本文關鍵詞：私募股權投資入股期限與IPO后公司業(yè)績的實證研究　出處：《中國地質大學（北京）》2014年碩士論文　論文類型：學位論文

  更多相關文章： 私募股權投資 IPO效應 PE持有期 迅速脫手

【摘要】：自2004年深圳中小企業(yè)板正式啟動，私募股權投資（Private Equity，簡稱PE）在我國市場中掀起又一輪的投資熱潮。以美國著名PE新橋資本成功進入深圳發(fā)展銀行為起點，PE在我國的發(fā)展日趨活躍。全國社�；鹄硎聲敝飨踔颐裨�2013年底更是直言，我國后市場改革周期內，私募股權將處于最為關鍵的位置。 在以上研究背景下，通過對國內外文獻進行整理，本文對私募股權投資入股期限（即PE持有期）與首次公開募股（Initial Public Offerings,簡稱IPO）后公司業(yè)績的關系進行實證研究。本文樣本選定深圳交易所中經PE融資IPO上市的387家公司，其中包含中小板2005年至2011年間224家，創(chuàng)業(yè)板2009年至2011年間163家。在五個逐層深入假設的基礎上，通過對樣本進行描述性統(tǒng)計、相關性分析、多元回歸分析等實證分析后，本文發(fā)現(xiàn)：兩板市場中有私募持股的樣本公司呈現(xiàn)一定“IPO效應”現(xiàn)象；私募股權投資入股期限與IPO后公司業(yè)績呈正相關關系；持有期不足一年的迅速脫手容易引發(fā)IPO投機現(xiàn)象，致使IPO后公司業(yè)績呈現(xiàn)一定下滑趨勢；私募股權投資自身聲譽對其入股期限長短的抉擇起著重要影響。此外，“多家私募股權股東搭便車”的現(xiàn)象并未在本位得以證實，，企業(yè)IPO時市場狀況對PE持有期的影響也并不明顯。 本文的研究結果在一定程度上驗證IPO效應理論，證實“私募股權投資入股期限影響IPO后公司業(yè)績”現(xiàn)象在我國市場中的存在，對規(guī)范PE投資,抑制其IPO投機行為的研究提供一個全新的視角。此外，本文關于企業(yè)如何更好利用私募融資，政府與市場如何更好完善PE投資環(huán)境的建議有著一定參考價值。
[Abstract]:Since 2004, Shenzhen SME board officially launched, private equity investment private Equity. PE) has set off another round of investment upsurge in the Chinese market, starting from the successful entry of the famous PE New Bridge Capital into the Shenzhen Development Bank. In end of 2013, Wang Zhongmin, vice chairman of the National Social Security Fund Board, said that private equity would be in the most critical position in the post-market reform cycle of China. In the above research background, through the domestic and foreign literature collation. This paper deals with the term of private equity investment (PE holding period) and initial Public Offerings. Empirical study on the relationship between the performance of the companies after IPOs. This paper selected 387 companies listed through PE financing IPO in Shenzhen Stock Exchange. It includes 224 small and medium-sized boards from 2005 to 2011, and 163 from 2009 to 2011 on the basis of five in-depth assumptions. Through descriptive statistics, correlation analysis, multiple regression analysis and other empirical analysis, this paper finds that: the sample companies with private equity in the two boards market show a certain "IPO effect" phenomenon; There is a positive correlation between the duration of private equity investment and the performance of the company after IPO. It is easy to cause IPO speculation when the holding period is less than one year, which leads to the decline trend of the company's performance after IPO. The reputation of private equity investors plays an important role in the choice of the duration of their investment. In addition, the phenomenon of "multiple private equity shareholders hitchhiking" has not been confirmed on the basis of the standard. The influence of market condition on PE holding period is not obvious when enterprise IPO. The research results of this paper to some extent verify the theory of IPO effect, confirm the existence of the phenomenon of "the period of private equity investment affect the performance of IPO" in our market, and standardize PE investment. The research on restraining its IPO speculation provides a new perspective. In addition, this paper discusses how firms can make better use of private equity financing. Government and market how to better improve PE investment environment suggestions have a certain reference value.
【學位授予單位】：中國地質大學（北京）
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.51;F275

【參考文獻】

相關期刊論文 前10條

1 梁爽;;進與退:中國私募股權市場現(xiàn)狀及對策[J];財經界;2010年05期

2 徐新陽;;私募股權投資對企業(yè)上市后經營績效的影響——基于江浙兩省中小企業(yè)板制造業(yè)上市公司的實證分析[J];財經論叢;2011年06期

3 陳祥有;;A股發(fā)行公司IPO前盈余管理與IPO后經營業(yè)績的實證研究[J];財經理論與實踐;2010年01期

4 李東衛(wèi);;我國私募股權投資發(fā)展的現(xiàn)狀、問題及建議[J];區(qū)域金融研究;2009年02期

5 林偉;孫寅;姜軍;;私募股權投資入股期限與IPO盈余管理[J];國際商務財會;2012年10期

6 臧展;;私募股權投資理論與中國的實踐[J];經濟理論與經濟管理;2009年11期

7 劉勇;;私募股權投資的探索與初步實踐——東盟-中國投資基金運作的案例研究[J];金融理論與實踐;2009年03期

8 張秋來,黃維;“搭便車”與公司治理結構中利益相關者行為分析[J];科技管理研究;2005年02期

9 陳良華,孫健,張菡;香港創(chuàng)業(yè)板上市公司IPO前后業(yè)績變化及其影響因素的實證研究[J];審計與經濟研究;2005年04期

10 王慧彥;陳薇伶;;論私募股權投資基金的積極作用與風險[J];商業(yè)時代;2009年16期

本文編號：1374946