风险投资与创业板IPO抑价关系的实证研究

发布时间：2018-02-13 09:25

本文关键词： 风险投资创业板 IPO抑价实证分析　出处：《陕西科技大学》2014年硕士论文　论文类型：学位论文

【摘要】：2009年10月，，我国创业板鸣锣开张，中小高新技术企业和风险投资行业迎来了难得的发展机遇。创业板市场不仅为具有高成长潜力的中小高新技术企业提供了直接的融资平台，也为我国风险投资机构开辟了一条便捷的退出渠道。同时，风险投资机构青睐于投资初创型的中小企业，为创业板市场输送源源不断的上市资源。2012年10月IPO暂停前，在我国创业板上市的355家企业中，有247家企业获得了风险投资的支持。可见，风险投资在我国创业板市场上相当活跃。我国创业板市场存在着严重的IPO抑价现象。这一现象导致大量资金从二级市场涌向一级市场，引发二级市场价格波动，严重影响资本市场的资金配置功能。因此，国内外学者广泛关注IPO抑价研究，风险投资与IPO抑价的关系研究作为该领域的一个新的视角也备受关注。风险投资主要从两个方面影响IPO抑价。一方面，风险投资作为权益性投资，风险投资机构在投资过程中持有被投资企业股份，参与被投资企业的经营管理，影响被投资企业IPO相关决策及新股发行定价；另一方面，风险投资机构作为机构投资者，其投资行为会向二级市场投资者传递投资信号，影响二级市场投资者对股票的追捧程度，进而影响股票的交易价格。本文将风险投资引入IPO抑价的研究中，对风险投资与创业板IPO抑价的关系进行了理论分析和实证分析。在理论分析中，本文基于我国风险投资与创业板的发展现状对风险投资与IPO抑价的关系进行了初步分析，并分别从认证理论、监督理论、逆向选择理论和逐名动机理论角度出发对风险投资与IPO抑价的关系做了进一步解释。在实证分析中，本文以2012年10月IPO暂停前在创业板上市的355家企业为研究样本，创新性地引入了风险投资机构声誉、数量以及持股比例三个变量来代表风险投资的特征，采用独立样本T检验、相关分析与多元回归分析等方法对风险投资、风险投资特征与IPO抑价的关系进行了实证分析。本文研究结果显示，创业板市场上有风险投资企业的IPO抑价率高于无风险投资企业的IPO抑价率，说明风险投资在我国创业板市场上并没有发挥其认证和监督作用。风险投资机构的声誉对IPO抑价的影响程度微弱，证明了逐名动机理论在我国创业板市场上缺乏较强的解释效力。同时，较高的上市首日换手率证明了我国创业板IPO抑价产生的原因是二级市场的非理性投资，并非发行定价偏低。本文研究的目的在于探究风险投资与创业板IPO抑价之间的关系，以期2014年IPO重启之后，风险投资行业与创业板市场良性互动、共同发展。
[Abstract]:In October 2009, with the opening of the gem in our country, small and medium-sized high-tech enterprises and venture capital industries ushered in a rare opportunity for development. The gem market not only provides a direct financing platform for small and medium-sized high-tech enterprises with high growth potential, but also provides a direct financing platform for small and medium-sized high-tech enterprises with high growth potential. It also opens up a convenient exit channel for venture capital institutions in our country. At the same time, venture capital organizations prefer to invest in small and medium-sized enterprises of start-up type, and provide a continuous stream of listed resources for the gem market. Before IPO was suspended in October 2012, Of the 355 enterprises listed on the gem, 247 have received the support of venture capital, which shows that venture capital is very active in the gem market of our country. There is a serious phenomenon of IPO underpricing in China's gem market, which causes a large amount of funds to flow from the secondary market to the primary market, causing price fluctuations in the secondary market and seriously affecting the capital market's capital allocation function. Scholars at home and abroad have paid close attention to the study of IPO underpricing, and the relationship between venture capital and IPO underpricing is a new perspective in this field. Venture capital mainly influences IPO underpricing from two aspects. As equity investment, venture capital institutions hold shares of the invested enterprises in the process of investment, participate in the management of the invested enterprises, and influence the decision of the invested enterprises on IPO and the pricing of new shares; on the other hand, Venture capital institutions as institutional investors, their investment behavior will send investment signals to secondary market investors, affect the secondary market investors' pursuit of stocks, and then affect the trading price of stocks. This paper introduces venture capital into the study of IPO underpricing, and makes a theoretical and empirical analysis on the relationship between venture capital and IPO underpricing on the gem. This paper analyzes the relationship between venture capital and IPO underpricing based on the development of venture capital and gem in China, and analyzes the relationship between venture capital and IPO underpricing. The relationship between venture capital and IPO underpricing is further explained from the perspective of reverse selection theory and positive-driven theory. In the empirical analysis, this paper takes 355 enterprises listed on the gem before the suspension of IPO in October 2012 as the research sample. This paper introduces three variables of venture capital institution reputation, quantity and shareholding ratio to represent the characteristics of venture capital. The independent sample T test, correlation analysis and multiple regression analysis are used to analyze venture capital. The relationship between venture capital characteristics and IPO underpricing is analyzed empirically. The results show that the IPO underpricing rate of venture capital enterprises is higher than the IPO underpricing rate of venture capital enterprises in the gem market. It shows that venture capital does not play its role of certification and supervision in China's gem market. The reputation of venture capital institutions has a weak impact on IPO underpricing. It proves the lack of strong explanatory effect in the gem market, and the higher turnover rate on the first day of listing proves that the reason of IPO underpricing in gem is irrational investment in the secondary market. The purpose of this paper is to explore the relationship between venture capital and IPO underpricing on the gem, and hope that after IPO restarts in 2014, the venture capital industry and the gem market will interact with each other and develop together.
【学位授予单位】：陕西科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F832.48

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