创业投资对创业板企业IPO抑价影响的实证研究

发布时间：2018-05-06 19:49

本文选题：IPO抑价 + 创业投资支持　；参考：《东华大学》2014年硕士论文

【摘要】：自2009年10月创业板推出以来,越来越多的上市企业背后出现了创业投资的身影,而IPO抑价也是学术界一直热议的焦点,因此IPO抑价与创业投资之问的关系备受关注。而本文正是在此背景下,立足于深圳创业板的实际情况,研究创业投资对IPO抑价的影响,以期能为提高我国IPO市场效率、促进创业投资行业健康成长、实现创业板市场的持续发展提供一点参考意见。本文以2009年10月创业板开板至2013年7月为时间段,选取在创业板上市的356家企业为样本进行研究：首先对创业投资在创业板中的整体投资情况进行研究,具体从机构特征、投资额特征、投资年限特征、投资行业特征和持股比例特征5个方面入手,再总结归纳创业投资存在的问题;结合创业投资的表现分析和理论分析,本文接着构建了多元线性回归模型研究创业投资支持与IPO抑价之间的关系,验证在中国创业板市场上创业投资是否存在着认证作用；然后以209家有创业投资支持的上市企业为样本,研究创业投资机构声誉、持股比例总和、投资至上市年限这三三个创业投资特征是否会影响IPO的抑价；最后本文在前述研究的基础上,根据目前创业投资行业在创业板的现状及存在的问题,提出一些具体的建议。通过理论分析和实证研究,本文得出以下结论：(1)创投支持企业与非创投支持企业的IPO抑价率之间不存在显着差异,也即创业投资支持与否对IPO抑价没有显着影响,因此西方成熟资本市场得出的“认证理论”并不适用于创业板市场；(2)在对创业投资特征问题的研究上,实证结果证明创业投资机构的声誉也对IPO抑价率没有显着影响,但创业投资机构的投资至上市年限与IPO抑价率显着正相关,创业投资机构的持股比例和IPO抑价率显着负相关。研究结果表明,虽然创业投资为创业板的发展做出了巨大的贡献,但是其也存在一些问题,不容小觑。第一,VC投资PE化趋势明显,扰乱创投生态圈发展；第二,券商直投存在着大量的利益输送空间,屡禁不止：第三,PE投资同质化严重,对整个行业产生巨大的负面影响。最后本文从创业投资机构、创业企业、投资者和政府机构四个角度出发就如何降低创业板中企业的IPO抑价程度,提出几点相关建议。
[Abstract]:Since the launch of the gem in October 2009, more and more listed enterprises have appeared the figure of venture capital, and the IPO underpricing has been the focus of hot discussion in academic circles, so the relationship between IPO underpricing and venture capital has been concerned. Under this background, based on the actual situation of Shenzhen gem, this paper studies the influence of venture capital on IPO underpricing in order to improve the efficiency of IPO market and promote the healthy growth of venture capital industry. To achieve the sustainable development of the gem market to provide a little reference. In this paper, from October 2009 to July 2013, 356 enterprises listed on the gem are selected as a sample: firstly, the overall investment of venture capital in the gem is studied. Starting with the characteristics of investment, investment years, investment industry and shareholding ratio, the paper summarizes the problems existing in venture capital, and analyzes the performance and theory of venture capital. This paper then constructs a multivariate linear regression model to study the relationship between venture capital support and IPO underpricing to verify whether venture capital has a certification role in China's gem market. Then take 209 listed enterprises supported by venture capital as a sample to study whether the three characteristics of venture capital such as the reputation of venture capital institution, the sum of shareholding ratio and the investment to the listed years will affect the underpricing of IPO. Finally, on the basis of the above research, according to the current situation and existing problems of venture capital industry in gem, some specific suggestions are put forward. Through theoretical analysis and empirical research this paper draws the following conclusion: 1) there is no significant difference between the IPO underpricing rate of venture capital supporting enterprises and non-venture capital supporting enterprises. That is to say whether venture capital support or not has no significant influence on IPO underpricing. Therefore the "certification theory" obtained by the western mature capital markets is not applicable to the gem market. The empirical results show that the reputation of venture capital institutions has no significant effect on the IPO underpricing rate. But there is a significant positive correlation between the investment of venture capital institutions and the IPO underpricing rate. The proportion of venture capital institutions holding shares is negatively correlated with the IPO underpricing rate. The results show that although venture capital has made a great contribution to the development of gem, there are still some problems which can not be underestimated. The first VC investment PE trend is obvious, disrupts the venture capital ecosystem development; second, the securities firm direct investment has the massive benefit transportation space, repeatedly prohibits: third, the PE investment homogenization is serious, has the huge negative influence to the entire industry. Finally, from the four angles of venture capital institution, venture enterprise, investor and government agency, this paper puts forward some relevant suggestions on how to reduce the IPO underpricing degree of enterprises in gem.
【学位授予单位】：东华大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F272

【参考文献】