风险投资对上市公司现金股利影响的实证研究

发布时间：2018-04-09 01:03

本文选题：风险投资　切入点：股利政策　出处：《厦门大学》2014年硕士论文

【摘要】：我国风险投资最早萌芽于20世纪80年代初。2006年之后,随着我国多层次资本市场的发展,通过境内资本市场IPO退出的企业也越来越多,中国成为全球风险投资中心之一,几乎所有的风险投资都在中国设有分支机构。随着风险投资高速发展,风险投资的相关研究也已经成为学术研究的重要领域。然而,很少有学者去探讨研究风险投资对企业上市之后一些重大决策的影响。股利政策是上市公司一项重要的财务决策,也是理论研究的一个热点问题。公司的股利与留存收益此消彼长,且与公司的投融资情况密切相关。本文从上市公司投融资需求角度研究风险投资如何影响上市公司的股利政策。本文在理论分析和文献回顾的基础上,选取2006～2012年间深沪两市首次公开上市的A股公司作为研究对象,通过实证的方法检验风险投资对上市公司的投资过度和投资不足是否有影响进而影响到股利支付的情况,之后进一步研究风险投资的特征因素对股利政策的影响。通过实证分析得出,风险投资机构在公司上市之后仍然发挥监督作用,有风险投资背景的公司,现金股利与自由现金流之间的正相关关系较强：风险投资机构降低了信息不对称程度,改善了外部融资环境,缓解公司现金短缺的情况从而发放更多的股利,风险投资背景的公司,现金股利与内部现金缺口之间的相关关系较弱。不同特征的风险投资机构对股利政策的影响不同。具体说来,外资背景相比非外资背景、国有背景相比非国有背景更能影响风险投资机构发挥的监督和融资作用；风险投资的投资规模越大,投资期限越长,参与投资的风险投资家数越多,现金股利与自由现金流之间的正相关关系更强,现金股利与内部现金缺口之间的相关关系更弱。本文通过理论分析和实证检验的方法把股利政策和风险投资两个领域结合起来进行研究,这是一种新的探索和尝试。主要研究贡献如下：交叉视角丰富了风险投资与股利政策领域的文献。研究了风险投资特征如何影响上市公司的治理水平、融资水平,从而加深对风险投资作用的认识。
[Abstract]:China's venture capital originated in the early 1980s. After 2006, with the development of the multi-level capital market in China, more and more enterprises withdrew through the domestic capital market IPO. China has become one of the global venture capital centers.Almost all venture capital has branches in China.With the rapid development of venture capital, the related research of venture capital has become an important field of academic research.However, few scholars study the impact of venture capital on some important decisions after listing.Dividend policy is not only an important financial decision of listed companies, but also a hot issue in theoretical research.The company's dividend and retained earnings rise and fall, and the company's investment and financing situation is closely related.This paper studies how venture capital affects the dividend policy of listed companies from the point of view of investment and financing demand.On the basis of theoretical analysis and literature review, this paper selects A-share companies listed in Shenzhen and Shanghai stock markets in 2006 and 2012 as research objects.The empirical method is used to test whether the venture capital has an effect on the overinvestment and underinvestment of listed companies and then affect the dividend payment, and then further study the influence of the characteristic factors of venture capital on the dividend policy.Through empirical analysis, it is concluded that venture capital institutions still play a supervisory role after the listing of the company, and the companies with background of venture capital still play a supervisory role.The positive correlation between cash dividend and free cash flow is strong: venture capital organization reduces the degree of information asymmetry, improves the external financing environment, alleviates the cash shortage of the company and pays more dividends.The correlation between cash dividend and internal cash gap is weak for venture capital companies.Different characteristics of venture capital institutions have different impact on dividend policy.Specifically, compared with the non-foreign background, the state-owned background has more influence on the supervision and financing function of the venture capital institutions than the non-state-owned background; the larger the scale of the venture capital investment, the longer the investment period.The more venture capitalists participate in the investment, the stronger the positive correlation between cash dividend and free cash flow, and the weaker the correlation between cash dividend and internal cash gap.This paper studies dividend policy and venture capital by theoretical analysis and empirical test, which is a new exploration and attempt.The main contributions are as follows: the cross-perspective enriches the literature in the field of venture capital and dividend policy.This paper studies how the characteristics of venture capital affect the level of governance and financing of listed companies, so as to deepen the understanding of the role of venture capital.
【学位授予单位】：厦门大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275.1;F832.51;F276.6

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