PE背景对上市公司绩效影响研究

发布时间：2018-01-15 22:33

本文关键词：PE背景对上市公司绩效影响研究　出处：《华中科技大学》2013年硕士论文　论文类型：学位论文

【摘要】：私募股权投资近年来发展迅速，已经成为银行贷款、发行债券和公开发行股票外的第四大融资方式。由于起步较晚，国内私募股权市场发展不规范，私募股权机构质量良莠不齐，有关其对企业的影响的争议颇多。支持者认为，私募股权机构的“认证效应”和“监管效应”有利于增加企业价值。反对者认为，在不完善的资本市场下，私募股权市场存在严重的“逐名效应”以及“逆向选择”问题，不利于企业本身的发展。本文主要分析私募股权投资对于企业的影响，探寻其在我国当前资本市场环境下的经济意义。本文选取创业板2009-2012年355家上市公司数据为研究样本，借助EVIEWS统计分析软件进行实证研究。本文以IPO抑价率来衡量企业的市场绩效，以ROE衡量经营绩效。分别针对总样本与有PE支持的子样本进行分析，研究PE支持与PE特征对企业绩效的影响。研究发现，总体样本中PE支持会推高上市企业IPO抑价并降低企业ROE，主要是由于我国私募股权市场不成熟，，存在“逆向选择”和“逐名效应”问题。针对有PE支持的子样本的实证研究研究发现，PE持股比例越大、持股时间越长、声誉越好，企业的IPO抑价率越低，ROE越高，其中持股比例与时间对IPO抑价影响显著，而持股比例与声誉对ROE影响显著。本文认为，PE支持及其声誉有助于消除信息不对称，同时降低“逆向选择”和“逐名效应”，从而降低IPO抑价率，提升ROE。
[Abstract]:Private equity investment has developed rapidly in recent years, and has become the 4th major financing mode outside bank loans, bond issuance and public issuance. Due to the late start, the development of domestic private equity market is not standardized. The quality of private equity firms is mixed, and there is a lot of controversy about their impact on businesses. Supporters argue that the "certification effect" and "regulatory effect" of private equity firms are conducive to increasing corporate value. In the imperfect capital market, the private equity market has serious problems of "name by name" and "adverse selection", which is not conducive to the development of enterprises. This paper mainly analyzes the impact of private equity investment on enterprises. Explore its current capital market environment in China under the economic significance. This paper selects 355 listed companies in the gem 2009-2012 as the research sample. With the help of EVIEWS statistical analysis software for empirical research. This paper uses IPO underpricing rate to measure the market performance of enterprises. ROE is used to measure the performance of enterprises. Based on the analysis of the total sample and the sub-sample supported by PE, the influence of PE support and PE characteristics on the performance of the enterprise is studied. In the overall sample, PE support will push up the IPO underpricing of listed enterprises and reduce the ROEs, mainly due to the immature private equity market in China. There are the problems of "adverse selection" and "name by name effect". The empirical research on PE supported sub-samples shows that the larger the proportion of PE holdings, the longer the holding time, the better reputation. The lower the IPO underpricing rate, the higher the IPO underpricing rate, in which the proportion and time of holding shares have a significant impact on IPO underpricing, while the proportion of shares and reputation have a significant impact on ROE. Pe support and its reputation can help to eliminate information asymmetry and reduce "adverse selection" and "nomenclature effect", thus reducing IPO underpricing rate and increasing ROE.
【学位授予单位】：华中科技大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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