私募股权资本对于创业板公司上市前后经营绩效的影响分析

发布时间：2018-01-16 09:10

本文关键词：私募股权资本对于创业板公司上市前后经营绩效的影响分析　出处：《复旦大学》2014年硕士论文　论文类型：学位论文

【摘要】：我国创业板市场自开启以来,一直都是市场关注的焦点,不仅因为它标志着我国资本市场的重大创新突破,更加因为创业板企业上市前的成长性和盈利能力、上市时引人注目的“高发行价、高发行市盈率、高募集资金”和上市后饱受争议的经营业绩显著下滑。创业板是私募股权资本退出的最主要通道,而私募股权资本也为创业板企业提供了高效率资本、扮演着帮助企业提升经营绩效和治理水平的重要角色。本文基于对创业板企业上市前后的经营业绩指标变化的分析,并对比有无私募股权资本入股企业上市前后经营指标变化率、上市前和上市后经营业绩的表现,再进一步分析PE持股特征,来探究私募股权资本对于创业板企业上市前后经营绩效的影响。立足于西方成熟市场的研究和中国创业板市场的现状,本文对比了创业板公司上市前后的财务指标,并通过手工整理招股说明书确认创业板企业上市前是否有私募股权资本入股以及持股时间和比例等数据,发现私募股权资本并没有如同预期减轻公司上市后业绩下滑的幅度,也没有提高公司上市后的业绩指标水平,对公司上市前的增长率指标和部分盈利性指标的提高有正向作用,但对于公司上市后的各项经营业绩指标均没有显著影响。在分析了PE机构入股的特征后发现,相对于其他PE机构,高声誉PE机构入股的企业上市前的部分业绩指标水平更低但上市后指标下滑幅度也更小,即高声誉PE机构入股的创业板企业上市后业绩“变脸”程度更轻缓；PE机构持股时间越长,上市前的经营业绩指标也越低,但PE声誉、PE持股时间、PE持股比例对被投资企业上市后的经营业绩水平均没有显示出作用。基于以上结果,本文结合我国创业板和私募股权市场的实际情况,进一步分析了私募股权资本对创业板企业上市前后经营绩效的影响。本文的主要结论是：1、目前我国的创业板企业发展仍然非常不成熟,绝大部分财务指标上市后呈现显著下滑趋势,没有显示出应有的高成长性和盈利能力,有可能是由于上市前盈余管理而上市后虚增业绩转回导致业绩大幅下滑；2、私募股权资本并没有真正帮助企业提升经营水平、为企业提供增值服务,有PE持股的创业板企业在上市前经营业绩指标更高,是因为PE机构出于通过企业在创业板上市而退出的强烈动机,帮助被投资企业在上市前进行财务包装,以及经营业绩指标表现良好的企业更容易吸引私募股权资本的投资；3、长时间持股企业的和高声誉的PE机构帮助企业在上市前进行财务包装的动机较小,所以其所投资企业上市前的经营业绩指标水平更低但上市后下滑幅度更小,但这种类型的PE机构也没有发挥帮助企业真正提升经营绩效的作用。最后,基于以上结论,结合中国创业板市场和私募股权市场的发展现状,本文提出了一些建议。
[Abstract]:China's gem market has been the focus of attention since it was opened, not only because it marks a major breakthrough in our capital market, but also because of the growth and profitability of gem enterprises before listing. The spectacular "high offering price, high price / earnings ratio, high raising funds" and the controversial operating performance since listing have fallen significantly. The gem is the main channel for private equity capital withdrawal. Private equity capital also provides efficient capital for gem enterprises. It plays an important role in helping enterprises to improve their business performance and governance level. This paper analyzes the changes of business performance indicators before and after gem listing. And compare whether there is private equity capital before and after the listing of enterprises before and after the change rate of business indicators, pre-listing and post-listing performance of business performance, and further analysis of PE shareholding characteristics. To explore the impact of private equity capital on the performance of gem enterprises before and after listing. Based on the western mature market and the current situation of the gem market in China. This paper compares the financial indicators of gem companies before and after listing, and through manual collation prospectus to confirm whether gem companies have private equity capital before listing, as well as holding time and proportion data. It is found that private equity capital does not reduce the extent of decline in post-IPO performance as expected, nor does it improve the performance index level of the company after listing. It has a positive effect on the improvement of the growth rate index and the profitability index of the company before listing. However, there is no significant impact on the performance indicators of the listed companies. After analyzing the characteristics of PE institutions, it is found that compared with other PE institutions. Some of the performance indicators of companies with high reputation PE institutions before listing are lower, but the decline of indicators after listing is also smaller. That is, high reputation PE institutions into the gem after the performance of enterprises listed, "change face" degree is more gentle; The longer the holding time of PE institutions, the lower the operating performance index before listing, but PE reputation and PE holding time. Based on the above results, this paper combines the actual situation of China's gem and private equity market. This paper further analyzes the impact of private equity capital on the performance of gem enterprises before and after listing. The main conclusion of this paper is: 1. At present, the development of gem enterprises in China is still very immature. Most of the financial indicators show a significant downward trend after listing, not showing the due high growth and profitability, it may be due to earnings management before listing and the return of performance after the false increase in the performance of a substantial decline; 2, private equity capital does not really help enterprises to improve the level of operation, to provide value-added services for enterprises, with PE holdings of gem enterprises in the pre-listing performance indicators are higher. Because PE institutions out of the strong motivation to withdraw from the gem through enterprises, help the invested enterprises to carry out financial packaging before listing. And enterprises with good performance are more likely to attract private equity capital investment; 3. Long-held and high-reputable PE institutions have less incentive to help companies with financial packaging before listing. So its investment enterprises before the listing of the operating performance index level is lower but the decline after listing is smaller, but this type of PE institutions also did not play a role in helping enterprises to truly improve business performance. Finally. Based on the above conclusions, combined with the development of China's gem market and private equity market, this paper puts forward some suggestions.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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