风险投资对我国创业板市场IPO公司业绩的影响

发布时间：2017-12-31 00:08

本文关键词：风险投资对我国创业板市场IPO公司业绩的影响　出处：《南京师范大学》2014年硕士论文　论文类型：学位论文

【摘要】：近年来国内外对风险投资对IPO的影响给予了高度的关注,IPO抑价和IPO的市场表现及其影响因素的研究一直是国内外学者研究的热点问题。随着国际范围内风险投资的迅速发展以及作为其重要退出渠道的IPO的不断完善,风险投资在公司IPO过程中所起到功效越来越受到各国学者的关注。全球范围内风险投资对IPO的影响主要可分为正面影响的“认证/监督模型”假说和负面影响的“逆向选择/逐名效应”假说,不同的市场数据,不同的制度背景得出的结论有所差异,由于我国的风险投资发展的比较晚,尚未成熟,对于风险投资对我国公司IPO的影响还需要做进一步的研究。本文将基于创业板市场为研究对象,研究风险投资对公司IPO前后业绩的影响。我国的创业板起步比较晚,其建立是为高新技术及高科技的中小规模的企业上市融资提供一个平台,而我国的风险投资也是在最近几年才得到迅速发展的,二者发展时间比较契合,创业板IPO就成为我国风险投资退出的重要渠道,每年在创业板上市的公司中有超过50%的公司都有风险投资的参与,因此,风险投资对我国创业板IPO的影响是一个非常值得研究的问题。基于此,本文选取了2009年10月30号到2011年12月31号在创业板上市的261家公司为研究样本。运用了描述性统计、独立样本T检验、配对样本T检验、非参数Mann-Whitney检验、Wilcoxon检验及横截面模型等方法进行实证分析。实证结果表明,在公司IPO前有风险投资参与的公司业绩不如没有风险投资参与的公司好；公司IPO时有风险投资参与的公司未能比没有风险投资参与的公司有更好的表现；在公司IPO前后经营业绩的对比中,不管有没有风险投资的参与,在IPO后公司的经营业绩都会下滑,但是有风险投资参与的公司明显比没有风险投资参与的公司业绩下滑的程度要小；公司IPO后,风险投资没有能够对公司的业绩产生显著性影响。总体来看,风险投资在我国创业板市场上没有能够完全发挥出其“认证/监督”功能,对上市公司业绩的影响不如成熟的证券市场,这可能是由于我国的风险投资起步较晚,发展还不够完善,另外,我国也没有专门支持风险投资发展的法律法规,使得风险投资的发展缺乏法律的保护；与风险投资运作相关的中介机构的发展也不健全；具备专业知识的综合型人才的缺失等。因此,需要建立健全与风险投资相关的法律法规,大力支持中介机构的发展,努力培养符合风险投资发展要求的综合型人才。
[Abstract]:At home and abroad in recent years on the impact of venture capital on IPO to give a high degree of attention, the market performance and its influence factors of the underpricing of IPO and IPO has been a hot issue for scholars at home and abroad. With the rapid development of international investment within the scope of the risk as well as its important exit channel IPO continues to improve in the risk investment in the process of IPO company to more and more attention. The impact of the global scope of risk investment to IPO can be divided into the positive impact of "certification / supervision model" hypothesis and the negative impact of the "adverse selection / grandstanding effect" hypothesis, market data, the conclusion of different institutional background the difference, because of the development of China's venture capital is relatively late, is not yet mature, for the impact of venture capital on China's company IPO needs further research. This paper will be based on the record The karma market is the research object to study the impact of venture capital on the performance of IPO before and after the company.
The gem in China started relatively late, it is a high-tech and high-tech small and medium-sized enterprises listing and financing to provide a platform, but the risk of investment in China is only in recent years has been rapid development, the development of the two time more fit, the gem IPO has become an important channel for venture capital exit in China, there are more than 50% companies have the participation of venture capital investment, a company listed on the gem in the year so that the impact of venture capital on China's gem IPO is a very worthy of study. Based on this, this paper selected from October 30, 2009 to December 31, 2011 in the 261 companies listed on GEM as research sample. Using descriptive statistics, independent samples T test, paired samples T test, nonparametric Mann-Whitney test, Wilcoxon test and cross section model for empirical analysis.
The empirical results show that, in the company before IPO risk investment in company performance as there is no risk investment in the company; IPO risk investment in the company failed to participate in risk investment companies than not have better performance; comparison of operating performance in the company before and after IPO, with or without the participation of venture capital investment. After IPO, the company's operating performance will decline, but there is a risk investment in the company than no risk investment in the performance of the company to the extent of the decline in the small company; IPO, venture capital can not have a significant impact on the company's performance. Overall, the risk of investment in China's GEM market is not able to fully play its "certification / supervision function, influence on the performance of listed companies as the mature stock market, this may be due to the risk of investment in China started late. The exhibition is still not perfect, in addition, China has no specific laws and regulations to support the development of venture capital investment, the development of venture capital investment is lack of legal protection; the development of intermediary agencies related to the operation of venture capital investment is not perfect; the comprehensive talents with professional knowledge lack. Therefore, we need to establish and improve the laws and regulations and risk the related investment, vigorously support the development of intermediary organizations, to cultivate comprehensive risk investment requirements for the development of talents.

【学位授予单位】：南京师范大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F276.6;F832.51

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