本文選題：風(fēng)險(xiǎn)投資 + IPO抑價(jià)　； 參考：《西南財(cái)經(jīng)大學(xué)》2013年碩士論文

【摘要】：科技創(chuàng)新是一個(gè)國(guó)家長(zhǎng)期可持續(xù)發(fā)展的動(dòng)力,是一國(guó)經(jīng)濟(jì)新的增長(zhǎng)點(diǎn),而風(fēng)險(xiǎn)投資機(jī)構(gòu)對(duì)富有前景的科技創(chuàng)新活動(dòng)的支持對(duì)我國(guó)經(jīng)濟(jì)的持續(xù)增長(zhǎng)和建立創(chuàng)新型國(guó)家的戰(zhàn)略具有極為重要的意義。然而在我國(guó)創(chuàng)業(yè)板未建立之前,風(fēng)險(xiǎn)投資機(jī)構(gòu)在國(guó)內(nèi)資本市場(chǎng)中并沒(méi)有一個(gè)良好的退出渠道以供其實(shí)現(xiàn)退出,這也導(dǎo)致大量的風(fēng)險(xiǎn)投資機(jī)構(gòu)參與的企業(yè)到海外上市。但隨著我國(guó)創(chuàng)業(yè)板的推出,越來(lái)越多的風(fēng)險(xiǎn)投資機(jī)構(gòu)參與的企業(yè)在創(chuàng)業(yè)板實(shí)現(xiàn)了退出。創(chuàng)業(yè)板的建立一方面緩解了我國(guó)中小企業(yè)特別是創(chuàng)新企業(yè)融資難的困境,另一方面也能為我國(guó)風(fēng)險(xiǎn)投資機(jī)構(gòu)的退出提供了一個(gè)良好的渠道。然而創(chuàng)業(yè)板建立三年來(lái),其首日的IPO抑價(jià)率一直居高不下,據(jù)國(guó)泰安數(shù)據(jù)庫(kù)的數(shù)據(jù)顯示,截止2012年12月31日在創(chuàng)業(yè)板上市的355家企業(yè),其上市首日的平均漲幅為34.41%,高于同期的主板市場(chǎng)的23.70%和中小板市場(chǎng)的27.67%,風(fēng)險(xiǎn)投資機(jī)構(gòu)作為創(chuàng)業(yè)板重要的參與力量,因而研究風(fēng)險(xiǎn)投資機(jī)構(gòu)對(duì)創(chuàng)業(yè)板企業(yè)IPO抑價(jià)的影響自然成為當(dāng)下的熱點(diǎn)問(wèn)題。本論文正是在這種背景下產(chǎn)生的,重點(diǎn)研究風(fēng)險(xiǎn)投資對(duì)創(chuàng)業(yè)板IPO抑價(jià)的影響。本論文總共分為四個(gè)部分： 第一部分主要為第一章和第二章的內(nèi)容,第一章為緒論,首先介紹了本文的研究背景、目的、研究意義、研究方法及內(nèi)容安排,第二章則介紹了我國(guó)風(fēng)險(xiǎn)投資的發(fā)展現(xiàn)狀,通過(guò)介紹風(fēng)險(xiǎn)投資的相關(guān)概念、創(chuàng)業(yè)板的發(fā)展情況及我國(guó)風(fēng)險(xiǎn)投資在創(chuàng)業(yè)板中的發(fā)展指出目前風(fēng)險(xiǎn)投資可能對(duì)創(chuàng)業(yè)板在IPO時(shí)抑價(jià)產(chǎn)生影響,為下文研究相關(guān)理論提供鋪墊。 第二部分為本論文的第三章到第四章的內(nèi)容,主要評(píng)述了風(fēng)險(xiǎn)投資對(duì)企業(yè)IPO抑價(jià)的相關(guān)理論,及本文在此理論基礎(chǔ)上所做的實(shí)證研究。其中第三章為風(fēng)險(xiǎn)投資對(duì)企業(yè)IPO抑價(jià)的相關(guān)理論評(píng)述,主要介紹了關(guān)于IPO抑價(jià)和風(fēng)險(xiǎn)投資對(duì)企業(yè)IPO抑價(jià)的相關(guān)理論,在此基礎(chǔ)上重點(diǎn)介紹了國(guó)外風(fēng)險(xiǎn)投資對(duì)企業(yè)IPO抑價(jià)的兩種理論,并歸納總結(jié)了國(guó)外學(xué)者提出的相關(guān)可供檢驗(yàn)的假說(shuō),同時(shí)也對(duì)國(guó)內(nèi)學(xué)者的相關(guān)研究成果進(jìn)行簡(jiǎn)單評(píng)述,為下文的實(shí)證研究提供依據(jù)。第四章則在第三章的理論基礎(chǔ)上以創(chuàng)業(yè)板截止2012年12月31日上市的355家企業(yè)作為研究樣本,運(yùn)用描述性統(tǒng)計(jì)、差異分析和多元回歸分析等實(shí)證方法,分類(lèi)考察了風(fēng)險(xiǎn)投資機(jī)構(gòu)的參與對(duì)企業(yè)的IPO抑價(jià)產(chǎn)生何種影響,具體分類(lèi)如下：(1)按照企業(yè)是否有風(fēng)險(xiǎn)投資機(jī)構(gòu)的參與進(jìn)行分類(lèi)。(2)按照風(fēng)險(xiǎn)投資機(jī)構(gòu)的聲譽(yù)不同來(lái)進(jìn)行分類(lèi)。(3)按照風(fēng)險(xiǎn)投資機(jī)構(gòu)的背景不同來(lái)進(jìn)行分類(lèi)。(4)對(duì)風(fēng)險(xiǎn)投資機(jī)構(gòu)中的一類(lèi)子樣本券商背景的風(fēng)險(xiǎn)投資機(jī)構(gòu)與非券商背景風(fēng)險(xiǎn)投資機(jī)構(gòu)進(jìn)行分類(lèi)。 第三部分為本論文的第五章,該部分主要是對(duì)第四章的相關(guān)研究結(jié)果進(jìn)行總結(jié)并做相關(guān)分析,指出目前我國(guó)風(fēng)險(xiǎn)投資機(jī)構(gòu)及創(chuàng)業(yè)板可能存在的問(wèn)題,及本文在研究上的不足,在此基礎(chǔ)上給出今后關(guān)于我國(guó)風(fēng)險(xiǎn)投資和創(chuàng)業(yè)板的相關(guān)研究展望。 本文的創(chuàng)新之處在于(1)選題,風(fēng)險(xiǎn)投資在中國(guó)作為一個(gè)不斷發(fā)展壯大的行業(yè),目前關(guān)于風(fēng)險(xiǎn)投資的研究是眾多學(xué)者關(guān)注的熱點(diǎn)。與此同時(shí),創(chuàng)業(yè)板建立三年來(lái),抑價(jià)率居高不下,而風(fēng)險(xiǎn)投資作為創(chuàng)業(yè)板中的主要參與力量,研究風(fēng)險(xiǎn)投資對(duì)創(chuàng)業(yè)板企業(yè)IPO抑價(jià)的影響對(duì)于創(chuàng)業(yè)板今后的發(fā)展以及風(fēng)險(xiǎn)投資機(jī)構(gòu)自身的發(fā)展都具有極為重要的意義。(2)研究角度,國(guó)內(nèi)關(guān)于風(fēng)險(xiǎn)投資對(duì)企業(yè)IPO抑價(jià)的影響的研究大多集中在有無(wú)風(fēng)險(xiǎn)投資機(jī)構(gòu)參與的區(qū)分上,本文在此基礎(chǔ)上將風(fēng)險(xiǎn)投資機(jī)構(gòu)按照不同的聲譽(yù),不同的背景以及風(fēng)險(xiǎn)投資機(jī)構(gòu)中的一類(lèi)特殊樣本券商背景風(fēng)險(xiǎn)投資機(jī)構(gòu)進(jìn)行分類(lèi)研究,進(jìn)一步探究風(fēng)險(xiǎn)投資存在何種效應(yīng)。 本文在進(jìn)行相關(guān)實(shí)證分析后,最終結(jié)果顯示：在我國(guó)的創(chuàng)業(yè)板市場(chǎng)中,風(fēng)險(xiǎn)投資機(jī)構(gòu)的參與對(duì)企業(yè)的IPO抑價(jià)會(huì)產(chǎn)生一定程度的負(fù)面影響,即可能存在逐名效應(yīng),但對(duì)風(fēng)險(xiǎn)投資機(jī)構(gòu)按照聲譽(yù)的不同進(jìn)行區(qū)分后,得出的結(jié)果卻顯示聲譽(yù)高的風(fēng)險(xiǎn)投資機(jī)構(gòu)與聲譽(yù)低的風(fēng)險(xiǎn)投資機(jī)構(gòu)對(duì)企業(yè)的IPO抑價(jià)的影響并無(wú)明顯的差異,這一結(jié)論與逐名效應(yīng)的相關(guān)理論不相符合,出現(xiàn)這種情況的原因可能在于：我國(guó)的風(fēng)險(xiǎn)投資機(jī)構(gòu)大多從業(yè)時(shí)間較短,一些聲譽(yù)較高的風(fēng)險(xiǎn)投資機(jī)構(gòu),如深圳創(chuàng)新投、中科招商、九鼎投資等,其從業(yè)時(shí)間也僅僅為10年,這就可能會(huì)導(dǎo)致了我國(guó)風(fēng)險(xiǎn)投資機(jī)構(gòu)的集體不成熟,在創(chuàng)業(yè)板未建立之前,大量風(fēng)險(xiǎn)投資機(jī)構(gòu)并沒(méi)有一個(gè)良好的退出渠道來(lái)實(shí)現(xiàn)退出,其投資活動(dòng)也較為平穩(wěn),但創(chuàng)業(yè)板建立后風(fēng)險(xiǎn)投資退出獲得的高額回報(bào),以及在整個(gè)中國(guó)風(fēng)險(xiǎn)投資市場(chǎng)的不斷擴(kuò)張的刺激下,使得越來(lái)越多的風(fēng)險(xiǎn)投資機(jī)構(gòu)希望能擴(kuò)大其自身的投資規(guī)模,以期能夠通過(guò)投資項(xiàng)目在創(chuàng)業(yè)板的成功退出來(lái)獲得高額回報(bào),而通過(guò)在創(chuàng)業(yè)板的成功退出又可以提高自身的聲譽(yù),自己又能獲得更多的資金來(lái)擴(kuò)大投資規(guī)模,在這樣一個(gè)循環(huán)往復(fù)的過(guò)程中風(fēng)險(xiǎn)投資機(jī)構(gòu)便可以持續(xù)發(fā)展壯大,這就使得許多風(fēng)險(xiǎn)投資機(jī)構(gòu)愿意以IPO抑價(jià)為代價(jià)來(lái)實(shí)現(xiàn)對(duì)企業(yè)的退出。通過(guò)外資和民營(yíng)風(fēng)險(xiǎn)投資機(jī)構(gòu)對(duì)企業(yè)IPO抑價(jià)的影響也能印證這一點(diǎn),外資背景的風(fēng)險(xiǎn)投資機(jī)構(gòu)其投資策略平穩(wěn),投資行為較為成熟,聲譽(yù)也較高,其與民營(yíng)背景的風(fēng)險(xiǎn)投資機(jī)構(gòu)相比確實(shí)有較低的企業(yè)IPO抑價(jià),說(shuō)明我國(guó)的風(fēng)險(xiǎn)投資機(jī)構(gòu)總體而言存在一定程度的逐名效應(yīng)。 結(jié)合我國(guó)資本市場(chǎng)的實(shí)際情況來(lái)看,風(fēng)險(xiǎn)投資機(jī)構(gòu)對(duì)企業(yè)IPO抑價(jià)產(chǎn)生負(fù)面效應(yīng)的原因可能不僅只包括風(fēng)險(xiǎn)投資機(jī)構(gòu)可能存在的逐名效應(yīng),可能還包括在我國(guó)IPO審核制下的風(fēng)險(xiǎn)投資機(jī)構(gòu)與擬上市企業(yè)之間的合謀行為。具體來(lái)看,企業(yè)希望通過(guò)在創(chuàng)業(yè)板的成功上市獲取大量的資金,然而在我國(guó)IPO審核制度下,企業(yè)上市的供給遠(yuǎn)遠(yuǎn)小于需求,企業(yè)上市極為困難,這就導(dǎo)致許多企業(yè)為了獲得上市資格,會(huì)尋求一些風(fēng)險(xiǎn)投資的幫助以使其能較為順利的通過(guò)審查,這類(lèi)風(fēng)險(xiǎn)投資機(jī)構(gòu)中有些具有券商的背景或與大型券商保持良好的關(guān)系,有些具有政府背景,他們大多能夠?yàn)槠髽I(yè)獲得上市資格提供幫助,因此企業(yè)有極強(qiáng)的動(dòng)機(jī)來(lái)尋求風(fēng)險(xiǎn)投資機(jī)構(gòu)的參與。根據(jù)對(duì)創(chuàng)業(yè)板206家有風(fēng)險(xiǎn)投資機(jī)構(gòu)參與的企業(yè)的統(tǒng)計(jì)數(shù)據(jù)顯示,有超過(guò)50%以上的風(fēng)險(xiǎn)投資機(jī)構(gòu)是在企業(yè)IPO的前兩年才進(jìn)入企業(yè)的,這便在很大程度上證明企業(yè)引入風(fēng)險(xiǎn)投資機(jī)構(gòu)大多并不是為了融資的需要,而是希望借助風(fēng)險(xiǎn)投資機(jī)構(gòu)的幫助能使得其盡快的實(shí)現(xiàn)上市。風(fēng)險(xiǎn)投資機(jī)構(gòu)在企業(yè)擬上市的前期進(jìn)駐企業(yè)并不能對(duì)企業(yè)起到任何的認(rèn)證作用,也難以體現(xiàn)其監(jiān)督作用,反而向市場(chǎng)傳遞出該企業(yè)可能存在各種問(wèn)題,其質(zhì)量并非最優(yōu)秀。優(yōu)秀的企業(yè)由于其自身財(cái)務(wù)狀況,盈利能力等較為優(yōu)秀,其往往并不需要引入風(fēng)險(xiǎn)投資機(jī)構(gòu)就能順利的實(shí)現(xiàn)上市,反而質(zhì)量一般的企業(yè)由于自身存在較多問(wèn)題更傾向在在擬上市前選擇引入風(fēng)險(xiǎn)投資機(jī)構(gòu),以尋求風(fēng)險(xiǎn)投資機(jī)構(gòu)的幫助來(lái)達(dá)到順利上市的目的,因此市場(chǎng)上存在著優(yōu)質(zhì)的企業(yè)不愿意引入風(fēng)險(xiǎn)投資,而質(zhì)量相對(duì)一般的企業(yè)則傾向于風(fēng)險(xiǎn)投資,這就出現(xiàn)了“逆向選擇”,使得風(fēng)險(xiǎn)投資機(jī)構(gòu)參與的企業(yè)其質(zhì)量往往并非是最好的,其IPO風(fēng)險(xiǎn)也可能要高于沒(méi)有風(fēng)險(xiǎn)投資機(jī)構(gòu)參與的企業(yè),因此,企業(yè)可能會(huì)選擇較低的發(fā)行價(jià)格來(lái)降低其IPO風(fēng)險(xiǎn),實(shí)現(xiàn)企業(yè)的成功上市,這就導(dǎo)致了IPO的抑價(jià)程度較高。 本文在考慮我國(guó)風(fēng)險(xiǎn)投資行業(yè)和創(chuàng)業(yè)板市場(chǎng)的發(fā)展?fàn)顩r基礎(chǔ)上,對(duì)未來(lái)的研究方向提出了展望：主要包括對(duì)風(fēng)險(xiǎn)投資機(jī)構(gòu)與股票公開(kāi)市場(chǎng)定價(jià)效率的關(guān)系,創(chuàng)業(yè)板風(fēng)險(xiǎn)投資機(jī)構(gòu)參與的企業(yè)的IPO長(zhǎng)期經(jīng)營(yíng)業(yè)績(jī)進(jìn)行考察和因素分析以及IPO鎖定期結(jié)束后風(fēng)險(xiǎn)投資機(jī)構(gòu)減持情況及其市場(chǎng)效應(yīng)進(jìn)行研究。
[Abstract]:Scientific and technological innovation is the motive force of a country's long-term sustainable development and a new growth point of a country's economy, and the support of venture capital institutions to the promising scientific and technological innovation activities is of great significance to the sustained economic growth of our country and the strategy of establishing an innovative country. There is not a good exit channel in the domestic capital market for its withdrawal, which also leads to a large number of venture capital organizations participating in overseas listing. However, with the introduction of China's gem, more and more venture capital organizations participate in the gem. The establishment of the gem is slow. On the other hand, it can provide a good channel for the withdrawal of China's venture capital institutions. However, the first day of the three year, the IPO underpricing rate has remained high. According to data from the Tai'an database of the country, it was on the gem by December 31, 2012. The average increase of the first day of the 355 enterprises in the city is 34.41%, which is higher than the 23.70% of the main board market in the same period and 27.67% of the small and medium-sized board market. The venture capital institution is the important participation force of the gem, so it is the hot issue to study the impact of venture capital institutions on the IPO underpricing of the gem enterprises. The impact of venture capital on IPO underpricing in gem is studied in this context. This paper is divided into four parts:
The first part is the content of the first chapter and the second chapter. The first chapter is the introduction. First, it introduces the research background, purpose, research significance, research methods and content arrangement. The second chapter introduces the development status of venture capital in China. It introduces the concept of risk investment, the development of the gem and the venture capital in China. The development of gem indicates that venture capital may affect the underpricing of gem at IPO, providing a foreshadowing for the following study of relevant theories.
The second part is the content of the third chapter to the fourth chapter of this paper. It mainly reviews the related theories of venture capital to enterprise IPO underpricing, and the empirical study on the basis of this theory. The third chapter is the related theory of venture investment to enterprise IPO underpricing. It mainly introduces the IPO underpricing and venture investment to enterprise IPO On the basis of the related theories of underpricing, this paper focuses on two theories of foreign venture investment on enterprise IPO underpricing, and sums up the hypothesis proposed by foreign scholars, and gives a brief review of the relevant research results of domestic scholars, and provides the basis for the following empirical research. The fourth chapter is in the third chapter. On the basis of the theory, 355 enterprises listed on the gem as cut-off in December 31, 2012 are used as research samples. Using descriptive statistics, difference analysis and multiple regression analysis, the impact of venture capital organizations' participation on the IPO underpricing of enterprises is classified as follows: (1) according to whether the enterprise has risk investment. Classification of the participation of the institutions. (2) classification according to the different reputations of venture capital institutions. (3) classification according to the different background of venture capital institutions. (4) a category of venture investment institutions with subsample brokers in venture capital institutions and non brokerage background risk investment institutions are classified.
The third part is the fifth chapter of this paper. This part mainly summarizes and analyses the related research results of the fourth chapters, and points out the possible problems of the venture capital institutions and gem in our country, and the deficiencies in this paper. On this basis, the related research on venture capital and gem in China is given. Outlook.
The innovation of this paper lies in (1) topic selection, venture investment is a growing industry in China. At present, the research on venture capital is the focus of attention of many scholars. At the same time, the rate of underpricing is high in the three year of the establishment of the gem, and venture investment is the main participation force in the gem. The impact of IPO underpricing on the gem is of great significance for the future development of the gem and the development of venture capital institutions. (2) research on the impact of venture capital on IPO underpricing in China is mostly focused on the participation of venture capital organizations, and this article will be based on the risk. In accordance with the different reputations, different backgrounds and the special samples of the venture capital institutions, the investment institutions are classified and studied to further explore the effects of venture capital.
After the empirical analysis, the final results show that in China's GEM market, the participation of venture capital institutions will have a certain degree of negative impact on the IPO underpricing of the enterprise, which can have a name by name effect, but the results show a high reputation after the differentiation of the risk investment institutions according to the different reputation. There is no obvious difference in the influence of venture capital institutions and low reputation risk investment institutions on the IPO underpricing of enterprises. This conclusion is not consistent with the related theory of the name by name effect. The reasons for this situation may lie in that most of the venture capital institutions in China have shorter employment time and some reputable venture capital institutions, such as deep investment institutions. Innovation investment, China investment investment, Jiuding investment and so on, its employment time is only 10 years, which may lead to the collective immaturity of China's venture capital institutions. Before the establishment of the gem, a large number of venture capital institutions do not have a good exit channel to return, and their investment activities are relatively stable, but after the establishment of the gem, the venture board has been established. As a result of the high return on venture capital and the expansion of the whole China venture capital market, more and more venture capital institutions hope to expand their own investment scale in order to achieve high returns in the successful exit of the gem by investment projects, and through the success of the GEM board. It can improve its reputation and gain more funds to expand the scale of investment. In such a process, venture capital institutions can continue to grow and grow, which makes many venture capital institutions willing to withdraw from the enterprises at the cost of IPO underpricing. The influence of the organization on the IPO underpricing can also be confirmed. The investment strategy of the venture capital institution with the background of foreign capital is stable, the investment behavior is more mature and the reputation is higher. Compared with the private venture capital institution, it does have a lower IPO underpricing, which indicates that the venture capital institutions in our country have a certain degree of competition in general. Effect.
According to the actual situation of China's capital market, the reasons for the negative effects of venture capital institutions on the IPO underpricing may not only include only the potential effect of the venture capital institutions, but also the collusion between the venture capital institutions and the listed enterprises under the IPO audit system in China. It is expected that a large amount of funds will be obtained through the successful listing of the gem. However, under the IPO audit system in China, the supply of the listed companies is far less than the demand, and it is very difficult for the enterprises to go on the market. Some of the institutions have a background or a good relationship with a large broker. Some of them have a government background. Most of them can help the enterprise to obtain the qualification of the market. Therefore, the enterprise has a strong motivation to seek the participation of venture capital institutions. According to the statistics of 206 venture capital firms involved in the gem. The data show that more than 50% venture capital institutions have entered the enterprise only in the first two years of the enterprise IPO. To a great extent, it has been proved that most of the venture investment institutions are not for financing needs, but they hope to make it possible for them to come into the market as soon as possible with the help of venture capital institutions. The pre listed companies to be listed on the market do not have any certification role on the enterprise, and it is difficult to embody their supervision. On the contrary, there may be various problems that may exist in the market. The quality of the enterprises is not the best. The outstanding enterprises are more outstanding because of their own financial situation and profit ability, which often does not require the introduction of risk. On the contrary, the enterprises with general quality are more inclined to introduce venture capital institutions in order to seek the help of venture capital institutions to achieve the goal of smooth listing. Therefore, the quality enterprises are not willing to introduce risk investment, and the quality of the market is not willing to introduce risk investment. Relatively general enterprises tend to venture capital, which leads to the emergence of "adverse selection", which makes the quality of enterprises involved by venture capital organizations are often not the best, and their IPO risks may be higher than those without the participation of venture capital institutions. Therefore, enterprises may choose lower issuing prices to reduce their IPO risks. The successful listing of enterprises now leads to a higher degree of underpricing for IPO.
On the basis of the development of China's venture capital industry and the GEM market, this paper looks forward to the future research direction: mainly including the relationship between venture capital institutions and the stock open market pricing efficiency, the IPO long-term operating performance of enterprises participating in venture capital investment institutions and the analysis of factors. After the end of IPO, the reduction of venture capital institutions and its market effect are studied.

【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F275;F832.51

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