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论文编号：	10227
作者编号：	2120162713
上传时间：	2018/6/12 12:50:05
中文题目：	风险投资对企业IPO前后绩效的影响研究
英文题目：	Study on the Impact of Venture Capital on the Enterprise Performance before and after IPO
指导老师：	牛芳
中文关键字：	风险投资；创业板；企业绩效
英文关键字：	venture capital; GEM; enterprise performance
中文摘要：	近年来我国风险投资行业快速发展，在机构数量、资本管理总量、投资金额等方面都呈现出良好的增长态势。风险投资行业的繁荣能够推动中小企业的创新和发展，为我国的经济发展不断注入新的活力。完善的风险投资退出渠道是风险投资行业健康发展的必要条件，我国于2009年10月正式引入创业板市场，历经数年的不断发展和完善，创业板市场逐渐成熟，上市企业数量不断增长，越来越多的风险投资机构选择通过被投资企业IPO上市的方式退出投资，因此研究创业板市场上风险投资对企业绩效的影响具有现实意义。 本文选择创业板上市企业作为研究对象，将企业的经营分为IPO前与IPO后两个时期，分别研究在各个时期内风险投资对企业经营绩效的影响，以及企业管理者的管理经验对风险投资与企业绩效间关系的调节作用。本文采用规范研究与实证研究相结合的方法，首先对现有的理论和研究进行回顾和整理，将风险投资对企业绩效的影响总结为风险投资提高企业的经营能力、逆向选择以及逐名效应三个方面；然后进行研究数据的收集和整理，通过企业发布的上市招股说明书以及年度报表获得研究数据；最后使用数据分析软件对收集到的数据进行相关性分析与回归分析。 最终通过研究发现：风险投资对企业IPO前绩效不存在显著影响，但对企业IPO后绩效存在负向影响。同时企业管理者的管理经验对风险投资与企业绩效间关系存在调节效应：对于管理者没有管理经验的企业，风险投资对IPO前绩效存在正向影响，对企业IPO后绩效不存在显著影响；对于管理者有管理经验的企业，风险投资对其IPO前绩效和IPO后绩效都存在负向影响。本文共有图0幅，表9个，参考文献70篇。
英文摘要：	In recent years, China’s venture capital industry has developed rapidly. The number of venture capitalists, the amount of managed capital and the amount of venture investment have shown good growth momentum. The prosperity of venture capital industry can promote the innovation and development of small and medium enterprises, bringing new vitality to social economy. This article chooses the GEM listed enterprises as the research object, divides the operation of these enterprises into two periods, and studies the impact of venture capital on operating performance before and after the IPO respectively. At the same time, the management experience of these enterprises’ managers is used as a moderator variable and the mediation effect of management experience is studied separately before and after the IPO. Both normative research and empirical research are adopted in this article. After reviewing existing theories and research, this article argues that the impact of venture capital on enterprise performance is attributed to the combination of the improvement of enterprise operation ability brought by venture capital, adverse selection and grandstanding effect. Then, the data needed by empirical study is collected from the IPO prospectus and the annual report of listed enterprises, and these data is analyzed by correlation analysis and regression analysis. Finally, this article finds that venture capital has no significant impact on the enterprise pre-IPO performance, but it has a negative impact on the post-IPO performance. At the same time, the management experience of enterprises’ managers has a mediation effect on the relation between venture capital and enterprise performance. When managers do not have any management experience, venture capital has a positive impact on pre-IPO performance and has no significant impact on post-IPO performance. And when managers have management experience, venture capital has a negative impact on both pre-IPO performance and post-IPO performance.
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