的有无获得私募股权投资支持的企业股票在长期表现上的差异,得出的结论是获得私募股权投资支持的企业上市首日的溢价表现和股票的长期表现都比没有获得私募股权投资支持的企业好。同时,在私募股权投资对被投资企业的具体影响上,持股锁定期、上市前一年进入与其存在着正相关的显著关系,私募股权投资的持股比例和数量与其存在着显著的负相关的关系,声誉则与其存在着不显著的正相关的关系。在得出这些结论后,也分析了导致这种结果出现的可能原因,并对其进行了稳健性检验。在最后对全文进行总结,并结合我国的实际情况,对私募股权投资和生物医药企业的发展提出了自已的意见建议。
[Abstract]:With the biopharmaceutical industry recognized as an important strategic emerging industry in the 12th Five-Year Plan, its development in China has become a key concern, but the development of Chinese biomedical enterprises is slow. It is urgent to cultivate their own R & D innovation ability to get rid of the traditional way of drug imitation manufacturing. This means that the high potential biomedical enterprises in development can not be separated from the support of funds. But traditional financial institutions such as banks are unable to provide loans to these enterprises for various reasons. However, with the development and improvement of the capital market in China, domestic private equity investment institutions have sprung up one after another. And get a certain degree of development and maturity, these private equity investment institutions to a certain extent can fill in the gap of traditional financial institutions such as banks. It provides the space for the development of biomedical enterprises with high development potential. Therefore, the study of the impact of private equity investment on the development of listed biomedical enterprises is also based on the above reasons. This paper explores the development of private equity investment in Chinese biomedicine from both theoretical and empirical aspects. Influence. In theoretical research. We take the relationship between private equity investment and invested enterprises, and the influence mechanism of private equity investment on biopharmaceutical enterprises as theoretical support. Taking the biopharmaceutical enterprises listed in 2006-2014 as the research sample, the short-term performance and long-term performance of the invested enterprises were studied, respectively, in the short-term performance. On the basis of the study on the performance of the first-day premium index and the difference of the first-day excess yield of the listed companies with or without the support of private equity investment. This paper analyzes the specific influence of the related nature of private equity investment on the excess return on the first day of listing of the invested enterprise. In the long-term performance, the fama-french three-factor model is used to analyze the long-term performance differences of the listed companies with or without private equity investment support for more than three years. The conclusion is that both the premium and the long-term performance of the stocks are better than those without the support of private equity. At the same time. In the specific impact of private equity investment on the invested enterprises, there is a significant positive correlation between the lockout period and the year before listing. The proportion and quantity of private equity investment has a significant negative correlation with it, while reputation has a negative correlation with it. After these conclusions are reached, there is a negative correlation between the proportion and quantity of private equity investment. It also analyzes the possible causes of this result, and makes a robustness test. Finally, it summarizes the full text, and combines the actual situation of our country. Private equity investment and the development of biomedical enterprises put forward their own suggestions.
【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F426.72

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