基于创业投资视角对投资期与IPO溢价关系的研究

发布时间：2018-01-08 11:04

本文关键词：基于创业投资视角对投资期与IPO溢价关系的研究　出处：《西南财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：世界经济的发展走到了今天,技术进步已经成为经济增长的主要动力。实现技术变革,离不开金融的支持。创业投资作为一种新的金融制度安排,在促进技术变革中发挥了重要的作用。以美国为例,自20世纪90年代以来,正是因为政府对技术创新的重视和支持,才能不断地推出新产品,形成能产生巨大经济效益的新兴产业,才能使美国的经济持续增长。创业投资者实现投资回报的一种重要方式是IPO退出,创业投资参与企业管理的关键阶段是IPO之前的管理阶段。于是,本文定义了IPO投资期的概念,它指的是开始投资到IPO的时间段。作为投资期,它的长短来反映了创投机构在IPO之前参与企业管理的时间,也反映了创投机构对不同投资期限的选择。从创业投资提供增值服务的角度上讲,创投机构参与管理的时间越长,为公司提供的增值服务越多,企业的净资产增值就会越大,所以IPO溢价比就会越高。但是,我国创业投资行业普遍存在两个问题：一是创业投资增值服务不足;二是投资阶段后移,创投机构偏好于短期投资。这两个问题的存在是否会影响企业价值增值程度与投资期限的关系,进而影响IPO溢价比与投资期的关系,使二者产生负相关关系,本文对此做出了实证分析。在文中的实证研究部分,对IPO溢价比与投资期的关系做出了负相关假设,同时,为了增强模型的解释程度,引入了创投机构参与数量和行业分类两个控制变量。实证研究结果表明原假设成立,IPO溢价比与投资期呈负相关,从而印证了我国创业投资增值服务不足的存在性,以及投资阶段后移对IPO溢价比和投资期关系的影响。文章的主体结构分为四个部分；第一部分是相关文献综述,介绍了国内外对创业投资阶段后移成因的分析和增值服务作用的介绍；第二部分是相关理论的介绍,对创业投资、IPO溢价比、增值服务、投资阶段做出了定义,同时也介绍了增值服务和创业投资阶段选择的相关理论；第三部分是实证部分,该部分首先给出了研究设计,包括研究假设、变量和模型的设计以及样本的选择,然后是实证分析,证明了假设的成立。第四部分是结论与展望,参考相关理论,结合作者自身的理解,解释了我国创业投资阶段后移和增值服务不足的原因,并给以相应的对策。
[Abstract]:With the development of the world economy, technological progress has become the main driving force of economic growth. Technological change can not be achieved without the support of finance. Venture capital as a new financial system arrangement. In the United States, for example, since 1990s, it is because of the importance and support of technology innovation that the government can continuously launch new products. Only by forming a new industry that can produce great economic benefits can the economy of the United States continue to grow. One of the most important ways for the venture capital to realize the return on investment is the exit of IPO. The key stage of venture capital participating in enterprise management is the management phase before IPO. This paper defines the concept of the IPO investment period, which refers to the time period when the investment period begins to be invested in IPO. As an investment period, its length reflects the time that the venture capital institution participated in the management of the enterprise before IPO. It also reflects the choice of venture capital institutions for different investment periods. From the perspective of venture capital to provide value-added services, the longer the venture capital institutions participate in management, the more value-added services for the company, the greater the net assets will be added. Therefore, the IPO premium ratio will be higher. However, there are two common problems in the venture capital industry in China: first, the lack of value-added services for venture capital; Second, the investment stage moves behind, and the venture capital institutions prefer short-term investment. The existence of these two problems will affect the relationship between the value appreciation and the investment period, and then affect the relationship between the IPO premium ratio and the investment period. This paper makes an empirical analysis of the negative correlation between the two. In the empirical part of this paper, the relationship between the IPO premium ratio and the investment period is assumed negatively, and in order to enhance the interpretation of the model. This paper introduces two control variables: the number of venture capital institutions' participation and the industry classification. The empirical results show that the original assumption of the IPO premium ratio is negatively correlated with the investment period. This proves the existence of insufficient value-added services for venture capital in China, and the influence of the shift of investment stage on the relationship between IPO premium ratio and investment period. The main structure of the article is divided into four parts; The first part is a review of relevant literature, which introduces the analysis of the causes of the backward shift of venture capital and the role of value-added services at home and abroad. The second part is the introduction of the relevant theory, the venture capital IPO premium ratio, value-added services, investment stage to make a definition, but also introduced the value-added services and venture capital stage selection related theories; The third part is the empirical part, this part first gives the research design, including research assumptions, variables and model design and sample selection, and then empirical analysis. This paper proves that the hypothesis is established. Part 4th is the conclusion and prospect. Referring to the relevant theories and combining with the author's own understanding, this paper explains the reasons for the backward shift of the stage of venture capital and insufficient value-added services in China, and puts forward the corresponding countermeasures.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F224;F231

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