本文關鍵詞：PE背景對上市公司績效影響研究　出處：《華中科技大學》2013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抑價 凈資產(chǎn)收益率

【摘要】：私募股權投資近年來發(fā)展迅速，已經(jīng)成為銀行貸款、發(fā)行債券和公開發(fā)行股票外的第四大融資方式。由于起步較晚，國內(nèi)私募股權市場發(fā)展不規(guī)范，私募股權機構質量良莠不齊，有關其對企業(yè)的影響的爭議頗多。支持者認為，私募股權機構的“認證效應”和“監(jiān)管效應”有利于增加企業(yè)價值。反對者認為，在不完善的資本市場下，私募股權市場存在嚴重的“逐名效應”以及“逆向選擇”問題，不利于企業(yè)本身的發(fā)展。本文主要分析私募股權投資對于企業(yè)的影響，探尋其在我國當前資本市場環(huán)境下的經(jīng)濟意義。 本文選取創(chuàng)業(yè)板2009-2012年355家上市公司數(shù)據(jù)為研究樣本，借助EVIEWS統(tǒng)計分析軟件進行實證研究。本文以IPO抑價率來衡量企業(yè)的市場績效，以ROE衡量經(jīng)營績效。分別針對總樣本與有PE支持的子樣本進行分析，研究PE支持與PE特征對企業(yè)績效的影響。研究發(fā)現(xiàn)，總體樣本中PE支持會推高上市企業(yè)IPO抑價并降低企業(yè)ROE，主要是由于我國私募股權市場不成熟，，存在“逆向選擇”和“逐名效應”問題。針對有PE支持的子樣本的實證研究研究發(fā)現(xiàn)，PE持股比例越大、持股時間越長、聲譽越好，企業(yè)的IPO抑價率越低，ROE越高，其中持股比例與時間對IPO抑價影響顯著，而持股比例與聲譽對ROE影響顯著。本文認為，PE支持及其聲譽有助于消除信息不對稱，同時降低“逆向選擇”和“逐名效應”，從而降低IPO抑價率，提升ROE。
[Abstract]:Private equity investment has developed rapidly in recent years, and has become the 4th major financing mode outside bank loans, bond issuance and public issuance. Due to the late start, the development of domestic private equity market is not standardized. The quality of private equity firms is mixed, and there is a lot of controversy about their impact on businesses. Supporters argue that the "certification effect" and "regulatory effect" of private equity firms are conducive to increasing corporate value. In the imperfect capital market, the private equity market has serious problems of "name by name" and "adverse selection", which is not conducive to the development of enterprises. This paper mainly analyzes the impact of private equity investment on enterprises. Explore its current capital market environment in China under the economic significance. This paper selects 355 listed companies in the gem 2009-2012 as the research sample. With the help of EVIEWS statistical analysis software for empirical research. This paper uses IPO underpricing rate to measure the market performance of enterprises. ROE is used to measure the performance of enterprises. Based on the analysis of the total sample and the sub-sample supported by PE, the influence of PE support and PE characteristics on the performance of the enterprise is studied. In the overall sample, PE support will push up the IPO underpricing of listed enterprises and reduce the ROEs, mainly due to the immature private equity market in China. There are the problems of "adverse selection" and "name by name effect". The empirical research on PE supported sub-samples shows that the larger the proportion of PE holdings, the longer the holding time, the better reputation. The lower the IPO underpricing rate, the higher the IPO underpricing rate, in which the proportion and time of holding shares have a significant impact on IPO underpricing, while the proportion of shares and reputation have a significant impact on ROE. Pe support and its reputation can help to eliminate information asymmetry and reduce "adverse selection" and "nomenclature effect", thus reducing IPO underpricing rate and increasing ROE.
【學位授予單位】：華中科技大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F275;F832.51

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