本文關(guān)鍵詞：私募股權(quán)投資對(duì)我國(guó)上市生物醫(yī)藥企業(yè)的發(fā)展影響　出處：《浙江工商大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 私募股權(quán)投資 溢價(jià)表現(xiàn) 生物醫(yī)藥企業(yè) 超額收益率

【摘要】：隨著生物醫(yī)藥產(chǎn)業(yè)在“十二五”規(guī)劃中被認(rèn)定為我國(guó)的重要戰(zhàn)略新興產(chǎn)業(yè)后,它在我國(guó)的發(fā)展已經(jīng)成為了一個(gè)重點(diǎn)關(guān)注問(wèn)題,但我國(guó)生物醫(yī)藥企業(yè)發(fā)展緩慢,急需培養(yǎng)自己的研發(fā)創(chuàng)新能力,擺脫傳統(tǒng)的藥物模仿制造道路。這也就意味著處于發(fā)展中的高潛力生物醫(yī)藥企業(yè)離不開(kāi)資金的支持,而銀行等傳統(tǒng)的金融機(jī)構(gòu)卻因?yàn)榉N種原因無(wú)法向這些企業(yè)提供貸款。但伴隨著我國(guó)資本市場(chǎng)的發(fā)展和完善,國(guó)內(nèi)私募股權(quán)投資機(jī)構(gòu)如雨后春筍般紛紛涌現(xiàn),并得到了一定程度的發(fā)展和成熟,這些私募股權(quán)投資機(jī)構(gòu)在一定程度上能夠填補(bǔ)銀行等傳統(tǒng)金融機(jī)構(gòu)的空白,為具有高發(fā)展?jié)摿Φ纳镝t(yī)藥企業(yè)提供了發(fā)展的空間,因此選擇研究私募股權(quán)投資對(duì)我國(guó)上市生物醫(yī)藥企業(yè)的發(fā)展影響也是基于以上的原因。本文從理論和實(shí)證兩個(gè)方面探究了私募股權(quán)投資對(duì)于我國(guó)生物醫(yī)藥的發(fā)展影響。在理論研究中,我們以私募股權(quán)投資和被投資企業(yè)的關(guān)系、私募股權(quán)投資對(duì)被投資生物醫(yī)藥企業(yè)的影響機(jī)制作為理論支持,進(jìn)行實(shí)證。在實(shí)證研究中,以2006—2014年上市的生物醫(yī)藥企業(yè)作為研究樣本,分別針對(duì)被投資企業(yè)的短期表現(xiàn)和長(zhǎng)期表現(xiàn)進(jìn)行實(shí)證研究,在短期表現(xiàn)中,分別對(duì)有無(wú)獲得私募股權(quán)投資支持的企業(yè)上市首日溢價(jià)指標(biāo)的表現(xiàn)和上市首日超額收益率是否具有差異進(jìn)行研究,在此基礎(chǔ)上,分析私募股權(quán)投資的相關(guān)性質(zhì)對(duì)被投資企業(yè)的上市首日的超額收益率所產(chǎn)生的具體影響;在長(zhǎng)期表現(xiàn)中,利用fama-french三因子模型分析上市超過(guò)3年的有無(wú)獲得私募股權(quán)投資支持的企業(yè)股票在長(zhǎng)期表現(xiàn)上的差異,得出的結(jié)論是獲得私募股權(quán)投資支持的企業(yè)上市首日的溢價(jià)表現(xiàn)和股票的長(zhǎng)期表現(xiàn)都比沒(méi)有獲得私募股權(quán)投資支持的企業(yè)好。同時(shí),在私募股權(quán)投資對(duì)被投資企業(yè)的具體影響上,持股鎖定期、上市前一年進(jìn)入與其存在著正相關(guān)的顯著關(guān)系,私募股權(quán)投資的持股比例和數(shù)量與其存在著顯著的負(fù)相關(guān)的關(guān)系,聲譽(yù)則與其存在著不顯著的正相關(guān)的關(guān)系。在得出這些結(jié)論后,也分析了導(dǎo)致這種結(jié)果出現(xiàn)的可能原因,并對(duì)其進(jìn)行了穩(wěn)健性檢驗(yàn)。在最后對(duì)全文進(jìn)行總結(jié),并結(jié)合我國(guó)的實(shí)際情況,對(duì)私募股權(quán)投資和生物醫(yī)藥企業(yè)的發(fā)展提出了自已的意見(jiàn)建議。
[Abstract]:With the biopharmaceutical industry recognized as an important strategic emerging industry in the 12th Five-Year Plan, its development in China has become a key concern, but the development of Chinese biomedical enterprises is slow. It is urgent to cultivate their own R & D innovation ability to get rid of the traditional way of drug imitation manufacturing. This means that the high potential biomedical enterprises in development can not be separated from the support of funds. But traditional financial institutions such as banks are unable to provide loans to these enterprises for various reasons. However, with the development and improvement of the capital market in China, domestic private equity investment institutions have sprung up one after another. And get a certain degree of development and maturity, these private equity investment institutions to a certain extent can fill in the gap of traditional financial institutions such as banks. It provides the space for the development of biomedical enterprises with high development potential. Therefore, the study of the impact of private equity investment on the development of listed biomedical enterprises is also based on the above reasons. This paper explores the development of private equity investment in Chinese biomedicine from both theoretical and empirical aspects. Influence. In theoretical research. We take the relationship between private equity investment and invested enterprises, and the influence mechanism of private equity investment on biopharmaceutical enterprises as theoretical support. Taking the biopharmaceutical enterprises listed in 2006-2014 as the research sample, the short-term performance and long-term performance of the invested enterprises were studied, respectively, in the short-term performance. On the basis of the study on the performance of the first-day premium index and the difference of the first-day excess yield of the listed companies with or without the support of private equity investment. This paper analyzes the specific influence of the related nature of private equity investment on the excess return on the first day of listing of the invested enterprise. In the long-term performance, the fama-french three-factor model is used to analyze the long-term performance differences of the listed companies with or without private equity investment support for more than three years. The conclusion is that both the premium and the long-term performance of the stocks are better than those without the support of private equity. At the same time. In the specific impact of private equity investment on the invested enterprises, there is a significant positive correlation between the lockout period and the year before listing. The proportion and quantity of private equity investment has a significant negative correlation with it, while reputation has a negative correlation with it. After these conclusions are reached, there is a negative correlation between the proportion and quantity of private equity investment. It also analyzes the possible causes of this result, and makes a robustness test. Finally, it summarizes the full text, and combines the actual situation of our country. Private equity investment and the development of biomedical enterprises put forward their own suggestions.
【學(xué)位授予單位】：浙江工商大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51;F426.72

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