风险投资对创业板上市公司融资效率的影响研究

发布时间：2018-04-11 16:59

本文选题：风险投资 + 创业板　；参考：《西华大学》2017年硕士论文

【摘要】：Megginson和Weiss(1991)研究表明风险投资存在于企业中是对企业后期价值增长能力的认可,认为风险投资的存在会加大市场上投资者对该企业成长能力的信心,有助于企业在资本市场上吸引投资者的投资,提高企业的筹资效率;Chemmanur(2011)认为风险投资参与到上市公司,利用其自身专业优势能够为所在企业提供合理分配资金、抵御市场风险及内部风险等优质服务,提高企业的资金配置效率。文章以2016年1月1日前在深圳创业板上市的494家上市公司为研究对象,通过构建多元线性回归模型分析风险投资对创业板上市公司融资效率的影响。论文从风险投资对创业板上市公司筹资效率和配置效率的影响综合分析风险投资对创业板上市公司融资效率的影响。首先,研究风险投资对创业板上市公司筹资效率的影响,通过对比创业板上市公司的抑价率和市盈率这两个指标,发现在上市公司IPO当日,有无风险投资背景的上市公司其抑价度指标和市盈率指标的平均数优于无风险投资背景的上市公司,风险投资的存在能够对参股企业起到认证作用。根据描述性统计结果和Megginson及Weiss提出的认证理论,论文提出相对于无风险投资背景的上市公司,风险投资存在于创业板上市公司会提高该公司的筹资效率的假设,文章通过建立多元线性回归模型检验该假设,利用变量方差因子检验方法检验得出变量之间共线性并不影响回归结果的结论,最终发现风险投资与创业板上市公司筹资效率之间的关系并不显著,风险投资存在于参股企业的认证作用并没有对市场上的投资资本形成导向作用,风险投资的存在并不能提高参股企业的筹资效率。其次,论文分析了风险投资的存在对创业板上市公司配置效率的影响。对比创业板上市公司的募集资金使用效率、主营业务收入增长率以及每股收益增长率后发现,有风险投资参股的创业板上市公司这三个指标的平均数在企业IPO当年和IPO后一年均高于无风险投资背景参股的上市公司。通过上述对比分析结果和Chemmanur的监督理论,提出风险投资对参股公司的资金配置效率具有监督管理作用的假设,文章通过建立多元线性回归模型检验该假设,发现风险投资的存在与创业板上市公司的资金配置效率在10%的检验水平上显著正相关,即存在风险投资背景的创业板上市公司,其资金配置效率较高,风险投资的存在对创业板上市公司资金配置起到监督管理作用。
[Abstract]:The Megginson and Weissi 1991) study shows that venture capital exists in the enterprise is the recognition of the ability to increase the value of the enterprise, the existence of venture capital will increase the confidence of investors in the market to the growth ability of the enterprise.It is helpful for enterprises to attract investors' investment in the capital market, and to improve the efficiency of raising funds. They believe that venture capital can participate in the listed companies and make use of their own professional advantages to provide reasonable allocation of funds for their enterprises.Resist market risks and internal risks and other quality services to improve the efficiency of corporate capital allocation.This paper takes 494 listed companies listed on the Shenzhen gem before January 1, 2016 as the research object, and analyzes the effect of venture capital on the financing efficiency of the listed companies by constructing a multivariate linear regression model.This paper comprehensively analyzes the influence of venture capital on the financing efficiency of gem listed companies from the impact of venture capital on the financing efficiency and allocation efficiency of gem listed companies.The average of underpricing index and price-earnings ratio index of listed companies with or without background of venture investment is better than that of listed companies with no background of venture investment.Based on the descriptive statistical results and the certification theory proposed by Megginson and Weiss, this paper proposes the hypothesis that venture capital exists in gem listed companies to improve their financing efficiency, compared with listed companies with no background of venture investment.In this paper, a multivariate linear regression model is established to test the hypothesis, and the method of variable-variance factor is used to test the hypothesis. It is concluded that the collinearity between variables does not affect the regression results.Finally, it is found that the relationship between venture capital and the financing efficiency of gem listed companies is not significant, and the certification role of venture capital exists in the equity enterprises and does not guide the formation of investment capital in the market.The existence of venture capital can not improve the financing efficiency of equity-participating enterprises.Secondly, the paper analyzes the impact of venture capital on the allocation efficiency of gem listed companies.After comparing the efficiency of raising funds, the growth rate of main business income and the growth rate of earnings per share of gem listed companies, we find that,The average of these three indexes is higher in the year of IPO and one year after IPO than that of the listed company with no background of venture investment.Based on the results of the above comparative analysis and Chemmanur's supervision theory, the hypothesis that venture capital has supervisory and managerial effect on the efficiency of the capital allocation of the participating companies is put forward, and the hypothesis is tested by establishing a multivariate linear regression model.It is found that the existence of venture capital has a significant positive correlation with the efficiency of capital allocation of gem listed companies at the test level of 10%, that is, the listed companies with venture capital background have higher efficiency of capital allocation.The existence of venture capital plays a supervisory and managerial role in the capital allocation of gem listed companies.
【学位授予单位】：西华大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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