风险投资对创业板企业IPO抑价的影响

发布时间：2018-04-19 23:34

本文选题：风险投资 + IPO抑价　；参考：《西南财经大学》2013年硕士论文

【摘要】：科技创新是一个国家长期可持续发展的动力,是一国经济新的增长点,而风险投资机构对富有前景的科技创新活动的支持对我国经济的持续增长和建立创新型国家的战略具有极为重要的意义。然而在我国创业板未建立之前,风险投资机构在国内资本市场中并没有一个良好的退出渠道以供其实现退出,这也导致大量的风险投资机构参与的企业到海外上市。但随着我国创业板的推出,越来越多的风险投资机构参与的企业在创业板实现了退出。创业板的建立一方面缓解了我国中小企业特别是创新企业融资难的困境,另一方面也能为我国风险投资机构的退出提供了一个良好的渠道。然而创业板建立三年来,其首日的IPO抑价率一直居高不下,据国泰安数据库的数据显示,截止2012年12月31日在创业板上市的355家企业,其上市首日的平均涨幅为34.41%,高于同期的主板市场的23.70%和中小板市场的27.67%,风险投资机构作为创业板重要的参与力量,因而研究风险投资机构对创业板企业IPO抑价的影响自然成为当下的热点问题。本论文正是在这种背景下产生的,重点研究风险投资对创业板IPO抑价的影响。本论文总共分为四个部分：第一部分主要为第一章和第二章的内容,第一章为绪论,首先介绍了本文的研究背景、目的、研究意义、研究方法及内容安排,第二章则介绍了我国风险投资的发展现状,通过介绍风险投资的相关概念、创业板的发展情况及我国风险投资在创业板中的发展指出目前风险投资可能对创业板在IPO时抑价产生影响,为下文研究相关理论提供铺垫。第二部分为本论文的第三章到第四章的内容,主要评述了风险投资对企业IPO抑价的相关理论,及本文在此理论基础上所做的实证研究。其中第三章为风险投资对企业IPO抑价的相关理论评述,主要介绍了关于IPO抑价和风险投资对企业IPO抑价的相关理论,在此基础上重点介绍了国外风险投资对企业IPO抑价的两种理论,并归纳总结了国外学者提出的相关可供检验的假说,同时也对国内学者的相关研究成果进行简单评述,为下文的实证研究提供依据。第四章则在第三章的理论基础上以创业板截止2012年12月31日上市的355家企业作为研究样本,运用描述性统计、差异分析和多元回归分析等实证方法,分类考察了风险投资机构的参与对企业的IPO抑价产生何种影响,具体分类如下：(1)按照企业是否有风险投资机构的参与进行分类。(2)按照风险投资机构的声誉不同来进行分类。(3)按照风险投资机构的背景不同来进行分类。(4)对风险投资机构中的一类子样本券商背景的风险投资机构与非券商背景风险投资机构进行分类。第三部分为本论文的第五章,该部分主要是对第四章的相关研究结果进行总结并做相关分析,指出目前我国风险投资机构及创业板可能存在的问题,及本文在研究上的不足,在此基础上给出今后关于我国风险投资和创业板的相关研究展望。本文的创新之处在于(1)选题,风险投资在中国作为一个不断发展壮大的行业,目前关于风险投资的研究是众多学者关注的热点。与此同时,创业板建立三年来,抑价率居高不下,而风险投资作为创业板中的主要参与力量,研究风险投资对创业板企业IPO抑价的影响对于创业板今后的发展以及风险投资机构自身的发展都具有极为重要的意义。(2)研究角度,国内关于风险投资对企业IPO抑价的影响的研究大多集中在有无风险投资机构参与的区分上,本文在此基础上将风险投资机构按照不同的声誉,不同的背景以及风险投资机构中的一类特殊样本券商背景风险投资机构进行分类研究,进一步探究风险投资存在何种效应。本文在进行相关实证分析后,最终结果显示：在我国的创业板市场中,风险投资机构的参与对企业的IPO抑价会产生一定程度的负面影响,即可能存在逐名效应,但对风险投资机构按照声誉的不同进行区分后,得出的结果却显示声誉高的风险投资机构与声誉低的风险投资机构对企业的IPO抑价的影响并无明显的差异,这一结论与逐名效应的相关理论不相符合,出现这种情况的原因可能在于：我国的风险投资机构大多从业时间较短,一些声誉较高的风险投资机构,如深圳创新投、中科招商、九鼎投资等,其从业时间也仅仅为10年,这就可能会导致了我国风险投资机构的集体不成熟,在创业板未建立之前,大量风险投资机构并没有一个良好的退出渠道来实现退出,其投资活动也较为平稳,但创业板建立后风险投资退出获得的高额回报,以及在整个中国风险投资市场的不断扩张的刺激下,使得越来越多的风险投资机构希望能扩大其自身的投资规模,以期能够通过投资项目在创业板的成功退出来获得高额回报,而通过在创业板的成功退出又可以提高自身的声誉,自己又能获得更多的资金来扩大投资规模,在这样一个循环往复的过程中风险投资机构便可以持续发展壮大,这就使得许多风险投资机构愿意以IPO抑价为代价来实现对企业的退出。通过外资和民营风险投资机构对企业IPO抑价的影响也能印证这一点,外资背景的风险投资机构其投资策略平稳,投资行为较为成熟,声誉也较高,其与民营背景的风险投资机构相比确实有较低的企业IPO抑价,说明我国的风险投资机构总体而言存在一定程度的逐名效应。结合我国资本市场的实际情况来看,风险投资机构对企业IPO抑价产生负面效应的原因可能不仅只包括风险投资机构可能存在的逐名效应,可能还包括在我国IPO审核制下的风险投资机构与拟上市企业之间的合谋行为。具体来看,企业希望通过在创业板的成功上市获取大量的资金,然而在我国IPO审核制度下,企业上市的供给远远小于需求,企业上市极为困难,这就导致许多企业为了获得上市资格,会寻求一些风险投资的帮助以使其能较为顺利的通过审查,这类风险投资机构中有些具有券商的背景或与大型券商保持良好的关系,有些具有政府背景,他们大多能够为企业获得上市资格提供帮助,因此企业有极强的动机来寻求风险投资机构的参与。根据对创业板206家有风险投资机构参与的企业的统计数据显示,有超过50%以上的风险投资机构是在企业IPO的前两年才进入企业的,这便在很大程度上证明企业引入风险投资机构大多并不是为了融资的需要,而是希望借助风险投资机构的帮助能使得其尽快的实现上市。风险投资机构在企业拟上市的前期进驻企业并不能对企业起到任何的认证作用,也难以体现其监督作用,反而向市场传递出该企业可能存在各种问题,其质量并非最优秀。优秀的企业由于其自身财务状况,盈利能力等较为优秀,其往往并不需要引入风险投资机构就能顺利的实现上市,反而质量一般的企业由于自身存在较多问题更倾向在在拟上市前选择引入风险投资机构,以寻求风险投资机构的帮助来达到顺利上市的目的,因此市场上存在着优质的企业不愿意引入风险投资,而质量相对一般的企业则倾向于风险投资,这就出现了“逆向选择”,使得风险投资机构参与的企业其质量往往并非是最好的,其IPO风险也可能要高于没有风险投资机构参与的企业,因此,企业可能会选择较低的发行价格来降低其IPO风险,实现企业的成功上市,这就导致了IPO的抑价程度较高。本文在考虑我国风险投资行业和创业板市场的发展状况基础上,对未来的研究方向提出了展望：主要包括对风险投资机构与股票公开市场定价效率的关系,创业板风险投资机构参与的企业的IPO长期经营业绩进行考察和因素分析以及IPO锁定期结束后风险投资机构减持情况及其市场效应进行研究。
[Abstract]:Scientific and technological innovation is the motive force of a country's long-term sustainable development and a new growth point of a country's economy, and the support of venture capital institutions to the promising scientific and technological innovation activities is of great significance to the sustained economic growth of our country and the strategy of establishing an innovative country. There is not a good exit channel in the domestic capital market for its withdrawal, which also leads to a large number of venture capital organizations participating in overseas listing. However, with the introduction of China's gem, more and more venture capital organizations participate in the gem. The establishment of the gem is slow. On the other hand, it can provide a good channel for the withdrawal of China's venture capital institutions. However, the first day of the three year, the IPO underpricing rate has remained high. According to data from the Tai'an database of the country, it was on the gem by December 31, 2012. The average increase of the first day of the 355 enterprises in the city is 34.41%, which is higher than the 23.70% of the main board market in the same period and 27.67% of the small and medium-sized board market. The venture capital institution is the important participation force of the gem, so it is the hot issue to study the impact of venture capital institutions on the IPO underpricing of the gem enterprises. The impact of venture capital on IPO underpricing in gem is studied in this context. This paper is divided into four parts:
The first part is the content of the first chapter and the second chapter. The first chapter is the introduction. First, it introduces the research background, purpose, research significance, research methods and content arrangement. The second chapter introduces the development status of venture capital in China. It introduces the concept of risk investment, the development of the gem and the venture capital in China. The development of gem indicates that venture capital may affect the underpricing of gem at IPO, providing a foreshadowing for the following study of relevant theories.
The second part is the content of the third chapter to the fourth chapter of this paper. It mainly reviews the related theories of venture capital to enterprise IPO underpricing, and the empirical study on the basis of this theory. The third chapter is the related theory of venture investment to enterprise IPO underpricing. It mainly introduces the IPO underpricing and venture investment to enterprise IPO On the basis of the related theories of underpricing, this paper focuses on two theories of foreign venture investment on enterprise IPO underpricing, and sums up the hypothesis proposed by foreign scholars, and gives a brief review of the relevant research results of domestic scholars, and provides the basis for the following empirical research. The fourth chapter is in the third chapter. On the basis of the theory, 355 enterprises listed on the gem as cut-off in December 31, 2012 are used as research samples. Using descriptive statistics, difference analysis and multiple regression analysis, the impact of venture capital organizations' participation on the IPO underpricing of enterprises is classified as follows: (1) according to whether the enterprise has risk investment. Classification of the participation of the institutions. (2) classification according to the different reputations of venture capital institutions. (3) classification according to the different background of venture capital institutions. (4) a category of venture investment institutions with subsample brokers in venture capital institutions and non brokerage background risk investment institutions are classified.
The third part is the fifth chapter of this paper. This part mainly summarizes and analyses the related research results of the fourth chapters, and points out the possible problems of the venture capital institutions and gem in our country, and the deficiencies in this paper. On this basis, the related research on venture capital and gem in China is given. Outlook.
The innovation of this paper lies in (1) topic selection, venture investment is a growing industry in China. At present, the research on venture capital is the focus of attention of many scholars. At the same time, the rate of underpricing is high in the three year of the establishment of the gem, and venture investment is the main participation force in the gem. The impact of IPO underpricing on the gem is of great significance for the future development of the gem and the development of venture capital institutions. (2) research on the impact of venture capital on IPO underpricing in China is mostly focused on the participation of venture capital organizations, and this article will be based on the risk. In accordance with the different reputations, different backgrounds and the special samples of the venture capital institutions, the investment institutions are classified and studied to further explore the effects of venture capital.
After the empirical analysis, the final results show that in China's GEM market, the participation of venture capital institutions will have a certain degree of negative impact on the IPO underpricing of the enterprise, which can have a name by name effect, but the results show a high reputation after the differentiation of the risk investment institutions according to the different reputation. There is no obvious difference in the influence of venture capital institutions and low reputation risk investment institutions on the IPO underpricing of enterprises. This conclusion is not consistent with the related theory of the name by name effect. The reasons for this situation may lie in that most of the venture capital institutions in China have shorter employment time and some reputable venture capital institutions, such as deep investment institutions. Innovation investment, China investment investment, Jiuding investment and so on, its employment time is only 10 years, which may lead to the collective immaturity of China's venture capital institutions. Before the establishment of the gem, a large number of venture capital institutions do not have a good exit channel to return, and their investment activities are relatively stable, but after the establishment of the gem, the venture board has been established. As a result of the high return on venture capital and the expansion of the whole China venture capital market, more and more venture capital institutions hope to expand their own investment scale in order to achieve high returns in the successful exit of the gem by investment projects, and through the success of the GEM board. It can improve its reputation and gain more funds to expand the scale of investment. In such a process, venture capital institutions can continue to grow and grow, which makes many venture capital institutions willing to withdraw from the enterprises at the cost of IPO underpricing. The influence of the organization on the IPO underpricing can also be confirmed. The investment strategy of the venture capital institution with the background of foreign capital is stable, the investment behavior is more mature and the reputation is higher. Compared with the private venture capital institution, it does have a lower IPO underpricing, which indicates that the venture capital institutions in our country have a certain degree of competition in general. Effect.
According to the actual situation of China's capital market, the reasons for the negative effects of venture capital institutions on the IPO underpricing may not only include only the potential effect of the venture capital institutions, but also the collusion between the venture capital institutions and the listed enterprises under the IPO audit system in China. It is expected that a large amount of funds will be obtained through the successful listing of the gem. However, under the IPO audit system in China, the supply of the listed companies is far less than the demand, and it is very difficult for the enterprises to go on the market. Some of the institutions have a background or a good relationship with a large broker. Some of them have a government background. Most of them can help the enterprise to obtain the qualification of the market. Therefore, the enterprise has a strong motivation to seek the participation of venture capital institutions. According to the statistics of 206 venture capital firms involved in the gem. The data show that more than 50% venture capital institutions have entered the enterprise only in the first two years of the enterprise IPO. To a great extent, it has been proved that most of the venture investment institutions are not for financing needs, but they hope to make it possible for them to come into the market as soon as possible with the help of venture capital institutions. The pre listed companies to be listed on the market do not have any certification role on the enterprise, and it is difficult to embody their supervision. On the contrary, there may be various problems that may exist in the market. The quality of the enterprises is not the best. The outstanding enterprises are more outstanding because of their own financial situation and profit ability, which often does not require the introduction of risk. On the contrary, the enterprises with general quality are more inclined to introduce venture capital institutions in order to seek the help of venture capital institutions to achieve the goal of smooth listing. Therefore, the quality enterprises are not willing to introduce risk investment, and the quality of the market is not willing to introduce risk investment. Relatively general enterprises tend to venture capital, which leads to the emergence of "adverse selection", which makes the quality of enterprises involved by venture capital organizations are often not the best, and their IPO risks may be higher than those without the participation of venture capital institutions. Therefore, enterprises may choose lower issuing prices to reduce their IPO risks. The successful listing of enterprises now leads to a higher degree of underpricing for IPO.
On the basis of the development of China's venture capital industry and the GEM market, this paper looks forward to the future research direction: mainly including the relationship between venture capital institutions and the stock open market pricing efficiency, the IPO long-term operating performance of enterprises participating in venture capital investment institutions and the analysis of factors. After the end of IPO, the reduction of venture capital institutions and its market effect are studied.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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