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论文编号：	2133
作者编号：	2120071974
上传时间：	2010/1/14 9:28:59
中文题目：	风险投资对中国中小企业IPO抑价程度影响的实证研究
英文题目：	An Empirical Study on the impact of IPO underpricing Of venture capital to SMEs in China
指导老师：	黄福广
中文关键字：	IPO 抑价 风险投资机构 声誉机制 逆向选择
英文关键字：	Underpricing Venture Capital Reputation Mechanisms Adverse Selection
中文摘要：	IPO 抑价是指由于股票在发行市场上的定价偏低，导致其上市交易首日的 收盘价明显高于其发行价，从而产生了短期超额报酬率。在对IPO 抑价现象产 生原因的研究中，基于信息不对称的理论解释受到了普遍认可，该理论从市场 参与各方对 于发行公司基本信息的掌握程度存在差异来解释抑价现象，并且认 为抑价幅度与信息不对称的程度正相关。 在上市公司中，IPO 过程中有风险投资机构参与的公司成为了近年国外研 究的焦点。风险投资机构支持企业IPO 时的参与方较之非风险投资机构支持公 司，增加为发行人、承销商、投资者和风险投资机构四类。风险投资机构的加 入使得各参与方的关系更加复杂。国外关于风险投资机构的参与对于发行公司 IPO 抑价程度影响的研究已经比较成熟，相应的研究结果可以分为以下两类： 一是与非风险投资机构支持企业相比，风险投资机构支持企业的抑价度较低； 二是风险投资机构支持企业的抑价度较高。国外学术界对此给出的主流理论解 释有认证模式(声誉作用)、逆向选择理论以及哗众取宠假说。 中国风险投资行业尚处发展期，相应的学术研究也主要以介绍国外理论为 主，缺乏实证分析的支撑。本文在借鉴国外理论模型的基础上结合中国股票市 场与风险投资行业的实际情况，以2004 年6 月15 号到2008 年9 月25 号之间 在深圳中小企业板上市的59 家风险投资机构支持企业和214 家非风险投资机构 支持企业为研究对象，通过差异比较和构建多元回归模型对风险投资机构的参 与对于发行公司IPO 抑价度的影响进行了实证研究。实证结果表明，在目前中 国市场环境下，由于声誉机制难以建立，风险投资机构无法发挥出认证/监督的 功能，风险投资机构与创业企业之间存在着逆向选择现象，风险投资机构支持 企业的IPO 抑价程度显著高于无风险投资公司支持的企业。
英文摘要：	Underpricing in Initial Public Offering means that as the issuing price be set so low, the closing price in the first trading day become so high，thus caused short-term extra rewards. As research work shown，this phenomenon is universal except for the difference in the degree of underpricing, the degree of underpricing is less in mature stock markets than in emerging stock markets. One type of listed companies has been hot issue in recent overseas research work as they have Venture Capital-backed background. Compared with non Venture Capital-backed companies, VC-backed companies have four participants in IPOs: issuer, underwriter, investor and VC. In abroad those researches have been very popular, and the results lie in two aspects: one is that compared with non VC-backed companies, VC-backed companies have lower underpricing, and the other is vice versa. The well-accepted theories include the certification model, the adverse selection theory and the grandstanding hypothesis. In China, the industry of Venture Capital is still in progress; the research work is mainly based on the introduction of those theories from abroad and is lack of the support of demonstration research. Based on the models from abroad and the conditions of stock markets and VC industry of our country, in this paper we analyzed 59 VC-backed companies and 214 non-VC-backed companies which listed in the Small and Medium Enterprise Board (SMES) during June 15, 2004 to September 25, 2008, by using the method of differential comparison and multi-regression analysis. Empirical results show that in the Chinese market under the current circumstances, it is difficult to establish reputation mechanisms, and venture capital is not able to play a certification functions. There exists adverse selection phenomenon between Venture Capital institutions and start-ups, VC-backed IPOs have significantly higher underpricing ratio than non-VC-backed IPOs.
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