本文選題：創(chuàng)業(yè)投資 + IPO抑價��； 參考：《華南理工大學(xué)》2013年碩士論文

【摘要】：IPO問題是公司財務(wù)的研究熱點(diǎn)之一，而IPO抑價又是IPO領(lǐng)域研究成果最為豐碩的一個研究方向。從20世紀(jì)70年代起，有關(guān)研究就IPO抑價的原因提出了許多理論假說。而創(chuàng)業(yè)投資通過權(quán)益投資的方式有效地將中小企業(yè)和資本市場銜接在一起，不僅為中小企業(yè)提供了新的融資渠道，而且還為創(chuàng)業(yè)企業(yè)提供一系列增值服務(wù)，幫助創(chuàng)業(yè)企業(yè)成長和上市融資。近年來，隨著資本市場的迅速發(fā)展，創(chuàng)業(yè)投資在中國已經(jīng)進(jìn)入一個全面復(fù)蘇和加速成長的時期，同時由于創(chuàng)業(yè)投資在IPO過程中扮演的特殊角色吸引了學(xué)術(shù)界的廣泛關(guān)注，很多學(xué)者開始對創(chuàng)業(yè)投資與IPO抑價的關(guān)系進(jìn)行研究。 國際學(xué)術(shù)界有關(guān)創(chuàng)業(yè)投資在IPO過程中的作用的研究，主要有兩種理論：一是認(rèn)證/監(jiān)督理論。該理論認(rèn)為，創(chuàng)業(yè)投資對公司的潛力具有認(rèn)證作用，可以控制公司IPO時的抑價現(xiàn)象，并監(jiān)督公司的成長過程；二是逆向選擇/逐名理論。該理論則認(rèn)為，選擇創(chuàng)業(yè)投資的公司并不是最佳的公司，而新興的創(chuàng)業(yè)投資機(jī)構(gòu)會過早地使公司實(shí)現(xiàn)IPO，從而錯誤傳遞公司的聲譽(yù)和績效信息。針對美國、歐洲等發(fā)達(dá)國家和地區(qū)成熟的證券市場進(jìn)行的實(shí)證研究多數(shù)支持認(rèn)證/監(jiān)督理論；然而，在亞洲尤其是中國這樣的新興資本市場，兩大理論學(xué)說都有可能成立。 本文的主要任務(wù)是，在借鑒現(xiàn)有學(xué)者提出的相關(guān)理論基礎(chǔ)上，立足于中國國情，以2006-2010年深圳中小企業(yè)板的上市公司為研究對象，采用理論與實(shí)證相結(jié)合并以實(shí)證分析為主的研究方法，探討創(chuàng)業(yè)投資對IPO抑價的影響：包括創(chuàng)業(yè)投資的參與是否降低了IPO抑價，以及創(chuàng)業(yè)投資的哪些特征因素會影響IPO抑價程度的高低。 本文首先回顧了國內(nèi)外相關(guān)理論，并從理論上分析創(chuàng)業(yè)投資在IPO過程中的作用，提出了3個研究假設(shè)；其次，將樣本按有無創(chuàng)業(yè)投資背景分為兩組，并采用描述性統(tǒng)計和均值差異檢驗(yàn)方法進(jìn)行均值差異比較，，檢驗(yàn)我國創(chuàng)業(yè)投資在IPO中的作用，并深入研究創(chuàng)業(yè)投資的不同特征，如創(chuàng)投機(jī)構(gòu)年限和創(chuàng)投機(jī)構(gòu)背景對IPO抑價程度的影響；最后，針對所得結(jié)論提出相應(yīng)的對策與建議。 本文的實(shí)證結(jié)果表明，創(chuàng)業(yè)投資的參與顯著提高了IPO抑價程度，并且成熟創(chuàng)投機(jī)構(gòu)所支持的公司IPO抑價程度會更高，外資背景創(chuàng)投機(jī)構(gòu)所支持的公司IPO抑價程度顯著低于民營背景和政府背景創(chuàng)投機(jī)構(gòu)所支持的公司抑價程度。
[Abstract]:The IPO problem is one of the hot topics in corporate finance, and IPO underpricing is one of the most fruitful research directions in the field of IPO. Since the 1970s, many theoretical hypotheses have been put forward on the causes of IPO underpricing. Venture capital effectively links small and medium-sized enterprises with the capital market by means of equity investment, which not only provides new financing channels for small and medium-sized enterprises, but also provides a series of value-added services for start-up enterprises. Help startups grow and go public for financing. In recent years, with the rapid development of capital market, venture capital has entered a period of comprehensive recovery and accelerated growth in China. At the same time, due to the special role of venture capital in the process of IPO, it has attracted wide attention in academic circles. Many scholars began to study the relationship between venture capital and IPO underpricing. There are two kinds of theories about the role of venture capital in IPO process in international academic circles: one is certification / supervision theory. The theory holds that venture capital has the function of certification to the potential of the company, it can control the underpricing phenomenon in the IPO of the company and supervise the growth process of the company, and the second is the theory of adverse selection / name by name. The theory holds that the company that chooses the venture capital is not the best company, and the new venture capital institution will make the company realize IPO prematurely, thus mistransmitting the company's reputation and performance information. Empirical studies on mature securities markets in developed countries and regions such as the United States and Europe support the certification / supervision theory. However, in emerging capital markets such as Asia, especially China, the two theories are likely to hold true. The main task of this paper is to take the listed companies of Shenzhen SME Board from 2006 to 2010 as the research objects, based on the national conditions of China and on the basis of the relevant theories put forward by the existing scholars. This paper discusses the influence of venture capital on IPO underpricing, including whether the participation of venture capital reduces the IPO underpricing. And which characteristics of venture capital will affect the level of IPO underpricing. This paper first reviews the relevant theories at home and abroad, and theoretically analyzes the role of venture capital in the IPO process, and puts forward three research hypotheses. Secondly, the samples are divided into two groups according to the background of venture capital. Using descriptive statistics and mean difference test method to compare the mean difference, to test the role of venture capital in IPO, and to deeply study the different characteristics of venture capital. For example, the influence of the number of years of venture capital institution and the background of venture capital institution on the degree of IPO underpricing; finally, the corresponding countermeasures and suggestions are put forward in view of the obtained conclusions. The empirical results show that the participation of venture capital can significantly increase the degree of IPO underpricing, and the degree of IPO underpricing of the companies supported by mature venture capital institutions will be higher. The degree of IPO underpricing supported by foreign venture capital institutions is significantly lower than that supported by private background and government background.
【學(xué)位授予單位】：華南理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F832.51

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