上市公司参与大企业创业投资对股价影响的研究

发布时间：2019-06-25 19:29

【摘要】：大企业创业投资是指有明确主营业务的非金融企业在其内部或外部进行的创业投资活动。近年来,随着多层次资本市场的逐步建立和发展,作为创业投资的一种特殊形态,大企业创业投资(Corporate Venture Capital,CVC)也经历着快速的发展。然而,CVC活动近几年才获得国内学术界的重视,与之相关的研究不足。目前我国参与大企业创业投资的企业主要以上市公司为主,在目前的文献中,多数是理论研究,实证研究较少,还没有学者关注参与大企业创业投资的上市公司在二级市场的表现,而二级市场的运行情况是上市公司的质量、内在价值、经营状况的重要体现。因此,深入研究上市公司参与大企业创业投资对其股价的影响,对于我国大企业创业投资行业以及作为参与主体的上市公司的健康、快速发展具有重要的理论和现实意义。本文主要探讨上市公司参与大企业创业投资对其股价的影响,以及在此过程中影响股价的因素。本文首先对国内外相关文献进行了回顾及述评。接着对上市公司参与大企业创业投资的现状及问题进行了分析。然后运用事件研究法,研究上市公司参与大企业创业投资的临时公告信息披露对于上市公司平均超额收益率和累计超额收益率的影响情况。之后,建立多元回归方程,研究了影响累计超额收益的因素。最后,借鉴了国外大企业创业投资的相关经验,并从投资者、上市公司、政府、资本市场约束机制角度提出了可操作性的政策建议。通过理论分析和实证研究,本文得出以下几个结论：沪深两市上市公司参与大企业创业投资的程度相当：在地域差异上与创业投资发展状况相符；大部分上市公司发行规模较大；主营业务明确,多数属于非金融类、传统性行业；投资金额在1千万至5千万元等级,处于投资额中等水平。目前我国上市公司参与大企业创业投资时存在的问题,包括总量偏少、投资模式单一、财务收益为主导、注重短期收益、忽略未来成长性等。总体样本方面,大企业创业投资活动公告事件窗内能够获得显著为正的累计平均异常收益率,说明公告事件对于其股价产生了一定的波动性影响。分类样本方面,S1组(2009年3月31日之前)公告对股价影响的程度并不明显,而无论是从平均超额收益率、累计平均超额收益率还是t检验的情况来看,S2组(2009年3月31日之后)都表现出了明显的股价波动。在影响累计超额收益率的因素方面,股权集中度、每股收益的系数均为正显著,说明这些变量分别对公告后的股价产生正向作用,与预期相符。投资额占上市公司总资产的比重、上市公司在创业投资公司中所占股权的比例也如预期与股价呈现显著的正相关关系。市盈率的系数符号虽然与假设相同,但并不显著。
[Abstract]:Venture capital of large enterprises refers to the venture capital activities carried out by non-financial enterprises with clear main business. In recent years, with the gradual establishment and development of multi-level capital market, as a special form of venture capital, large enterprise venture capital (Corporate Venture Capital,CVC) is also experiencing rapid development. However, CVC activities have only been paid attention to by domestic academic circles in recent years, and the related research is insufficient. At present, the listed companies are mainly involved in the venture capital of large enterprises in our country. In the current literature, most of them are theoretical research, but the empirical research is less. No scholars have paid attention to the performance of the listed companies participating in the venture capital of large enterprises in the secondary market, and the operation of the secondary market is an important embodiment of the quality, intrinsic value and management status of the listed companies. Therefore, it is of great theoretical and practical significance to deeply study the influence of listed companies' participation in large enterprise venture capital on their stock prices, which is of great theoretical and practical significance for the healthy and rapid development of large enterprise venture capital industry and listed companies as the main body of participation in China. This paper mainly discusses the influence of listed companies' participation in venture capital on their stock prices, and the factors that affect the stock prices in this process. First of all, this paper reviews and reviews the relevant literature at home and abroad. Then it analyzes the present situation and problems of listed companies participating in venture capital of large enterprises. Then, using the event research method, this paper studies the influence of the temporary announcement information disclosure of listed companies participating in venture capital on the average excess return and cumulative excess return of listed companies. After that, the multiple regression equation is established to study the factors that affect the cumulative excess return. Finally, this paper draws lessons from the relevant experience of venture capital of large foreign enterprises, and puts forward some operable policy suggestions from the perspective of investors, listed companies, government and capital market restraint mechanism. Through theoretical analysis and empirical research, this paper draws the following conclusions: the degree of participation of listed companies in venture capital of large enterprises in Shanghai and Shenzhen stock markets is the same: the regional differences are consistent with the development of venture capital; most of the listed companies issue large scale; the main business is clear, most of them belong to non-financial and traditional industries; the amount of investment is between 10 million and 50 million yuan, which is in the middle level of investment. At present, there are some problems existing in the participation of listed companies in the venture capital of large enterprises, including the small total amount, the single investment mode, the financial income as the leading factor, the short-term income, the neglect of the future growth and so on. In terms of the overall sample, the cumulative average abnormal rate of return can be significantly positive in the window of the announcement event of venture capital activities of large enterprises, which indicates that the announcement event has a certain volatility impact on their stock prices. In terms of classified samples, the influence of S1 group (before March 31, 2009) on stock price was not obvious, but both in terms of average excess return, cumulative average excess return or t test, S2 group (after March 31, 2009) showed obvious stock price fluctuations. In terms of the factors affecting the cumulative excess return, the equity concentration degree and the coefficient of earnings per share are positively significant, indicating that these variables have a positive effect on the stock price after the announcement, which is consistent with expectations. The proportion of investment in the total assets of listed companies, and the proportion of equity held by listed companies in venture capital companies is also positively correlated with the stock price as expected. Although the coefficient symbol of P / E ratio is the same as the hypothesis, it is not significant.
【学位授予单位】：东华大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F276.6;F832.48;F224

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