IPO超募、创业投资机构与中小企业过度投资行为

发布时间：2018-05-06 18:39

本文选题：IPO超募 + 创业投资机构　；参考：《暨南大学》2014年硕士论文

【摘要】：我国创业板和中小板IPO超募现象严重，中小企业通过IPO获得了巨大的超募现金流，这种严重的IPO超募现象引起了学者的广泛关注，有学者开始讨论IPO超募现象的成因等，也有少部分学者基于投资与现金流之间的敏感性开始关注IPO超募与投资行为之间的关系。同时，自创业板开板以来，创业投资机构的发展迎来了春天，中小板与创业板市场的繁荣为创业投资机构的退出提供了良好的渠道。成功上市的中小企业中大部分都得到了创业投资机构的支持，基于创业投资机构参与被投资企业公司治理的研究也开始出现。但是，从目前的研究现状来看，还没有学者将创业投资机构与IPO超募下的投资行为放在一个框架进行研究。因此，本文将中小企业突出的IPO超募现象与创业投资机构支持背景放在一起，探讨其对中小企业过度投资行为的影响。本文选取2009~2010年创业板与中小板上市公司作为研究对象，考察他们在上市后一到三年的投资行为。本文运用修正后的过度投资模型得到每个样本观测值在研究期间的过度投资水平，再考察过度投资对IPO超募现金流是否存在敏感性，以及创业投资机构是否具有抑制过度投资的作用。通过多元线性回归发现，，过度投资与IPO超募现金流存在显著的正向关系，而创业投资机构对过度投资没有显著影响。本文的研究结论在一定程度上支持了投资现金流敏感的论断，IPO超募确实会促进企业的过度投资行为，造成了资本市场资源配置不均衡的问题。但是创业投资机构对企业过度投资的抑制作用有限，创业投资机构发挥其完善公司治理的作用还有待验证。本文从当前现状出发，研究IPO超募与创业投资机构对过度投资行为的影响，进一步拓宽了过度投资行为的研究范围，为提高资本市场资源配置、完善IPO制度与规范创业投资机构的行为提供参考。
[Abstract]:The phenomenon of IPO over-raising on gem and small and medium-sized boards in China is serious, and small and medium-sized enterprises have obtained huge cash flow through IPO. This serious phenomenon of IPO over-raising has aroused the widespread concern of scholars. Some scholars have begun to discuss the causes of IPO over-raising, and so on. A small number of scholars focus on the relationship between IPO overcapitalization and investment behavior based on the sensitivity between investment and cash flow. At the same time, since the gem opened, the development of venture capital institutions ushered in the spring, the small and medium-sized board and the gem market prosperity for the venture capital institutions to exit a good channel. Most of the SMEs listed successfully are supported by the venture capital institutions, and the research on the venture capital institutions participating in the corporate governance of the invested enterprises is also beginning to appear. However, from the current research situation, there are no scholars to study venture capital institutions and IPO overraised investment behavior in a framework. Therefore, this paper puts the prominent phenomenon of IPO overraising in small and medium-sized enterprises and the background of venture capital organization support together to explore its influence on the over-investment behavior of small and medium-sized enterprises. From 2009 to 2010, this paper selects the gem and the small and medium board listed companies as the research objects to investigate their investment behavior one to three years after listing. In this paper, we use the modified overinvestment model to obtain the level of overinvestment in each sample during the study period, and then investigate the sensitivity of overinvestment to IPO overcapitalization cash flow. And whether venture capital institutions have the role of restraining excessive investment. Through multiple linear regression, it is found that there is a significant positive relationship between overinvestment and IPO overcapitalization cash flow, while venture capital institutions have no significant influence on overinvestment. To a certain extent, the conclusion of this paper supports the conclusion that the over-raising of IPOs can promote the over-investment behavior of enterprises, which leads to the imbalance of resource allocation in the capital market. However, venture capital institutions have a limited restraining effect on overinvestment, and the role of venture capital institutions in improving corporate governance has yet to be verified. Based on the current situation, this paper studies the influence of IPO over-raising and venture capital institutions on over-investment behavior, and further broadens the scope of research on over-investment behavior, in order to improve the allocation of capital market resources. Improve the IPO system and standardize the behavior of venture capital institutions to provide reference.
【学位授予单位】：暨南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F276.3;F275;F832.51

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