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论文编号：	2298
作者编号：	2120082148
上传时间：	2010/6/8 17:42:43
中文题目：	风险资本持股对深圳中小企业板上市公司IPO抑价的影响研究
英文题目：	Study on Impacts of Venture Capital on Shenzhen SME IPOs Underpricing
指导老师：	黄福广
中文关键字：	IPO抑价，风险资本，中小企业，信息不对称
英文关键字：	IPO Underpricing, Venture Capital, SME (Small and Medium Enterprise), Information Asymmetry
中文摘要：	本文应用现代经济学的分析框架分析了风险资本持股对中小上市公司IPO抑价的影响机制。首先，做出若干研究界定，包括市场、参与者、交易规则等；其次，在对称信息的假定下分析发现风险资本持股的企业IPO时的股票和IPO前的股权均不会发生抑价；再次，扩展到不对称信息条件下的分析发现风险资本持股的企业会发生IPO抑价和IPO前的股权抑价，这分别是投资者、风险资本家逆向选择的结果。 基于这个研究思想，本文设计了实证研究模型。首先，选取了公司层面的一些研究变量。最主要的变量就是信息不对称程度，本文使用公司股票收益率的市场模型，逐一计算出每个公司市场模型残差项的标准差作为公司信息不对称程度变量的一个测度指标，其他指标还包括股权分散度、企业规模、企业成立年限、研发支出、销售收入增长率。其次是设计实证模型，应用一系列多元回归模型来解释风险资本持股的IPO高抑价，并应用逻辑回归模型来解释风险资本的逆向选择行为。 最后，本文使用实证数据检验我国风险资本持股对深圳中小企业板上市公司IPO抑价的影响。论文选取2004-2008年间在深圳中小企业板上市的273家上市公司作为研究样本，其中有风险资本持股的公司为60家。实证研究结果表明：第一，有风险资本持股的公司IPO抑价度显著高于无风险资本持股的公司；第二，风险资本持股的上市公司的IPO高抑价可以由其较高的信息不对称程度来解释；第三，风险资本选择投资高风险的中小企业的概率更高，这是风险资本家的逆向选择行为。
英文摘要：	The dissertation applying the economic analysis of normative paradigm, mainly analyses the deeply relationship between venture capital and their backed SMEs IPO underpricing. Firstly, I make several research presuppositions, including the markets and players, the human being hypothesis, the human behavior hypothesis and dealing rules. Secondly, I find that ventures should not underprice their stock during IPO and their equity before IPO, just under the symmetric information hypothesis. Thirdly, the analysis under the asymmetric information hypothesis comes to that ventures should underprice their stock and equity, and that the underpricing results from adverse selection of investors and venture capitalists. According to this research idea, I devise some research models to examine it. Firstly, I select some research variables, the most important of which is the extent of information asymmetry. I calculate the standard deviation of residuals of the market model one by one, and other variables conclude firm’s age, asset size, sales growth and intangible assets ratio, to measure the extent of firm’s information asymmetry. Then, I devise empirical models. I utilize a series of multi-regression models to interpret venture capital backed IPO underpricing, and I apply the logistic regression models to explain adverse selection of venture capitalists. Finally, the dissertation tests the relationship between venture capital and Shenzhen SME IPOs underpricing. I choose 273 companies listed in Shenzhen SME Board between 2004 and 2008, 60 companies of which are venture capital backed. The empirical result suggests that: (1) Venture capital backed IPOs underpricing is significantly higher than non-venture capital backed IPOs. (2) Venture capital backed IPOs high underpricing can be explained by the high extent of information asymmetry. (3) The probability is higher for venture capitalists to choose SMEs with higher risk or information asymmetry. It means that venture capitalists may act adverse selection.
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