风险投资对我国创业板市场上市公司IPO影响效应的实证研究

发布时间：2018-01-20 16:40

本文关键词： 风险投资创业板上市公司 IPO 影响效应实证研究　出处：《山东大学》2014年硕士论文　论文类型：学位论文

【摘要】：随着我国创业板市场的逐渐推出,风险投资对于推动资本市场尤其是创业板市场发展的作用逐渐凸显,主要表现在：IPO前对上市公司产生的增值效应、IPO时对上市公司抑价率的影响、IPO后对企业财务绩效的影响。风险投资对创业板上市公司IPO的影响效应究竟多大及国外相关理论对中国的适用性怎样逐渐成为了关注的焦点。不少研究认为,风险投资在投资存续期间可以为企业带来多个方面的增值服务。但在风险投资对IPO抑价率的影响层面上,形成了两种截然相反的理论观点：“监管理论”认为风险投资机构的参与能够减弱公开发行过程中的信息不对称弊端,使得发行价格更能反映实际价值,因此,曾进行过风险投资的企业,其IPO溢价率较低；然而,“逆向选择理论”则恰好相反,认为若风险投资不成熟,将会使企业面临声誉风险和资金流动压力,会将企业过早投入资本市场中去,IPO抑价率会更高。本文以中国股市为例,选取2013年12月31日前在创业板市场上市的355家上市公司(包括196家具备风险投资背景的企业)为样本,运用回归分析和均值对比分析等计量经济学方法,主要研究了五方面的内容：(1)对中国风险投资市场的特点进行深入剖析；(2)对比企业IPO前后的主要财务指标,分析风险投资对投资企业经营状况影响；(3)基于风险投资的角度,研究风险投资对创业板上市公司IPO溢价的影响；(4)考察风险投资对企业IPO后企业财务绩效的影响状况；(5)研究风险投资的属性及参与特征对企业IPO的财务绩效的影响情况。研究结果表明：(1)在企业IPO前,是否具有风险投资支持,并不会对其成长性和高科技性产生显著影响,风险投资对企业的增值效应并不显著；(2)IPO时风险投资支持的企业IPO抑价率较低；(3)IPO后,风险投资持股的企业在IPO后盈利性和成长性降幅较小；(4)政府背景的风投机构在企业IPO前的业绩好于非政府背景的风投机构,但在IPO后,政府背景的投资机构业绩却差于非政府背景的风投机构；(5)风险投资持股比例超过12.6%、介入时间超过30个月情况下,企业IPO前的经营绩效更好。这说明风险投资对中国创业板市场起到了一定的认证监管的积极作用,但这一作用并没有得到充分发挥,导致当前我国创业板市场风险投资影响力不足,增值效用体现不明显。最后根据实证分析的结果,有针对性地对投资者、风险投资机构、上市企业及风投监管者提出对策和建议,即投资者应当对企业价值进行理性判断；风险投资机构应将投资阶段前移,提供更多的增值服务；上市企业应选择适宜的上市时机,注重长远发展；监管者则应该规范投资者、风险投资机构以及上市公司行为。
[Abstract]:With the gradual introduction of China's gem market, the role of venture capital to promote the development of the capital market, especially the gem market, is gradually prominent, mainly reflected in the value-added effect on listed companies before the IPO. The influence of IPO on the underpricing rate of listed companies. The effect of venture capital on the IPO of gem listed companies and the applicability of foreign theories to China have gradually become the focus of attention. Many studies believe that venture capital can bring a variety of value-added services for enterprises during the period of investment, but in the level of the impact of venture capital on the IPO underpricing rate. There are two opposite theories: "supervision theory" holds that the participation of venture capital institutions can reduce the asymmetry of information in the process of public offering, so that the issuing price can reflect the actual value. The IPO premium rate of the enterprises that have carried out venture capital investment is low; However, the "reverse selection theory" is just the opposite. If the venture capital is not mature, it will make the enterprise face the reputation risk and the pressure of capital flow, and will put the enterprise into the capital market prematurely. IPO underpricing will be higher. Taking the Chinese stock market as an example, this paper selects 355 listed companies (including 196 companies with venture capital background) listed in the gem market before December 31st 2013 as a sample. By using the econometrics methods such as regression analysis and mean contrast analysis, this paper mainly studies the characteristics of Chinese venture capital market in five aspects. 2) comparing the main financial indexes before and after IPO, and analyzing the influence of venture capital on the management of investment enterprises; (3) based on the angle of venture capital, this paper studies the influence of venture capital on IPO premium of listed companies in gem. (4) to investigate the influence of venture capital on enterprise financial performance after IPO; (5) to study the influence of venture capital attributes and participation characteristics on the financial performance of IPO. The results show that the venture capital support before IPO will not have a significant impact on its growth and high-tech, and the value added effect of venture capital on the enterprise is not significant. The IPO underpricing rate of venture capital-backed enterprises is low. After the IPO, the profit and growth of the venture capital holding enterprises decreased slightly after IPO; (4) the performance of government background venture capital firm is better than that of non government background venture capital organization before IPO, but after IPO, the performance of government background investment institution is worse than that of non government background venture capital organization; (5) if the proportion of venture capital stock is more than 12.6%, and the time of intervention is more than 30 months. The performance of enterprises before IPO is better, which shows that venture capital has played a positive role in the certification and supervision of China's gem market, but this role has not been fully played. As a result, the influence of venture capital on gem is insufficient, and the value-added effect is not obvious. Finally, according to the results of empirical analysis, the paper puts forward countermeasures and suggestions to investors, venture capital institutions, listed enterprises and venture capital regulators, that is, investors should rationally judge the value of enterprises; Venture capital institutions should move forward the investment stage to provide more value-added services; The listed enterprises should choose the appropriate time to go on the market and pay attention to the long-term development; Regulators should regulate the behavior of investors, venture capital institutions and listed companies.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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