风险投资对创业板上市公司股利政策的影响研究

发布时间：2018-02-28 18:02

本文关键词： 风险投资股利政策创业板 Logistic回归模型　出处：《山东大学》2017年硕士论文　论文类型：学位论文

【摘要】：20世纪80年代,我国政府开始对风险投资产业的发展进行探讨,并出台了众多鼓励性政策来激励国内风险投资行业的发展。截至目前,国内风险投资产业经过了 30多年的成长,无论在机构数量方面还是投资金额方面,我国风险投资产业发展都是非常迅速的。我国风险投资已经为建设中国特色社会市场经济的重要参与者,不仅对我国高新技术产业的发展起到了重要的推动作用,而且成为当今金融市场发展的重要力量。自创业板推出以来,创业板上市公司"高分配"的股利政策一方面在二级市场上得到广大投资者的追捧,二级市场大部分"妖股"都来自创业板"高分配"上市公司;另一方面创业板的股利政策也引起了学者的广泛关注,众多学者从不同的方面去解释创业板上市公司"高分配"现象。众所周知,股利政策作为上市企业的一项重要财务决策,一方面是投资者分享上市公司经营成果的重要路径,另一方面也是维护资本市场稳定与繁荣的重要工具。本文把风险投资和上市公司股利政策两个领域交叉联系起来,基于风险投资介入的视角,探讨风险投资介入及其特征对上市公司股利政策的影响机制。本文以创业板2013-2015年的上市公司为样本,总共涉及上市公司家数为492家,样本数为1251个,考察了风险投资的介入、风险投资持股比例、风险投资的持股性质、风险投资的投资方式及风险投资背景对股利分配意愿及股利分配水平的影响,得到的结论:(1)风险投资的介入与上市公司股利分配概率成负相关,表明股利分配并不是风险投资获得投资收益的最佳选择;(2)风险投资的持股比例与上市公司股利分配水平成负相关,即风险投资持股比例越高,股利分配水平就越低:(3)当风险投资持有的是非流通股时,更倾向于通过股利分配来获得投资收益;(4)风险投资的投资方式是否为联合投资不会对创业板上市公司的股利分配水平产生影响;(5)国有背景的风险投资倾向于政策性投资,对上市公司股利分配有更大的偏好。
[Abstract]:In 1980s, our government began to discuss the development of venture capital industry, and introduced many encouraging policies to encourage the development of domestic venture capital industry. The domestic venture capital industry has grown for more than 30 years, both in terms of the number of institutions and the amount of investment. The development of venture capital industry in China is very rapid. Chinese venture capital has played an important role in the construction of social market economy with Chinese characteristics, and has not only played an important role in promoting the development of high and new technology industries in our country. Moreover, it has become an important force in the development of the financial market today. Since the launch of the gem, on the one hand, the "high distribution" dividend policy of listed companies on the gem has been sought after by the majority of investors in the secondary market. Most of the "evil stocks" in the secondary market come from the gem "high distribution" listed companies. On the other hand, the dividend policy of the gem has aroused widespread concern among scholars. Many scholars explain the phenomenon of "high distribution" of listed companies in gem from different aspects. As is known to all, dividend policy is an important financial decision of listed enterprises, on the one hand, it is an important way for investors to share the operating results of listed companies. On the other hand, it is an important tool to maintain the stability and prosperity of capital market. This paper discusses the mechanism of venture capital intervention and its influence on the dividend policy of listed companies. This paper takes the listed companies in the gem 2013-2015 as a sample. The total number of listed companies involved is 492, the sample number is 1251, and the intervention of venture capital is examined. The influence of the proportion of venture capital stock, the nature of venture capital, the way of venture capital investment and the background of venture capital on the willingness of dividend distribution and the level of dividend distribution, Conclusion: (1) the involvement of venture capital is negatively correlated with the dividend distribution probability of listed companies. It shows that dividend allocation is not the best choice for venture capital to obtain investment income. (2) there is a negative correlation between the share ratio of venture capital and the level of dividend distribution of listed companies, that is, the higher the share ratio of venture capital is, The lower the dividend distribution level is, the lower the level of dividend distribution is, when the venture capital is holding non-tradable shares, Whether the investment mode of venture capital is that the joint investment will not affect the dividend distribution level of listed companies on the gem. (5) the venture capital with state-owned background tends to invest in policy. There is a greater preference for dividend distribution in listed companies.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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