PE对高新企业IPO抑价度影响的实证分析

发布时间：2018-10-19 16:22

【摘要】：2009年10月30日，由证监会筹备10年的创业板顺利开版。我国的资本市场具有多层次、多元化的特点，而创业板的加入，为资本市场注入了新的活力，同时为中小企业特别是高新技术企业提供了更加便捷的融资方式，也为私募股权资本开通了顺利的退出渠道，即首次公开上市（IPO）。然而PE投资带来的IPO高抑价问题不得不引起我们的广泛关注。对于PE对IPO抑价的影响,也一直是国内外学术界争论的议题。国内外学者对于PE是否会影响IPO抑价，以及如何影响IPO抑价得出了不同甚至相反的结论。国外学者提出来“认证理论”、“监督假说理论”和“声誉效应假说”来解释PE支持的公司IPO更高或更低两种现象。本文采用实证分析的方法，以我国2009年10月至2012年12月31日在创业板上市的316家高新技术企业作为研究对象，其中具有PE背景的高新企业242个，非PE背景的高新企业75个。通过实证分析方法，研究PE对创业板高新企业IPO抑价度的影响。本文首先通过相关性分析，从7个影响IPO抑价度的因素中选取了5个因素作为控制变量，分别是网上发行中签率、首日市盈率、首日换手率、年份、发行价格。采用修正后的IPO抑价度作为被解释变量，把“有无PE”、“PE持股比例”、“PE声誉”、“PE经验”作为解释变量，建立了四个相关模型。先后进行描述性统计、皮尔逊相关分析、回归分析，进行实证研究。本文的研究结论如下：（1）影响IPO抑价度的因素包括网上发行中签率、首日市盈率、首日中签率、年份、发行价格。（2）私募股权的参与会提高IPO的抑价度水平。有无PE参与与IPO抑价度正相关，影响程度在5%水平上显著。即PE机构的参与不但没有起到认证作用，消除信息不对称，反而有PE支持企业的IPO抑价度高于无PE支持的企业。（3）对于242家具有PE支持背景的企业，PE的持股比例与IPO抑价度负相关，但并不显著。（4）在有PE支持的企业中，PE声誉与IPO抑价度正相关，而且非常显著。即私募声誉越高的机构，其所投资的企业IPO抑价度更高。（5）在有PE支持的企业中，，PE经验与IPO抑价度负相关，而且非常显著。即PE机构的成立时间越长，私募经验越丰富，对被投资企业的认证作用越显著，IPO （6）抑价度就会越低。最后，本文基于PE机构、被投资企业、投资者、监管机构四个角度，提出相关政策性建议。
[Abstract]:October 30, 2009, by the Securities and Futures Commission to prepare for 10 years of gem smooth release. The capital market of our country has the characteristics of multi-level and diversification, and the entry of the gem has injected new vitality into the capital market, at the same time, it has provided a more convenient financing method for the small and medium-sized enterprises, especially the high-tech enterprises. It also opened up a smooth exit channel for private equity capital, that is, the initial public offering of (IPO). However, the problem of high IPO underpricing caused by PE investment has to attract our wide attention. The influence of PE on IPO underpricing has always been a controversial issue in academic circles at home and abroad. Scholars at home and abroad have drawn different or even opposite conclusions on whether PE will affect IPO underpricing and how to influence IPO underpricing. Foreign scholars put forward "certification theory", "supervision hypothesis theory" and "reputation effect hypothesis" to explain the higher or lower IPO of firms supported by PE. This paper takes 316 high-tech enterprises listed on the gem from October 2009 to December 31, 2012 as research objects, including 242 high-tech enterprises with PE background and 75 high-tech enterprises with non-PE background. Through empirical analysis, this paper studies the influence of PE on IPO underpricing of gem high-tech enterprises. Through correlation analysis, this paper selects five factors as control variables from seven factors that influence IPO underpricing, which are online issuance ratio, first-day price-earnings ratio, first-day turnover ratio, year, issue price. The modified IPO underpricing degree is used as the explanatory variable, and four related models are established, which include "PE", "PE shareholding ratio", "PE reputation" and "PE experience". Descriptive statistics, Pearson correlation analysis, regression analysis, empirical research. The conclusions of this paper are as follows: (1) the factors that influence the underpricing of IPO include the ratio of online issuance, the price-earnings ratio on the first day, the ratio of the first day, the year of the underpricing. (2) Private equity participation will increase the level of IPO underpricing. The presence or absence of PE was positively correlated with the underpricing of IPO, and the effect was significant at the level of 5%. That is, the participation of PE institutions not only did not play the role of certification, eliminate information asymmetry, On the contrary, the IPO underpricing degree of enterprises supported by PE is higher than that of enterprises without PE support. (3) for enterprises with a background of PE support, the proportion of PE holding is negatively correlated with IPO underpricing. But it is not significant. (4) in the enterprises supported by PE, the reputation of PE is positively correlated with the underpricing of IPO, and it is very significant. That is, the higher the private equity reputation, the higher the IPO underpricing degree. (5) in the enterprises supported by PE, the PE experience is negatively correlated with the IPO underpricing degree, and it is very significant. That is, the longer the PE organization is established, the richer the private equity experience is, and the more significant the certification of the invested enterprise is, the lower the underpricing degree will be. Finally, based on PE institutions, invested enterprises, investors and regulators, this paper puts forward relevant policy recommendations.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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