本文關鍵詞：風險投資對我國創(chuàng)業(yè)板市場IPO公司業(yè)績的影響　出處：《南京師范大學》2014年碩士論文　論文類型：學位論文

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【摘要】：近年來國內外對風險投資對IPO的影響給予了高度的關注,IPO抑價和IPO的市場表現(xiàn)及其影響因素的研究一直是國內外學者研究的熱點問題。隨著國際范圍內風險投資的迅速發(fā)展以及作為其重要退出渠道的IPO的不斷完善,風險投資在公司IPO過程中所起到功效越來越受到各國學者的關注。全球范圍內風險投資對IPO的影響主要可分為正面影響的“認證/監(jiān)督模型”假說和負面影響的“逆向選擇/逐名效應”假說,不同的市場數(shù)據(jù),不同的制度背景得出的結論有所差異,由于我國的風險投資發(fā)展的比較晚,尚未成熟,對于風險投資對我國公司IPO的影響還需要做進一步的研究。本文將基于創(chuàng)業(yè)板市場為研究對象,研究風險投資對公司IPO前后業(yè)績的影響。 我國的創(chuàng)業(yè)板起步比較晚,其建立是為高新技術及高科技的中小規(guī)模的企業(yè)上市融資提供一個平臺,而我國的風險投資也是在最近幾年才得到迅速發(fā)展的,二者發(fā)展時間比較契合,創(chuàng)業(yè)板IPO就成為我國風險投資退出的重要渠道,每年在創(chuàng)業(yè)板上市的公司中有超過50%的公司都有風險投資的參與,因此,風險投資對我國創(chuàng)業(yè)板IPO的影響是一個非常值得研究的問題�；诖�,本文選取了2009年10月30號到2011年12月31號在創(chuàng)業(yè)板上市的261家公司為研究樣本。運用了描述性統(tǒng)計、獨立樣本T檢驗、配對樣本T檢驗、非參數(shù)Mann-Whitney檢驗、Wilcoxon檢驗及橫截面模型等方法進行實證分析。 實證結果表明,在公司IPO前有風險投資參與的公司業(yè)績不如沒有風險投資參與的公司好；公司IPO時有風險投資參與的公司未能比沒有風險投資參與的公司有更好的表現(xiàn)；在公司IPO前后經(jīng)營業(yè)績的對比中,不管有沒有風險投資的參與,在IPO后公司的經(jīng)營業(yè)績都會下滑,但是有風險投資參與的公司明顯比沒有風險投資參與的公司業(yè)績下滑的程度要��；公司IPO后,風險投資沒有能夠對公司的業(yè)績產(chǎn)生顯著性影響�？傮w來看,風險投資在我國創(chuàng)業(yè)板市場上沒有能夠完全發(fā)揮出其“認證/監(jiān)督”功能,對上市公司業(yè)績的影響不如成熟的證券市場,這可能是由于我國的風險投資起步較晚,發(fā)展還不夠完善,另外,我國也沒有專門支持風險投資發(fā)展的法律法規(guī),使得風險投資的發(fā)展缺乏法律的保護；與風險投資運作相關的中介機構的發(fā)展也不健全；具備專業(yè)知識的綜合型人才的缺失等。因此,需要建立健全與風險投資相關的法律法規(guī),大力支持中介機構的發(fā)展,努力培養(yǎng)符合風險投資發(fā)展要求的綜合型人才。
[Abstract]:At home and abroad in recent years on the impact of venture capital on IPO to give a high degree of attention, the market performance and its influence factors of the underpricing of IPO and IPO has been a hot issue for scholars at home and abroad. With the rapid development of international investment within the scope of the risk as well as its important exit channel IPO continues to improve in the risk investment in the process of IPO company to more and more attention. The impact of the global scope of risk investment to IPO can be divided into the positive impact of "certification / supervision model" hypothesis and the negative impact of the "adverse selection / grandstanding effect" hypothesis, market data, the conclusion of different institutional background the difference, because of the development of China's venture capital is relatively late, is not yet mature, for the impact of venture capital on China's company IPO needs further research. This paper will be based on the record The karma market is the research object to study the impact of venture capital on the performance of IPO before and after the company.
The gem in China started relatively late, it is a high-tech and high-tech small and medium-sized enterprises listing and financing to provide a platform, but the risk of investment in China is only in recent years has been rapid development, the development of the two time more fit, the gem IPO has become an important channel for venture capital exit in China, there are more than 50% companies have the participation of venture capital investment, a company listed on the gem in the year so that the impact of venture capital on China's gem IPO is a very worthy of study. Based on this, this paper selected from October 30, 2009 to December 31, 2011 in the 261 companies listed on GEM as research sample. Using descriptive statistics, independent samples T test, paired samples T test, nonparametric Mann-Whitney test, Wilcoxon test and cross section model for empirical analysis.
The empirical results show that, in the company before IPO risk investment in company performance as there is no risk investment in the company; IPO risk investment in the company failed to participate in risk investment companies than not have better performance; comparison of operating performance in the company before and after IPO, with or without the participation of venture capital investment. After IPO, the company's operating performance will decline, but there is a risk investment in the company than no risk investment in the performance of the company to the extent of the decline in the small company; IPO, venture capital can not have a significant impact on the company's performance. Overall, the risk of investment in China's GEM market is not able to fully play its "certification / supervision function, influence on the performance of listed companies as the mature stock market, this may be due to the risk of investment in China started late. The exhibition is still not perfect, in addition, China has no specific laws and regulations to support the development of venture capital investment, the development of venture capital investment is lack of legal protection; the development of intermediary agencies related to the operation of venture capital investment is not perfect; the comprehensive talents with professional knowledge lack. Therefore, we need to establish and improve the laws and regulations and risk the related investment, vigorously support the development of intermediary organizations, to cultivate comprehensive risk investment requirements for the development of talents.

【學位授予單位】：南京師范大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F275;F276.6;F832.51

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