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论文编号：	14708
作者编号：	1120191054
上传时间：	2024/6/6 14:18:31
中文题目：	风险资本联合投资与被投资企业IPO效率——以发行制度改革为背景
英文题目：	Venture capital syndication and IPO efficiency of investee enterprises: Based on the reform of issuance system
指导老师：	黄福广
中文关键字：	风险资本联合投资；联合投资成员特征；发行制度改革；审核效率；定价效率；IPO效率
英文关键字：	Venture capital syndication; Characteristics of syndication; Issuance system reform; Audit efficiency; Pricing efficiency; IPO efficiency
中文摘要：	本文研究风险资本联合投资对被投资企业IPO效率的影响，试图研究联合投资成员特征和外部发行制度对联合投资成员合作与竞争关系的影响。研究结论表明，联合投资成员特征有利于成员间合作或限制竞争时，能够为被投资企业提供更好的增值服务，提高被投资企业的IPO效率；而发行制度的改变则会对联合投资成员特征与被投资企业IPO效率的关系起到调节作用。对联合投资成员特征和发行制度变化的研究有助于更深入的理解风险投资机构挑选何种类型的伙伴组成联合投资能够有利于实现IPO退出。 本文收集了2014-2023年741个新三板转板上市企业的样本数据，检验风险资本联合投资及其成员特征对被投资企业IPO效率的影响，并从发行制度变化的视角研究了不同特征的联合投资成员组合对被投资企业IPO效率的影响机制。本文从联合投资成员的资源禀赋、资金来源和产权性质考察联合投资成员组合，将发行制度分为核准制和注册制，还将被投资企业的IPO效率划分为审核效率和定价效率两部分，通过OLS模型检验研究假设，并采用倾向匹配得分（PSM）、工具变量和Bootstrap方法消除内生性的干扰，得到稳健可靠的研究结论。 主要研究结论包括：第一，注册制实行后，风险资本联合投资能够显著提高被投资企业的IPO效率。共同投资经历能够提高风险资本联合投资的合作激励，提高被投资企业IPO效率；第二，注册制实行后，由高声誉风投领投的联合投资能够显著提高被投资企业的审核效率和定价效率。战略聚焦程度在高声誉领投的联合投资和被投资企业IPO效率之间起到调节作用，即高声誉风投领投的联合投资在投后对被投资企业提供战略规划，使得其更贴近所属行业的平均值，当在注册制板块申报IPO时，更易查明的企业战略情况，降低了监管部门的审查难度和耗时，缓解了与市场投资者之间的信息不对称水平，进而提高了被投资企业的审核效率和定价效率。第三，注册制实行后，CVC和IVC组成的联合投资能够显著提高被投资企业的审核效率和定价效率。智力资本协同效应在CVC和IVC联合投资与被投资企业IPO效率之间起到中介作用；行业专长在CVC和IVC联合投资与被投资企业IPO效率之间起到调节作用。第四，注册制实行后，GVC和IVC联合投资能够显著提高被投资企业的审核效率和过会效率。基于共同投资经历和校友关系的非正式治理机制对GVC和IVC联合投资以及被投资企业IPO效率之间的关系起到调节作用。最后，进一步研究发现，注册制实行后，风险资本联合投资通过提高被投资企业的财务披露质量，进而提高其审核效率和定价效率；此外，注册制实行后，由风险资本联合投资持股的企业长期市场表现更好。 本文的主要创新点：第一，本研究将风险资本联合投资策略对被投资企业作用的研究延伸至IPO退出阶段，将IPO进程中被投资企业的审核效率和定价效率纳入到IPO效率的范畴中，拓展了风险资本联合投资对被投资企业IPO效率影响的研究边界。第二，本文研究表明，风险资本联合投资在投后管理阶段指导被投资企业进行战略调整，使其战略更为聚焦、贴近行业的战略趋势，避免由于偏离行业常规战略而导致的监管风险和经营风险，同时使其上市披露材料的信息更易查明并给出较为接近企业真实价值的发行报价，提高被投资企业的IPO效率，本文的观点拓展了风险资本联合投资增值作用的研究边际。第三，首次使用LPJ指数从管理基金的规模和数量、投资项目的数量和总金额以及成功退出的项目数等五个维度较为全面、具体的对风险投资声誉进行测量，使得风险声誉的测量更有说服力，丰富了风险资本的相关研究。最后，本文从我国特有的人际关系交往模式的视角，即差序格局对非正式治理机制进行解释，拓宽了非正式治理机制的研究视角，解释了中国文化对企业治理的作用。
英文摘要：	This dissertation examines the impact of venture capital syndication on the IPO efficiency of investee enterprises, and attempts to study the impact of internal member types and external issuance system on the cooperation and competition relationship of co-investment members. The results show that when the characteristics of co-investment members are conducive to cooperation or restrict competition, it can provide better value-added services for the investee enterprises and improve the IPO efficiency of the investee enterprises. The change of issuance system will play a regulating role in the relationship between the characteristics of co-investment members and the IPO efficiency of investee enterprises. The research on the characteristics of co-investment members and the change of issuance system is helpful to further understand the type of partners selected by venture capital institutions to form co-investment is conducive to IPO exit. This dissertation manually collected 741 samples of enterprises from the New Third Board to the New Third Board from 2014 to 2023, tested the influence of the characteristics of co-investment members on the IPO efficiency of investee enterprises, and studied the influence mechanism of different types of co-investment members on the IPO efficiency of investee enterprises from the perspective of changes in the issuance system. This dissertation examines the portfolio of joint investment members from the perspective of their resource endowments, capital sources and property rights, divides the issuance system into approval system and registration system, and divides the IPO efficiency of inveveed enterprises into two parts: audit efficiency and pricing efficiency. Moreover, propensity matching score (PSM), instrumental variables and Bootstrap method were used to eliminate endogenous interference, and a robust and reliable conclusion was obtained. The main research conclusions include: First, after the implementation of the registration system, venture capital co-investment can significantly improve the IPO efficiency of the invested enterprises. Syndication experience can improve the relationship between venture capital syndication and IPO efficiency of investee enterprises. Second, after the implementation of the registration system, joint investment led by high-reputation venture capital can significantly improve the audit efficiency and pricing efficiency of the invested enterprises. The degree of strategic focus plays a regulating role between the co-investment led by high-reputation venture capital and the IPO efficiency of the investee enterprise. That is, the co-investment led by high-reputation venture capital provides strategic planning for the investee enterprise after investment, making it closer to the average value of its industry. When filing for IPO in the registered sector, it is easier to identify the strategic situation of the enterprise. It reduces the difficulty and time consuming of the review by the regulatory authorities, alleviates the information asymmetry between the investment and the market, and then improves the audit efficiency and pricing efficiency of the invested enterprises. Third, after the implementation of the registration system, the joint investment composed of CVC and IVC can significantly improve the audit efficiency and pricing efficiency of the invested enterprises. The synergistic effect of intellectual capital plays an intermediary role between the co-investment of CVC and IVC and the IPO efficiency of investee enterprises. Industry expertise plays a moderating role between CVC and IVC co-investment and IPO efficiency of investee enterprises. Fourth, after the implementation of the registration system, the joint investment of GVC and IVC can significantly improve the audit efficiency and meeting efficiency of the invested enterprises. The informal governance mechanism based on co-investment experience and alumni relationship plays a moderating role in the relationship between GVC and IVC co-investment and IPO efficiency of investee enterprises. Finally, the further study finds that after the implementation of the registration system, venture capital co-investment can improve the audit efficiency and pricing efficiency by improving the financial disclosure quality of the invested enterprises. In addition, after the implementation of the registration system, the long-term market performance of enterprises held by joint investment is better. The main innovations of this dissertation: First, in the process of stock issuance system reform, this study extends the study on the effect of venture capital co-investment strategy on investee enterprises to the IPO exit stage for the first time, and innovatively includes the audit efficiency and pricing efficiency of investee enterprises in the IPO process into the category of IPO efficiency. The research margin of the impact of venture capital co-investment on IPO efficiency of investee enterprises is expanded. Second, this dissertation puts forward a novel point of view for the first time. In the post-investment management stage, venture capital co-investment guides the investee enterprises to make strategic adjustments, so as to make their strategies more focused and close to the strategic trend of the industry, and avoid the regulatory risks and operational risks caused by deviation from the conventional strategy of the industry. At the same time, it is easier to find out the information of its listing disclosure materials and give the offering price closer to the real value of the enterprise, so as to improve the IPO efficiency of the invested enterprise. The viewpoint of this dissertation expands the research margin of the value-added effect of venture capital co-investment. Third, LPJ index is used for the first time to measure the reputation of venture capital in a comprehensive and specific way from five dimensions, such as the scale and number of funds under management, the number and total amount of investment projects, and the number of successfully withdrawn projects, making the measurement of risk reputation more convincing and enriching the related research of venture capital. Finally, this dissertation explains the informal governance mechanism from the perspective of China's unique interpersonal communication mode, that is, the differential pattern, broadens the research perspective of informal governance mechanism, and deeply understands the role of Chinese culture on corporate governance.
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