本文關鍵詞：風險投資對我國農(nóng)業(yè)企業(yè)IPO市場表現(xiàn)的影響研究　出處：《西北農(nóng)林科技大學》2017年碩士論文　論文類型：學位論文

  更多相關文章： 風險投資 農(nóng)業(yè)企業(yè) IPO上市 市場表現(xiàn)

【摘要】：隨著大力推進農(nóng)業(yè)現(xiàn)代化政策的落實,越來越多的農(nóng)業(yè)企業(yè)謀求創(chuàng)新,致力于做大做強,但缺乏資金成為其發(fā)展路上的絆腳石。而風險投資相對銀行貸款門檻更低,相對政府扶助資金量更大,為農(nóng)業(yè)企業(yè)提供了一條良好的融資渠道。農(nóng)業(yè)企業(yè)通過風險投資進行融資,風險投資機構則通過IPO完成投資退出。那么,風險投資對農(nóng)業(yè)企業(yè)IPO市場表現(xiàn)會產(chǎn)生怎樣的影響?本文從兩個層面進行了研究:一是風險投資的存在性問題,即有無風險投資參與的農(nóng)業(yè)企業(yè)IPO市場表現(xiàn)是否存在差異,風險投資是否發(fā)揮了“認證”、“監(jiān)督/篩選”效應,以此分析風險投資對農(nóng)業(yè)企業(yè)IPO市場表現(xiàn)是否產(chǎn)生積極的作用;二是風險投資異質(zhì)性對農(nóng)業(yè)企業(yè)IPO市場表現(xiàn)的差異性問題,即不同屬性特征的風險投資對農(nóng)業(yè)企業(yè)IPO時市場表現(xiàn)的影響程度和作用方向。本文以上交所和深交所上市的農(nóng)業(yè)企業(yè)為研究對象,篩選匹配成兩個樣本組,即有風險投資參與和無風險投資參與的農(nóng)業(yè)企業(yè)。關于風險投資的存在性問題,本文選取IPO抑價率、發(fā)行價格、發(fā)行規(guī)模、市盈率、籌資額、發(fā)行費用、超額認購倍數(shù)等7個指標來綜合衡量農(nóng)業(yè)企業(yè)IPO上市首日的市場表現(xiàn),同時選取凈資產(chǎn)收益率、總資產(chǎn)增長率、主營業(yè)務收入增長率、凈利潤增長率4個指標來衡量IPO后的市場表現(xiàn)。通過均值分析比較兩個樣本組的具體差異,再通過獨立樣本T檢驗進一步驗證差異是否顯著存在。關于風險投資的異質(zhì)性問題,選擇IPO抑價率為被解釋變量,設置多元回歸模型,對于非數(shù)值型變量設置虛擬變量。通過多元回歸分析,研究風險投資不同特征對于IPO抑價率的影響方向及程度。研究結論為:(1)有無風險投資參與的農(nóng)業(yè)企業(yè)在IPO上市首日的市場表現(xiàn),不存在顯著差別;(2)有風險投資參與的農(nóng)業(yè)企業(yè)在IPO時可以實現(xiàn)更大的發(fā)行規(guī)模和獲得更高的籌資額,部分證實了風險投資存在積極作用;(3)有無風險投資參與的農(nóng)業(yè)企業(yè)在IPO后的市場表現(xiàn)不存在顯著差別;(4)有風險投資參與的農(nóng)業(yè)企業(yè)長期弱勢表現(xiàn)更明顯;(5)風險投資持股比例對IPO抑價率有顯著的負影響,風險投資持股比例越高,IPO抑價率越低;(6)風險投資機構聲譽、風險投資機構個數(shù)、風險投資階段分別可以解釋假設但都不顯著。綜合結果,風險投資對我國農(nóng)業(yè)企業(yè)沒有充分發(fā)揮其積極作用,農(nóng)業(yè)企業(yè)可以適當調(diào)高風投持股比例以降低IPO抑價率。最后本文從導致“篩選監(jiān)督效應”、“認證效應”失靈以及其他原因三個方面對風險投資未充分發(fā)揮其積極作用的原因進行了深入分析,并結合原因提出對策建議。
[Abstract]:With the implementation of the policy of promoting agricultural modernization, more and more agricultural enterprises seek innovation and devote themselves to becoming bigger and stronger. But the lack of capital is a stumbling block on its path. Venture capital has a lower threshold for bank loans and more money than the government. Agricultural enterprises provide a good financing channel. Agricultural enterprises through venture capital to finance, venture capital institutions through IPO to complete the investment exit. How will venture capital affect the IPO market performance of agricultural enterprises? This article has carried on the research from two aspects: first, the existence question of the venture capital, namely whether there is the difference in the IPO market performance of the agricultural enterprise with or without the venture capital participation, whether the venture capital has played the "authentication". The "supervision / screening" effect is used to analyze whether the venture capital has a positive effect on the IPO market performance of agricultural enterprises. The other is the difference between the heterogeneity of venture capital and the IPO market performance of agricultural enterprises. That is, the impact of venture capital with different attributes on the market performance of agricultural enterprises when IPO. This paper takes the listed agricultural enterprises of Shanghai Stock Exchange and Shenzhen Stock Exchange as the research object, and selects and matches into two sample groups. About the existence of venture capital, this paper selects IPO underpricing rate, issuing price, issuing scale, price-earnings ratio, raising amount, issuing expenses. Oversubscription ratio and other seven indicators to comprehensively measure the market performance of agricultural enterprises on the first day of IPO listing, at the same time select the rate of return on net assets, the total asset growth rate, the growth rate of main business income. The net profit growth rate is used to measure the market performance after IPO. The difference between the two sample groups is compared by means analysis. Then through the independent sample T test to further verify the existence of significant differences. Regarding the heterogeneity of venture capital the IPO underpricing rate is selected as the explained variable and the multiple regression model is set up. For non-numerical variables set virtual variables. Through multiple regression analysis. To study the influence of different characteristics of venture capital on IPO underpricing. The conclusion is: 1) the market performance of agricultural enterprises with or without venture capital on the first day of IPO listing. There is no significant difference; (2) Agricultural enterprises with venture capital participation can achieve larger issuance scale and higher amount of capital raising in IPO, which partly proves the positive role of venture capital; 3) there is no significant difference in market performance of agricultural enterprises with or without venture capital after IPO. 4) the long-term weakness of agricultural enterprises with venture capital is more obvious; (5) the proportion of venture capital shares has a significant negative impact on the IPO underpricing rate, the higher the ratio of venture capital holdings, the lower the IPO underpricing rate; (6) the reputation of venture capital institutions, the number of venture capital institutions, and the stages of venture capital can be explained respectively, but all of them are not significant. The comprehensive results show that venture capital does not play a positive role in agricultural enterprises of our country. Agricultural enterprises can appropriately increase the proportion of venture capital holding to reduce the IPO underpricing rate. Finally, this paper leads to the "screening and supervision effect". In this paper, the reasons for the failure of "certification effect" and other reasons are deeply analyzed, and the countermeasures and suggestions are put forward in the light of the reasons for the failure of "certification effect" and other reasons.
【學位授予單位】：西北農(nóng)林科技大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.51;F324

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