券商直接股权投资对上市公司IPO融资效率影响的实证研究

发布时间：2018-01-06 04:34

本文关键词：券商直接股权投资对上市公司IPO融资效率影响的实证研究　出处：《复旦大学》2013年硕士论文　论文类型：学位论文

【摘要】：2007年9月,券商直投业务正式破冰启航。随着2009年创业板的开办,直投业务发展迅猛,成为券商新的盈利点。截至2013年3月,涉及券商股权投资的项目共有103家,其中82家公司成功实现IPO。券商直投不断创新高的投资收益引人瞩目,但其不成熟的发展模式和潜在的利益冲突也引发了诸多质疑。国外研究表明,证券公司的股权投资一方面能有效改善公司业绩,提高IPO效率,存在正面的影响；同时由于存在利益冲突和券商作为有鉴证作用的第三方其独立性被削弱,也有可能降低IPO效率,给市场带来负面影响。研究探讨在中国这个新兴市场上券商股权投资的形成以及对IPO市场的影响对券商直投业务的发展和资本市场的建设有强烈的现实意义。本文通过研究中国股市2009年1月1日至2013年3月1日所有上市公司,统计了券商直投项目总共103家,经分析发现尽管证监会在2011年对直投业务出台了新的规定,但大部分“直投+保荐”业务模式的形成原因仍是担任拟上市保荐人的券商借用与被保荐公司的特殊关系,在其上市之前完成注资入股。由此产生的结果是,由券商全资直投子公司及券商控股投资公司进行投资的项目在IPO过程中比较容易形成直投与保荐承销打包模式,由券商非控股投资公司进行投资的项目则较少出现直投+保荐模式。同时,券商持股公司普遍存在入股时间短,持股比例低的现象,券商直投业务不具有形式上的独立性。本文实证部分主要从券商对投资标的筛选能力、上市公司的承销商声誉和IPO质量三个方面考察券商直投对上市公司和IPO融资效率的影响。实证结果表明成熟度较高、资产状况良好的公司更受到券商股权投资的青睐,券商对上市公司有一定的筛选鉴别能力；有券商直投背景的公司较没有直投背景的公司承销商声誉更好,整体IPO质量也优于无直投背景的上市公司,同时直投+保荐模式的IPO质量更高,说明了券商的直接股权投资在我国的资本市场上主要起了提高IPO融资效率的正面作用,也验证了认证效应的存在。
[Abstract]:On September 2007, the direct investment business of the securities company officially broke the ice and set sail. With the opening of the gem on 2009, the direct investment business developed rapidly and became the new profit point of the securities company. Until March 2013. Involving a total of 103 securities equity investment projects, 82 of which successfully achieved IPO.Direct Investment Securities companies record record investment returns. But its immature development model and potential conflict of interest also triggered a lot of doubts. Foreign studies show that, on the one hand, equity investment of securities companies can effectively improve the performance of the company, improve the efficiency of IPO, there is a positive impact; At the same time, because of the conflict of interest and the weakening of the independence of the securities firms as a third party, it is possible to reduce the efficiency of IPO. It is of great practical significance to study the formation of securities firms' equity investment and the influence on the IPO market on the development of direct investment business and the construction of capital market in the emerging market of China. . By studying all the listed companies in Chinese stock market from January 1st 2009 to March 1st 2013, this paper counts a total of 103 direct investment projects of securities firms. The analysis found that despite the Securities Regulatory Commission in 2011 on direct investment business introduced new regulations. However, the formation of most of the "direct investment sponsor" business model is still due to the special relationship between the listed sponsor and the sponsor company, and the capital injection is completed before its listing. The result is that. In the process of IPO, it is easy to form the direct investment and recommendation underwriting packaging mode for the projects invested by the wholly owned direct investment subsidiary and the securities holding investment company. The projects invested by the non-holding investment companies of securities firms are less likely to be sponsored by direct investment. At the same time, there is generally a phenomenon of short time to buy shares and low proportion of shares held by securities companies. Direct investment business securities companies do not have formal independence. The empirical part of this paper mainly from the securities firms to the selection of investment targets. The influence of direct investment of securities firms on the financing efficiency of listed companies and IPO is investigated from three aspects of underwriter reputation and IPO quality. The empirical results show that the maturity is high. The companies with good assets are favored by the equity investment of the securities companies, which have a certain ability to screen and identify the listed companies. Companies with direct investment background have better reputation than those without direct investment background, and the overall IPO quality is better than that of listed companies without direct investment background. At the same time, the IPO quality of direct investment recommendation mode is higher than that of listed companies without direct investment background. It shows that the direct equity investment of securities firms plays a positive role in improving the efficiency of IPO financing in the capital market of our country, and it also verifies the existence of certification effect.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F275

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