创业投资机构声誉、IPO后减持套现与创业企业投资行为研究

发布时间：2018-06-10 13:02

本文选题：创业投资机构声誉 + 创业企业　；参考：《重庆大学》2013年硕士论文

【摘要】：我国创业板市场对于助推经济改革与产业结构调整、帮扶中小企业特别是为高成长性企业提供更为方便融资渠道，以及完善我国多层次资本市场体系、打造自主创新战略融资平台等方面发挥着重要促进作用；同时，越来越多创业板上市公司在IPO发行、融资与退出背后涌现出了创业投资机构身影——其在提供创业企业急需资金支持、制定战略决策与优化资本结构、推动创业企业规范化运作等方面意义重大。但是，由于创业板市场具备创业企业成功IPO后，创业投资机构只要禁售期满、便能“以当初极低成本换取短期巨额收益”的客观诱惑；加之近些年粗放型发展的创业投资行业自身鱼龙混杂，存在声誉状况不佳、“淘金心态”严重的创业投资机构大肆减持逐利行为。创业投资行业市场竞争状况激烈、垄断程度低，声誉作为创业投资机构宝贵的无形资产，能够整体反映创业投资机构资金规模大小、专业技能胜任与否、从业人员经验是否丰富，以及既往经营业绩优劣情况，其重要程度不言而喻；因此，有必要探究创业投资机构声誉高低是否与其所参与创业企业在IPO后减持套现有关，以及创业投资机构声誉高低是否对其所参与创业企业后续投资行为有影响。首先，论文基于理论与实证相结合分析思路、参考国内外文献研究综述、立足“创业投资机构在创业企业成功IPO后减持套现”现状，针对创业投资市场基本情况、创业投资机构与创业板市场关系、创业投资机构减持套现动因等方面进行分析；得出创业板市场“三高”现象严重、自身市场风险较大，部分创业企业股价虚高、缺乏良好业绩支持，多数低声誉创业投资机构奉行“短视投资”、热衷于疯狂减持套现等论断。其次，通过对创业投资机构特点与创业资金运作过程描述，分析创业投资机构声誉形成机制与作用原理，进一步挖掘其在创业企业成功IPO后减持套现可能原因；选取创业板市场3年内所有355家上市公司作为研究样本，从确定研究假设、定义变量设计、数据预处理、描述性统计分析、样本数据主成分分析、模型建立与回归分析等方面入手，探究“创业投资机构声誉”、“IPO后减持套现”与“创业企业后续投资行为”三者之间关系。对应最小二乘逐步回归实证分析结果表明：①创业投资机构IPO后减持套现与“三高”现象正相关；②创业投资机构IPO后减持套现与创业企业经营业绩负相关；③创业投资机构IPO后减持套现与其声誉高低负相关；④创业企业后续投资行为与创业投资机构声誉高低正相关；⑤创业企业后续投资行为与创业投资机构减持套现负相关。最后，论文基于现状阐述与实证分析结论，从完善创业投资机构声誉机制与规范创业投资机构行为两方面入手，提出健全创业投资机构声誉机制、规范创业投资行业标准与制度、强化对创业投资机构及创业板市场监督管控等措施；以期真正将创业板市场打造为广大中小企业有效融资渠道，促进整个创业板市场上包括创业企业、创业投资机构、以及广大中小投资者在内的参与方达到“共赢”效果。研究结论能够提供具有一定决策参考意义观点与认识，，有助于创业板市场监管者针对创业板市场制度性缺陷采取相应措施，推动相关法律法规修订完善进程。
[Abstract]:China's GEM market has played an important role in promoting economic reform and industrial restructuring, helping small and medium sized enterprises to provide more convenient financing channels for high growth enterprises, as well as improving China's multi-level capital market system and creating a strategic financing platform for independent innovation. At the same time, more and more entrepreneurial boards are on board. After the issuance of the city company in IPO, the venture capital institution has emerged behind the financing and withdrawal. It is of great significance in providing the urgent need for capital support, making strategic decisions and optimizing the capital structure and promoting the standardized operation of the enterprise. However, since the GEM market has successful IPO, the venture capital machine As long as the ban expires, it can "take the initial low cost for a large amount of short-term profits" objective temptation. In addition, in recent years, the extensive development of the venture capital industry itself is mixed, there is a poor reputation, "gold mindset" serious venture capital institutions wantonly to reduce profit behavior.
The competitive situation of the venture capital industry, the low degree of monopoly, the reputation as the precious intangible assets of the venture capital institution, can reflect the size of the fund, the competence of the professional skills, the rich experience of the employees, and the merits of the past, and therefore, it is self-evident. It is necessary to explore whether the reputation of the venture capital institution is related to the reduction of the holding of the venture after the IPO, and whether the reputation of the venture capital institution has an impact on the follow-up investment behavior of the enterprises involved in the venture.
First, the thesis is based on the theory and the empirical analysis, referring to the literature review at home and abroad, based on the status quo of "venture capital institutions in the success of the enterprise after the success of IPO", aiming at the basic situation of the venture capital market, the relationship between the venture capital organization and the GEM market, and the motivation of the reduction of the venture capital institution. The analysis shows that the "three high" phenomenon of the GEM market is serious, its market risk is large, the stock price of some enterprises is high, and it lacks good performance support. Most low reputation venture capital institutions follow the "short sight investment" and are keen on the crazy reduction of cash. Secondly, the operation process of the venture capital organization and the operation process of venture capital has been passed. This paper analyzes the mechanism and principle of the reputation formation of the venture capital institution, and further excavates the possible reasons for the reduction of the CP after the successful IPO of the venture, and selects all 355 listed companies in the GEM market for 3 years as the research sample, and defines the hypothesis, the data preprocessing, the descriptive statistics analysis, the sample data, and the sample data. Principal component analysis, model establishment and regression analysis, and so on, explore the relationship between "venture capital institution reputation", "IPO post reduction" and "venture enterprise follow-up investment behavior".
The results of the empirical analysis of the least square stepwise regression show that: (1) there is a positive correlation between the IPO reduction and the "three high" phenomenon of the venture capital institution; (2) the negative correlation between the IPO reduction and the operating performance of the venture capital institution and the business performance of the venture enterprise; (3) the negative correlation between the reduction and the sound reputation of the venture capital institution after IPO; (4) the follow-up of the venture enterprise Investment behavior is positively related to the reputation of venture capital institutions.
Finally, based on the present situation and the empirical analysis, starting from the two aspects of improving the reputation mechanism of venture capital institutions and regulating the behavior of the venture capital institutions, this paper proposes to improve the reputation mechanism of the venture capital institutions, standardize the standards and systems of the venture investment industry, and strengthen the supervision and control of the venture capital institutions and the GEM market, and so on. It will truly make the gem as an effective financing channel for small and medium sized enterprises, and promote the "win-win" effect in the whole gem market, including entrepreneurs, venture capital institutions, and the majority of small and medium investors. Field regulators take corresponding measures against the institutional defects of the growth enterprise market to promote the process of revision and improvement of relevant laws and regulations.
【学位授予单位】：重庆大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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