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  本文關鍵詞：風險投資與我國創(chuàng)業(yè)板IPO首日收益研究　出處：《河南大學》2014年碩士論文　論文類型：學位論文

  更多相關文章： 風險投資 IPO 首日收益 創(chuàng)業(yè)板

【摘要】：截止到2012年10月，共有355家公司在我國創(chuàng)業(yè)板上市，其中有風險投資參與的公司超過250家，由此顯示出風險投資與我國創(chuàng)業(yè)板公司關系密切。本文主要研究風險投資對我國創(chuàng)業(yè)板公司IPO首日收益的影響。以前學者有關風險投資對IPO首日收益影響的研究大都基于信息不對稱理論，從單個時點、單個角度對風險投資對IPO首日收益影響進行研究，很少有學者全面從風險投資的內(nèi)在特征差異對IPO首日收益影響進行研究，尤其是對我國年輕的創(chuàng)業(yè)板市場。由此本文根據(jù)前人的研究成果以及我國創(chuàng)業(yè)板的實際情況，結(jié)合IPO溢價理論和聲譽效應理論，綜合分析風險投資對我國創(chuàng)業(yè)板公司IPO首日收益的影響，從風險投資是否參與、風險投資持股比例高低、風險投資所有權屬性差異、聯(lián)合投資與非聯(lián)合投資四個方面來分析風險投資對我國創(chuàng)業(yè)板公司IPO首日收益的影響。 本文選取2012年10月以前在我國創(chuàng)業(yè)板上市的所有公司，剔除一些ST和財務數(shù)據(jù)不全以及風險投資目的不明確的公司，最終涉及到304家樣本公司。分別從風險投資是否參與、風險企業(yè)前十大股東中風險投資持有股權的總比例高低、風險企業(yè)前十大股東中風險投資的所有權屬性差異以及聯(lián)合投資與非聯(lián)合投資四個方面對我國創(chuàng)業(yè)板公司IPO首日收益的影響進行研究。實證結(jié)果顯示，風險投資的參與會影響到我國創(chuàng)業(yè)板公司IPO首日收益，即相比較于無風險投資參與的公司，有風險投資參與的公司IPO首日收益較高；風險投資持有股權比例與我國創(chuàng)業(yè)板公司IPO首日收益表現(xiàn)出顯著的正相關性，即風險投資持股比例越高，IPO首日收益越高；風險投資所有權屬性的差異會影響到我國創(chuàng)業(yè)板公司IPO首日收益，通過理論分析，本文以政府所有權屬性的風險投資參與的公司為基準，結(jié)果顯示，相比較于政府所有權屬性的風險投資參與的公司，民營所有權屬性的風險投資參與的公司IPO首日收益較高，，外資所有權屬性的風險投資參與的公司IPO首日收益較低，即對風險投資屬性差異對我國創(chuàng)業(yè)板公司IPO首日收益的影響，民營的最強，政府的其次，外資的最弱；是否為聯(lián)合投資對我國創(chuàng)業(yè)板公司IPO首日收益沒有顯著影響。最后對結(jié)果進行內(nèi)生性問題及其他穩(wěn)健性檢驗，驗證實證結(jié)果。 本文的研究在理論上為聲譽效應理論和IPO溢價理論提供了實證基礎，也為投資者更加全面的了解風險投資對我國創(chuàng)業(yè)板公司IPO首日收益提供了實際的數(shù)據(jù)分析，更為我國中小企業(yè)在選擇風險投資時提供重要基礎，對促進我國風險投資以及創(chuàng)業(yè)板市場的健康發(fā)展有重要意義。
[Abstract]:As of October 2012, there are 355 companies listed on the gem, among which more than 250 companies are involved in venture capital. This paper mainly studies the influence of venture capital on the first day income of IPO in China. The previous scholars concerned about the influence of venture capital on the first day income of IPO. The research of response is mostly based on the theory of information asymmetry. From a single point of view, a single point of view on the impact of venture capital on the first day of IPO income, few scholars from the inherent characteristics of venture capital differences on the first day of IPO income research. According to the previous research results and the actual situation of gem in China, this paper combines IPO premium theory and reputation effect theory. This paper comprehensively analyzes the impact of venture capital on the IPO first-day income of China's gem companies, including whether venture capital participates, the proportion of venture capital holding shares and the ownership attributes of venture capital. This paper analyzes the influence of venture capital on the first-day income of IPO in China's gem from four aspects: joint investment and non-joint investment. This paper selects all the companies listed on the gem before October 2012 to eliminate some companies with incomplete St and financial data and unclear venture capital purpose. Ultimately involving 304 sample companies. From the venture capital participation, the top ten shareholders of the venture capital holding equity ratio. The difference of ownership attributes of venture capital in the top ten shareholders of venture enterprises and the influence of joint investment and non-joint investment on the first-day income of IPO in China's gem companies are studied. The empirical results show that. The participation of venture capital will affect the first day income of IPO, that is, compared with the company without venture capital, the first day return of venture capital company is higher than that of venture capital company. There is a significant positive correlation between the proportion of venture capital holding equity and the first day income of IPO in China, that is, the higher the proportion of venture capital holding is, the higher the return on the first day of IPO is. The difference of ownership attributes of venture capital will affect the first-day income of IPO in China's gem. Through theoretical analysis, this paper takes the venture capital participation of the attribute of government ownership as the benchmark, and the results show that. Compared with the venture capital participation companies with government ownership attributes, the companies with private ownership attributes of venture capital participation have higher IPO first-day income. Foreign ownership attributes of venture capital participation in the first day of the company IPO income is lower, that is to say, the differences in the attributes of venture capital on the first day of China's gem IPO income, the strongest private, the next government. The weakest foreign capital; Whether it is a joint investment has no significant effect on the first-day income of IPO of China's gem companies. Finally, the results are tested with endogenous problems and other robustness tests to verify the empirical results. The research in this paper provides an empirical basis for reputation effect theory and IPO premium theory in theory. It also provides the actual data analysis for the investors to understand the venture capital to the first day income of the IPO of our country's growth enterprise board, and provides the important foundation when the small and medium-sized enterprises of our country choose the venture capital. It is of great significance to promote the healthy development of venture capital and growth enterprise market in China.
【學位授予單位】：河南大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.51;F275

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本文編號：1358505