高校背景上市公司IPO表现研究

发布时间：2018-01-24 03:20

本文关键词： IPO表现高校背景上市公司创新因素风险投资　出处：《合肥工业大学》2014年硕士论文　论文类型：学位论文

【摘要】：加强“产、学、研”的结合，促进知识、技术与资本市场的结合，已成为实现我国经济现代化发展战略的重要支撑。除了承担传统的教育和研究职能之外，大学越来越成为科技创新与技术进步的重要平台，大学及其研究人员借助多种途径进入资本市场、推动科技成果产业化，由此产生了许多依托高校或与高校形成紧密关联的上市公司。由于依托高校的特殊背景，这些企业更易获得来自政府、学术伙伴以及风险投资的各种有形和无形资源的支持，更易被市场寄予更高的发展预期，更易获得投资者的关注和追捧。但是高校背景上市公司是否真的如投资者所看好的那样，带来了更好的IPO表现呢？文章首先介绍了中国高校背景上市公司的历史、现状及特点，随后，对国内外研究现状进行了综述，综述的内容包括IPO首日抑价现象、IPO长期弱势表现以及国内外关于高校背景上市公司的研究，并对文献做了小结和评论。其后，文章采取比较研究和实证分析的方法来分析高校背景和非高校背景上市公司IPO表现的差异。根据实证检验，，文章最终得出了五个主要结论：（1）高校背景上市公司在人才与技术等创新因素方面显示出了显著的“高校背景优势”，并普遍具有更高的发行定价，而且高校持股比例越高，发行定价就越高；（2）高校背景上市公司上市后的长期收益率并没有达到投资者的预期，高校（或科研院所）持股比例的高低对首日抑价率和长期收益率不产生影响；（3）高校背景上市公司并不具有更好的IPO表现，高校背景与IPO表现不相关；（4）专利数量、RD支出占比以及高管学历等创新因素对高校背景上市公司的市后表现基本没有产生显著的积极影响；（5）风险投资的注入也没有改善IPO的长期表现，甚至产生了消极的影响。最后，文章根据实证研究的结果，结合我国股票市场的实际，对如何提高IPO定价效率、更好地促进优质高科技上市公司发挥竞争优势、推动资本市场持续健康发展提出了合理化的政策建议。
[Abstract]:Strengthening the combination of "industry, learning, and research" and promoting the combination of knowledge, technology and capital market has become an important support for realizing the development strategy of economic modernization in China, except for the traditional education and research functions. Universities have increasingly become an important platform for scientific and technological innovation and technological progress. Universities and their researchers enter the capital market through various ways to promote the industrialization of scientific and technological achievements. As a result, many listed companies relying on or closely related to colleges and universities have emerged. Because of the special background of colleges and universities, these enterprises are easier to obtain from the government. The support of academic partners and various tangible and intangible resources of venture capital is more likely to be expected by the market. It is easier to get investors' attention and popularity. But is it true that the listed companies with college background have brought about better IPO performance as investors are optimistic? This paper first introduces the history, current situation and characteristics of the listed companies in China's universities and colleges, and then summarizes the current research situation at home and abroad, including the phenomenon of IPO underpricing on the first day. The long-term weak performance of IPO and the domestic and foreign research on the listed companies with university background, and the literature is summarized and commented. This paper adopts comparative research and empirical analysis to analyze the differences of IPO performance between college background and non-university background listed companies. Finally, the paper draws five main conclusions: (1) the listed companies with university background show significant "college background advantages" in the aspects of talents and technology innovation factors, and generally have higher issue pricing. Moreover, the higher the shareholding ratio of colleges and universities, the higher the issue pricing; (2) the long-term yield of listed companies in colleges and universities does not meet the expectations of investors, and the proportion of shares held by universities (or research institutes) has no effect on the first day underpricing rate and long-term return rate; The university background listed company does not have the better IPO performance, the university background and the IPO performance are not related; (4) the number of patents and the proportion of R & D expenditure, as well as the educational background of senior executives, have no significant positive effect on the post-market performance of the listed companies with university background; The injection of venture capital does not improve the long-term performance of IPO, and even has a negative effect. Finally, according to the results of empirical research, combined with the reality of China's stock market, how to improve the efficiency of IPO pricing, and better promote the high-quality high-tech listed companies to play a competitive advantage. To promote the sustained and healthy development of the capital market put forward rational policy recommendations.
【学位授予单位】：合肥工业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F276.42;F832.51

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