私募创投对创业板上市公司绩效和IPO影响的实证研究
发布时间：2019-01-16 08:19
【摘要】：私募创投和创业板都是我国多层次资本市场的重要组成部分。从创业板开板，至本文数据采集截止日2012年6月30日，共有332家企业在创业板上市，其中181家拥有私募创投背景，因此私募创投的影响是对创业板进行研究时一个不可忽略的因素。 本文通过均值T检验，Mann-Whitney U检验和逐步回归法研究了私募创投对于创业板上市公司绩效和IPO的影响。研究发现，创业板具有私募创投背景的企业在偿债能力方面弱于不具有私募创投背景的企业，在营运能力、盈利能力和发展能力方面均不显著强于不具有私募创投背景的企业。说明创业板具有私募创投背景的企业绩效相对较差，私募创投行业可能存在“逆向选择”的问题。同时，私募创投并没有显著加快企业的上市进程，本文认为这主要和国内的IPO发行体制和私募创投投资阶段偏晚期有关。此外，本文发现，私募创投在企业IPO时存在显著的认证作用，具有私募创投背景的企业相对而言，有更高的调整抑价率、更大的发行规模、更高的主承销商声誉、更高的PE和PB倍数，但是单位发行费用并没有更低。为了寻找影响企业IPO调整抑价度的主要指标，本文构建了包含10个变量的多元回归模型，，并使用逐步回归法进行了实证检验，发现上市公司是否具有私募创投背景、IPO首日的换手率、IPO前每股净资产、发行市净率以及网上中签率5个因子会显著影响创业板上市公司IPO的抑价度。
[Abstract]:Private equity and gem are important parts of our multi-level capital market. There are 332 enterprises listed on the gem, 181 of which have the background of private equity, from the gem open board to the date of data acquisition on June 30, 2012. So the influence of private equity is a factor that can not be ignored in the research of gem. This paper studies the effects of private equity on the performance and IPO of listed companies in gem by means of mean T test, Mann-Whitney U test and stepwise regression method. It is found that the firms with the background of private placement have less ability to repay debt than those without the background of private equity, and they are not significantly stronger in terms of operating ability, profitability and development ability than those with no background of private equity. It shows that the performance of the enterprises with the background of private venture capital is relatively poor, and the problem of "adverse selection" may exist in the private venture capital industry. At the same time, private equity has not significantly accelerated the process of listing, this paper believes that this is mainly related to the domestic IPO issuance system and the late stage of private equity investment. In addition, this paper finds that private equity firms have significant certification role in IPO, and those with private equity background have higher underpricing adjustment rate, larger issuance scale and higher reputation of lead underwriters. Higher PE and PB multiples, but no lower unit distribution fees. In order to find out the main indexes that influence the adjustment of IPO underpricing, this paper constructs a multivariate regression model with 10 variables, and uses the stepwise regression method to carry out an empirical test to find out whether the listed companies have private equity background or not. On the first day of IPO, five factors such as turnover rate, net assets per share before IPO, price-to-book issuance ratio and net success rate will significantly affect the underpricing degree of IPO of gem listed companies.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51;F224
[Abstract]:Private equity and gem are important parts of our multi-level capital market. There are 332 enterprises listed on the gem, 181 of which have the background of private equity, from the gem open board to the date of data acquisition on June 30, 2012. So the influence of private equity is a factor that can not be ignored in the research of gem. This paper studies the effects of private equity on the performance and IPO of listed companies in gem by means of mean T test, Mann-Whitney U test and stepwise regression method. It is found that the firms with the background of private placement have less ability to repay debt than those without the background of private equity, and they are not significantly stronger in terms of operating ability, profitability and development ability than those with no background of private equity. It shows that the performance of the enterprises with the background of private venture capital is relatively poor, and the problem of "adverse selection" may exist in the private venture capital industry. At the same time, private equity has not significantly accelerated the process of listing, this paper believes that this is mainly related to the domestic IPO issuance system and the late stage of private equity investment. In addition, this paper finds that private equity firms have significant certification role in IPO, and those with private equity background have higher underpricing adjustment rate, larger issuance scale and higher reputation of lead underwriters. Higher PE and PB multiples, but no lower unit distribution fees. In order to find out the main indexes that influence the adjustment of IPO underpricing, this paper constructs a multivariate regression model with 10 variables, and uses the stepwise regression method to carry out an empirical test to find out whether the listed companies have private equity background or not. On the first day of IPO, five factors such as turnover rate, net assets per share before IPO, price-to-book issuance ratio and net success rate will significantly affect the underpricing degree of IPO of gem listed companies.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51;F224
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