风险投资机构参股对中小企业IPO抑价的影响研究

发布时间：2018-04-29 08:54

本文选题：风险投资 + IPO抑价　；参考：《合肥工业大学》2017年硕士论文

【摘要】：IPO是风险投资重要的退出渠道之一,风险投资参与企业管理,提供增值服务,并在企业成熟时退出实现收益。我国的风险投资起步较晚,风险投资退出机制的缺位是中国风险投资行业一个最大的风险因素。创业板的推出,为国内风险投资实现“本土投资、本土退出”提供了必要的制度环境。我国中小企业融资难问题突出,创业板市场不仅为高科技创新型中小企业提供了融资平台,而且也为我国风险投资的发展创造了条件。本文选择中国股市2014年1月至2015年6月之间中国创业板上市的企业为研究对象,在国内外学者基于信息不对称理论、行为金融学理论所提出的风险投资与IPO抑价关系的各种假说的基础上,结合我国2014年后新股发行政策的实际情况,对IPO抑价率在原定义的基础上进行延伸,以上市后30日、60日、90日的经创业板指数调整的抑价率平均值作为研究对象,实证探讨了我国创业板市场风险投资机构持股与IPO抑价的关系。本文的主要结论有:创业板市场上,风险投资持股的企业IPO抑价率显著低于无风险投资持股的企业,该结论支持认证假说;在风险投资特征变量中,辛迪加风投支持、风险投资机构持股家数通过了显著性检验且显著为负,说明风险投资在为企业带来资本的同时,还有利于企业的信息公开,降低IPO抑价;风投向被投资企业派驻的董事、监事人数通过了显著性检验且显著为正,表明许多企业股东担心失去对企业的控制权,风险投资所派驻的董事、监事往往都是名义上的而未真正地参与企业管理。
[Abstract]:IPO is one of the most important exit channels for venture capital. Venture capital participates in enterprise management, provides value-added services, and realizes profit when the enterprise is mature. China's venture capital starts late, and the absence of venture capital exit mechanism is the biggest risk factor in China's venture capital industry. The launch of gem provides the necessary institutional environment for domestic venture capital to realize "local investment, local exit". The problem of financing for small and medium-sized enterprises in China is prominent. The gem market not only provides a financing platform for high-tech innovative SMEs, but also creates conditions for the development of venture capital in China. In this paper, the enterprises listed on the gem of China between January 2014 and June 2015 are selected as the research objects, and scholars at home and abroad are based on the theory of information asymmetry. On the basis of various hypotheses of the relationship between venture capital and IPO underpricing put forward by behavioral finance theory, combined with the actual situation of China's new issue policy after 2014, the IPO underpricing rate is extended on the basis of the original definition. Taking the average value of underpricing adjusted by gem index on 30 days, 60 days and 90 days after listing as the research object, this paper empirically discusses the relationship between the shareholding of venture capital institutions and the underpricing of IPO in China's gem market. The main conclusions of this paper are as follows: in the gem market, the IPO underpricing rate of venture capital-holding enterprises is significantly lower than that of non-venture capital-holding enterprises, which supports the certification hypothesis. The number of venture capital institutions holding shares has passed the significance test and is significantly negative, which shows that venture capital not only brings capital to enterprises, but also helps enterprises to open information and reduce IPO underpricing. The number of supervisors has passed the significance test and is significantly positive, which indicates that many corporate shareholders are worried about losing their control over the enterprises, and the directors of venture capital are often nominal but not really involved in the management of the enterprises.
【学位授予单位】：合肥工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F832.39

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