专业创投对创业板IPO折价及业绩的影响分析

发布时间：2018-01-12 10:00

本文关键词：专业创投对创业板IPO折价及业绩的影响分析　出处：《哈尔滨工业大学》2014年硕士论文　论文类型：学位论文

更多相关文章： 创业投资 专业化 创业板 IPO折价

【摘要】：IPO折价及业绩变化一直是国内外金融、财务等领域的热门问题之一。自2009年10月创业板的成功推出以来，极高的创业板IPO折价现象以及IPO后业绩变化引发了学界和业内的极大研究兴趣和关注。众多文献研究了创业投资与创业板IPO折价效应的关系，主要从有无创投机构参与以及创投机构的声誉角度进行研究。国外文献发现创业投资的专业程度对投资的成功退出有显著影响，本文即从创业投资专业程度的角度研究对IPO折价及业绩变化的影响，在国内文献中尚未发现相同的研究角度。本文以2012年TOP50的中国本土创业投资机构为研究样本，区分专业创投与非专业创投两类投资机构，分别分析了专业创投与非专业创投支持的企业在创业板IPO时折价率及前后业绩变化，并进一步分析了专业创投机构数量、专业创投持股比例对创业板IPO短期和长期效应的影响。通过独立样本检验和横截面回归模型分析，我们发现：从IPO折价率来看，有专业创投支持的企业折价率显著高于非专业创投支持的企业；但专业创投的参与程度对创业板企业IPO折价作用并不显著。从IPO后的经营业绩来看，有专业创投持股对企业IPO后两年内的经营业绩有着正的影响；并进一步发现专业创投持股比率对企业在IPO后两年内的经营业绩有着显著的正影响，持股比率越高，，IPO后两年内经营业绩的表现就越好；但也发现专业创投的数量对企业在IPO后两年内的经营业绩无显著影响。因此，专业创投的参与无论是对短期的IPO折价还是IPO后的长期经营业绩都有着显著的正影响，该发现在国内相关文献中尚未有讨论。本文的研究拓展了金融中介专业化与二级市场IPO折价及IPO前后业绩变化的研究范畴，为衡量创业投资机构专业化提供了重要的参考标准，同时对企业选择合适的创投机构有指导意义。
[Abstract]:IPO discount and performance change has been one of the hot issues in finance, finance and other fields. Since October 2009, the gem has been launched successfully. The phenomenon of very high IPO discount on gem and the change of performance after IPO have aroused great interest and concern in academic circles and industry. Many literatures have studied the relationship between venture capital and IPO discount effect of gem. The foreign literature found that the degree of expertise of venture capital investment has a significant impact on the successful exit of investment. This paper studies the influence on IPO discount and performance from the angle of professional degree of venture capital. The same research angle has not been found in domestic literature. In 2012, the TOP50 local venture capital institutions in China as a research sample, the distinction between professional venture capital and non-professional venture capital two types of investment institutions. The paper analyzes the discount rate and the change of the performance before and after the IPO of the professional venture capital and the non-professional venture capital supporting enterprises respectively, and further analyzes the number of professional venture capital institutions. The short-term and long-term effects of the professional venture capital holding ratio on the gem IPO. Through independent sample test and cross-section regression model analysis, we find that: According to the discount rate of IPO, the discount rate of enterprises with professional venture capital support is significantly higher than that of non-professional venture capital enterprises, but the degree of participation of professional venture capital has no significant effect on the discount of IPO of gem enterprises. From the point of view of the business performance after IPO, there is a positive impact on the business performance of the enterprise within two years after the IPO. Furthermore, it is found that the ratio of professional venture capital shares has a significant positive impact on the business performance of enterprises within two years after IPO, and the higher the ratio is, the better the performance will be within two years after IPOs. But it is also found that the number of professional venture capital has no significant effect on the business performance in the two years after IPO. Therefore, the participation of professional venture capital has a significant positive impact on both short-term IPO discount and long-term business performance after IPO. The findings have not been discussed in domestic literature. This study expands the scope of financial intermediation and secondary market IPO discount and IPO performance changes before and after. It provides an important reference standard for measuring the specialization of venture capital institutions, and also has guiding significance for enterprises to select suitable venture capital institutions.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F832.39

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