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论文编号：	3286
作者编号：	2120092341
上传时间：	2011/6/7 11:29:40
中文题目：	风险资本对创业板上市公司资本结构的影响
英文题目：	A Study on the effect of Venture Capital on Capital Structure Of Companies listed on the Growth Enterprise Market (GEM)
指导老师：	黄福广
中文关键字：	风险资本；创业型中小企业；资本结构；创业板
英文关键字：	Venture Capital;Startups;Capital Structure;GEM
中文摘要：	随着创业板的推出，风险资本再一次迎来了发展的良机。目前国内外学者普遍认为，风险资本对创业企业有着巨大的作用和影响：可以为企业提供资金、管理服务等资源；可以发挥信息揭示的作用，证实企业的价值等。提升创业企业的管理水平，降低经营风险，规范公司治理，最终提升企业的业绩。 资本结构与企业价值的关系一直是现代公司财务研究的重点领域之一。目前国内外学者普遍认为，以MM理论为代表传统资本结构理论只能部分解释创业企业的资本结构，而对于创业企业的资本结构的探讨目前大多数停留于理论阶段。他们认为创业企业高风险、高收益的特征是导致创业企业资本结构与传统资本结构理论不符的主要原因。通过分析，总结出风险资本逆向选择、资源支持、信息揭示等作用，对创业企业的资本结构形成起到至关重要的作用。 本文以168家创业板上市公司作为研究样本，选取风险资本持股比例与风险等级作为自变量，选取常规变量作为控制变量，研究风险资本对创业板上市企业资本结构的影响并且探讨创业板上市企业资本结构特点及其他影响因素。采用统计分析软件SPSS16.0对样本数据进行了描述性统计、非参数检验、相关性分析及多元线性回归分析。实证研究结果显示：风险资本持股比例与资产负债率和短期负债率显著负相关，与长期负债率显著正相关。风险等级与资产负债率和短期负债率显著正相关，与长期负债率显著负相关。风险资本投资存在逆向选择。 因此本文得出结论：基于风险等级的创业企业融资理论在对解释我国创业板上市企业资本结构有一定适用性。风险资本对创业企业资本结构的形成发挥了较大的作用，从短期来看，一方面缓解了企业资金的缺口，能够降低企业的短期负债率；从长期看，证实了创业企业的质量的同时，通过后续的增值管理服务持续提高企业的质量，一定程度上弱化了创业企业的信息不对称程度，帮助企业获得支持其长远发展长期负债。
英文摘要：	The establishment of Growth Enterprise Market (GEM) is a good news for Venture Capital (VC). It’s generally believed by the academicians that VC plays an important role in the growth of Startups by providing capital, management advisory service etc. and playing the role of information disclosure to confirm the value of such enterprises. VC can help the company invested to enhance the level of business enterprise management, reduce business risk, standardize corporate governance, and ultimately improve business performance. At the same time, the relationship between capital structure and company value has been the focus of corporate finance. At present, domestic and foreign scholars generally believe that the MM theory, represented by traditional capital structure theory, can only partially explain the capital structure of startups. And the theory for it is still stuck in the theory. They believe that high-risk start-ups, high-yield characteristics of venture capital structure are the main reason leading to the traditional theory of capital structure does not match. In conclusion VCs play a crucial role by adverse selection, resources support and information disclosure. In this paper, we choose 168 companies listed on the GEM as sample. We use shareholding ratio of VCs and risk level as independent variables, corporate profitability, firm size, product market competition, collateral value of assets, intangible assets and growth as control variables to study how VCs influence the capital structure of startups listed on the GEM and discuss the features of capital structure of the companies listed on the GEM and the other factors. In this paper, we make data descriptive statistics, nonparametric tests, correlation analysis and multiple linear regression analysis through statistical analysis software SPSS16.0. Empirical results show that: the shareholding ratio of VCs is significantly negatively correlated with asset-liability ratio and short-term debt ratio, with long-term debt ratio was a significant positive correlation. Risk level is significantly positively correlated with asset liability ratio and short-term debt and significantly negatively correlated with long-term liabilities. Adverse selection does exist in the venture capital investment process. Conclusions: the theory of growth enterprise finance based on risk level is partly explain the capital structure of companies listed on the GEM. VCs play an important role in promoting the formation of capital structure of growth enterprises. In the short term, VCs ease the funding gap in the enterprise, reducing short-term debt ratio. In the long term, VCs confirms the quality of startups while the follow-up of value-added management services through continuous improvement of the quality of enterprise, to some extent Weakened the degree of information asymmetry in start-ups to help support its long-term development of enterprises to obtain long-term liabilities.
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