风投进入对企业资本结构影响的实证分析

发布时间：2018-07-03 03:21

本文选题：风险投资 + 最优资本结构　；参考：《江西财经大学》2013年硕士论文

【摘要】：风险投资在中国的发展起步较晚，从上世纪90年代末随着中国资本市场的发展才有了实质性的发展，因此国内对风险投资的研究也较晚。但随着越来越多的风险投资机构进入到企业的初创阶段，为创业企业提供更多的资金来源，为其发展壮大、成功上市发挥着重要作用，风险投资发展的重要性越来越被人们所认识到，关于风险投资的研究也成为学者们的研究热点。但伴随着IPO高抑价、VC、PE腐败的接踵而来，也引起了人们对风险投资机构能否为企业创造价值的质疑。基于此，本文研究风险投资的进入是否增加了企业价值。本文在大量阅读文献的基础之上，综合运用规范研究和实证研究，选取资本结构为视角，运用各种统计方法，借助SPSS等计量软件，先是利用因子分析法计算出企业价值综合得分，找到资本结构与企业价值的回归模型，确立基于企业价值最大化的的最优资本结构区间。然后比较分析有无风险投资机构进入的上市公司其资本结构相对于最优资本结构是否存在显著差异，，从而说明风险投资机构究竟是企业价值掠夺者还是企业价值创造者。并进一步比较研究风险投资是否联合投资对企业资本结构的影响程度是否存在显著差异。实证分析结果表明：(1)风险投资进入上市公司有利于其保持更加合理的资本结构水平，风险投资是增加了企业价值的。这是因为风险投资的进入一方面通过其监督作用约束被投资公司管理层的过度投资行为，另一方面也可以在被投资公司面临投资机会时提供及时融资，减少由信息不对称带来的融资成本过高而导致的投资不足。风险投资通过影响被投资公司的投融资行为从而优化公司资本结构，增加企业价值。(2)对于资本依赖性较强的批发与零售行业和农林牧渔行业，风投的联合投资相对于单一风投进入的上市公司对于优化资本结构的作用更明显；对于行业发展对资本以外的诸如科学技术、公共关系等因素依赖性较强的信息技术行业和传播与文化产业，风投的联合投资与否对资本结构的影响并不存在显著性差异。风险投资机构有时会通过联合投资的方式对项目进行投资组合,减少对单个投资项目风险的承担程度,使得风险投资公司在有限资源的条件下,参与更多的项目,从而达到分散投资风险的目的。联合投资一方面可以解决单个风险投资公司资金能力不足的问题，达到资源互补的优势,为被投资企业在管理咨询、营销网络及技术支持等方面提供更多资源。另一方面若是参与联合投资的多家投资公司过多的参与被投资企业的日常管理,则会由于组织间的摩擦导致工作效率低下,对被投资企业的发展反而不利。本文认为，多家风投机构的联合投资在解决上市公司的内部现金流短缺所带来的投资不足问题上具有更显著的效果。因此就如实证检验结果所表明的，对于资本依赖性较强的批发与零售行业和农林牧渔行业，风投的联合投资相对于单一风投进入的上市公司对于优化资本结构的作用更明显。而对于行业发展对资本以外的诸如科学技术、公共关系等因素依赖性较强的信息技术行业和传播与文化产业，风投的联合投资与否并不存在显著性差异。
[Abstract]:The development of venture capital in China started relatively late, since the end of the 90s of the last century, with the development of China's capital market, there is a substantial development. Therefore, the domestic research on venture capital is relatively late. But as more and more venture capital institutions enter the initial stage of the enterprise, it provides more capital sources for the venture enterprises. The importance of successful listing has played an important role, and the importance of venture capital development has become more and more recognized. The research on venture capital has also become a hot spot of research for scholars. However, with IPO high underpricing, VC and PE corruption ensuing, it also raises questions about whether risk investment institutions can create value for enterprises.
On the basis of this, this paper studies whether the entry of venture capital increases the value of the enterprise. On the basis of a large number of reading documents, this paper makes comprehensive use of normative research and empirical research, selects capital structure as the perspective, uses various statistical methods, with the help of SPSS and other measurement software, first to calculate the comprehensive score of enterprise value by means of profit and use factor analysis method, and find out the comprehensive score of the enterprise value. To the regression model of capital structure and enterprise value, we establish the optimal capital structure interval based on the maximization of enterprise value, and then compare and analyze the significant difference between the capital structure and the optimal capital structure of the listed companies with risk free investment institutions, which indicates that the venture capital institution is the value Plundering of the enterprise. Furthermore, we compare the impact of venture capital on the capital structure of enterprises.
The results of the empirical analysis show that: (1) the entry of venture capital into the listed company is conducive to maintaining a more reasonable level of capital structure, and the venture investment is increasing the value of the enterprise. This is because the entry of venture capital is on the one hand to restrain the overinvestment behavior of the management of the invested company through its supervisory role, on the other hand, it can also be invested. Investment companies are faced with investment opportunities to provide timely financing to reduce the lack of investment caused by excessive financing costs caused by asymmetric information. Venture investment can optimize the capital structure of the company by affecting the investment and financing behavior of the invested companies and increase the value of the enterprise. (2) for the strong capital dependent wholesale and retail industry and agriculture and forestry and animal husbandry The joint investment of the venture capital investment is more obvious than that of the listed companies which have entered by the single venture capital; for the industry development of the information technology industries, such as science and technology, public relations, and other factors other than the capital, the joint investment in the venture capital structure There is no significant difference in the impact of the risk investment institutions. The venture capital organizations sometimes invest in the project through joint investment, reducing the risk of individual investment projects, making the Vc firm participate in more projects under the limited resources, and achieve the goal of dispersing investment risk. On the other hand, if a number of investment companies participating in joint investment are involved in the daily management of the invested enterprises, it will be possible to provide more resources for the complementary resources of the Vc firm and to provide more resources for the invested enterprises in management consulting, marketing network and technical support. The friction between organizations leads to low efficiency and is unfavorable to the development of the invested enterprises. This paper holds that the joint investment of multiple investment institutions has a more significant effect on solving the shortage of internal cash flow in the listed companies. In the strong wholesale and retail industry and the agricultural and forestry industry, the joint venture capital investment has more obvious effect on the optimization of the capital structure than the single venture capital listed companies, and the information technology industry and the communication and cultural industry, which are more dependent on the factors such as science and technology, public relations, and other factors other than the capital. There is no significant difference in joint venture investment.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.48

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