风险投资参与下创业型企业的股权结构优化

发布时间：2018-03-07 09:46

本文选题：风险投资　切入点：创业型企业　出处：《财会月刊》2017年35期 　论文类型：期刊论文

【摘要】：以深交所创业板上市的356家创业型企业相关面板数据为研究对象,运用三方博弈模型、主成分分析以及概率投票模型,在考察风险投资参与情况下股权结构对企业价值影响的基础上,探讨企业以价值最大化为目标时股权结构的最优化问题。结果表明:股权集中度与企业价值呈倒U型关系;股权制衡度与企业价值正相关,风险投资的制衡力量使得控股股东的利益侵占效应被显著抑制,从而使企业价值得到提升;风险投资的控制度与企业价值正相关,其持股比例与企业价值呈倒U型关系;当第一大股东、前五大股东、风投股东的持股比例分别为30.6%、57.4%、24.8%时,企业价值达到最大。
[Abstract]:Taking the relevant panel data of 356 entrepreneurial enterprises listed on the gem of Shenzhen Stock Exchange as the research object, using the tripartite game model, principal component analysis and probabilistic voting model. On the basis of investigating the influence of equity structure on enterprise value under the condition of venture capital participation, this paper discusses the optimization problem of ownership structure when the enterprise takes value maximization as its goal. The result shows that the equity concentration degree is inversely U-shaped relationship with enterprise value; The degree of equity balance is positively related to the enterprise value, and the power of the balance of venture capital significantly restrains the profit encroachment effect of the controlling shareholder, which promotes the enterprise value, and the control degree of the venture capital is positively related to the enterprise value. When the first shareholder, the top five shareholders and the venture capital shareholder hold the stock ratio of 30.6%, 57.4% and 24.8% respectively, the value of the enterprise reaches the maximum.
【作者单位】：湖南大学工商管理学院;湖南大学金融与投资管理研究中心;
【基金】：国家自然科学基金项目“复杂金融网络动态演化行为与危机传染及控制研究”(项目编号:71373072);国家自然科学基金项目“基于时频分析的证券市场间风险溢出研究”(项目编号:71340014) 高等学校博士点专项科研基金项目“耦合实体经济的金融市场风险评估与协同监管研究”(项目编号:20130161110031)
【分类号】：F275;F279.2;F832.51

【相似文献】