發(fā)布時間：2018-05-28 06:39

  本文選題：風險投資 + 創(chuàng)業(yè)板　； 參考：《重慶工商大學》2017年碩士論文

【摘要】：作為創(chuàng)新創(chuàng)業(yè)企業(yè)IPO的主要市場,中小板市場和創(chuàng)業(yè)板市場的推出,讓風險投資的退出渠道得到很大的改善,風險投資進入了高速發(fā)展時期。本文試圖從理論上分析風險投資對IPO過程中承銷商定價的作用機理,以及由風險投資參與帶來的二級市場抑價率影響。然后通過對創(chuàng)業(yè)板數(shù)據(jù)檢驗,探究風險投資給創(chuàng)業(yè)板IPO企業(yè)帶來的市場效應。本文通過構(gòu)建四方主體的動態(tài)博弈模型,分析風險投資對企業(yè)IPO的作用機理,并分析由此帶來的IPO抑價率影響。理論分析的結(jié)論為:(1)風險投資的聲譽會影響企業(yè)IPO時的發(fā)行價格,相比低聲譽VC背景企業(yè),高聲譽VC背景企業(yè)的定價應該更高;(2)風險投資的參與會影響企業(yè)IPO時的發(fā)行價格,相比無VC背景企業(yè),有VC背景企業(yè)的定價應該更高;(3)由于風險投資的監(jiān)督和認證效應,風險投資的參與可以顯著降低優(yōu)質(zhì)企業(yè)的抑價率,不會影響劣質(zhì)企業(yè)的抑價率。實證部分選取了2009年10月至2015年12月在創(chuàng)業(yè)板市場上市的491家上市公司作為研究樣本。通過查看首發(fā)招股說明書和投中集團的中國投資年會的相關(guān)數(shù)據(jù),確定了291家VC背景企業(yè)和200家無VC背景企業(yè),通過差異分析和多元回歸分析,對風險投資的IPO市場效應進行了驗證。研究結(jié)果表明,第一,有VC背景的企業(yè)會吸引更高聲譽的中介機構(gòu),驗證了認證效應和市場力量效應,風險投資的參與對發(fā)行費率的影響并不顯著,可以通過中介機構(gòu)聲譽間接影響發(fā)行費率;第二,風險投資的聲譽能夠顯著影響企業(yè)的發(fā)行市盈率,高聲譽VC背景企業(yè)可以獲得更高的定價;第三,有VC背景的企業(yè)在IPO前后的經(jīng)營業(yè)績更好,但是在企業(yè)成功上市后,這種優(yōu)勢逐漸喪失,差距逐漸縮小。風險投資的監(jiān)督效應得到檢驗,逆向選擇效應未得到證實;第四,風險投資的IPO市場效應在二級市場上的表現(xiàn)并不明顯,風險投資的參與對機構(gòu)投資者和成交量換手率的影響都不顯著,風險投資的參與并不能顯著影響企業(yè)的IPO抑價率,說明我國IPO的高抑價現(xiàn)象主要是由于二級市場投資者的投資熱情拉高了首日收盤價導致的,一級市場的定價偏低并不是該現(xiàn)象出現(xiàn)的主要原因。文章的最后在總結(jié)本文研究成果的基礎上,分別從促進風險投資發(fā)展、投資者理性投資和創(chuàng)業(yè)板市場發(fā)展三個方面提出發(fā)展建議。
[Abstract]:As the main market of IPO, the introduction of small and medium-sized market and gem market has greatly improved the exit channel of venture capital, and venture capital has entered a period of rapid development. This paper attempts to theoretically analyze the mechanism of underwriter pricing in the process of IPO by venture capital and the influence of secondary market underpricing caused by venture capital participation. Then, through the data test of gem, the paper explores the market effect of venture capital on gem IPO enterprises. This paper analyzes the mechanism of venture capital on enterprise IPO and the influence of IPO underpricing rate by constructing the dynamic game model of quadripartite main body. The conclusion of theoretical analysis is that the reputation of venture capital will affect the issuing price of IPO, and the pricing of high reputation VC background should be higher than that of low reputation VC background.) the participation of venture capital will affect the issuing price of IPO. Compared with enterprises with no VC background, the pricing of enterprises with VC background should be higher than that of enterprises with VC background. Because of the supervision and certification effect of venture capital, the participation of venture capital can significantly reduce the underpricing rate of high-quality enterprises, and will not affect the underpricing rate of inferior enterprises. The empirical part selects 491 listed companies listed in gem from October 2009 to December 2015 as the research sample. By looking at the prospectus of the initial public offering and the relevant data of the China Investment Conference of the China Investment Group, 291 VC background enterprises and 200 non-VC backed enterprises were determined, and the difference analysis and multiple regression analysis were used. The IPO market effect of venture capital is verified. The results show that, first, enterprises with VC background will attract more reputable intermediaries, which verifies the certification effect and market power effect, and the participation of venture capital has no significant impact on the issue rate. It can influence the issuing rate indirectly through the reputation of the intermediary; second, the reputation of venture capital can significantly affect the price-earnings ratio of the enterprise, and the high reputation VC background enterprises can obtain higher pricing; third, The enterprises with VC background have better operating performance before and after IPO, but after the successful listing, this advantage is gradually lost and the gap is gradually narrowed. The supervision effect of venture capital has been tested, and the adverse selection effect has not been proved. Fourthly, the IPO market effect of venture capital is not obvious in the secondary market. The participation of venture capital has no significant influence on institutional investors and turnover, but the participation of venture capital can not significantly affect the IPO underpricing rate of enterprises. It shows that the high underpricing of IPO in China is mainly due to the investors' enthusiasm in the secondary market and the high closing price on the first day. The low pricing in the primary market is not the main reason for this phenomenon. Finally, on the basis of summarizing the research results of this paper, the paper puts forward some suggestions from three aspects: promoting the development of venture capital, investors' rational investment and the development of gem market.
【學位授予單位】：重慶工商大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.51

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