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论文编号：	3340
作者编号：	2120092356
上传时间：	2011/6/8 16:12:43
中文题目：	创投持股与公司IPO抑价的关系——基于中国创业板的实证研究
英文题目：	The Relationship Between Venture Capital and IPO Underpricing——Based on Empirical Study of GEM
指导老师：	肖沂娃
中文关键字：	中国创业板;首次公开发行;IPO抑价;创投功效假说
英文关键字：	GEM;IPO;IPO under pricing; hypothesis of venture capital holding effectiveness
中文摘要：	1999年8月20日，党中央、国务院出台《关于加强技术创新，发展高科技，实现产业化的决定》指出，要培育有利于高新技术产业发展的资本市场，适当时候在现有的上海、深圳证券交易所专门设立高新技术企业板。这是我国首次提出开设创业板的构想。2009年3月31日，中国证监会正式发布《首次公开发行股票并在创业板上市管理暂行办法》。这为创业板的设立做好了准备。2009年10月23日，在经过了多年的深入研讨和充分准备之后，中国创业板正式启动。这对中国资本市场的发展和完善，具有里程碑式的意义。 自首批上市的28家公司于2009年10月30日登陆中国创业板之后，越来越多的中小型高科技企业提出上市申请，并逐步实现了公司上市的梦想。截止到2010年12月31日，中国创业板已经吸纳了154家上市公司。值得注意的是，在这154家公司中，有许多公司的股权结构有一个明显的共同的特点:创业投资机构持股，即该公司的前十大股东中存在专业的创业投资机构（VC或PE）。同中国主板上市公司一样，我国的创业板上市公司也有着较高的IPO抑价率。这个问题已经成为了人们关注的一个焦点。“创投持股”这一特殊的背景与创业板上市公司的IPO抑价有没有关系？如果有，那他们之间的关系又是怎么样的？研究和解答这个问题，对于提高我国资本市场投融资效率以及完善新兴市场IPO理论研究，都具有非常重要的理论与现实意义。 本文在前人研究的基础上，以2009年10月30日至2010年12月31日在中国创业板上市的154家公司为研究样本，实证检验了创投持股背景与公司IPO抑价之间的关系。本文的研究内容从逻辑上可以分为三个方面：首先对比分析创投持股公司与非创投持股公司之间的IPO抑价差异，研究创投持股对IPO抑价的影响；然后本文将创投机构按其经营年限分为两类：成熟创投和非成熟创投，实证检验两类创投持股公司的IPO抑价率是否有显著差异；最后本文用多元回归分析法研究创投机构数目、创投持股比例和创投提名董事、监事数量对公司IPO抑价的影响。本文对研究结果进行了总结分析，并根据研究结果对我国证券市场和创投行业的未来发展提出了相应的政策与建议。
英文摘要：	On 20th August, 1999, the Party Central Committee and the State Council promulgated the Decision about Strengthen Technology Innovation and Development of High Technology to Achieve Industrialization. In this document, the government pointed out that a capital market which would help the development of high technology industry needs to set up. At appropriate time, in the existing Shanghai and Shenzhen Stock Exchange market, the government will set up special high-tech enterprise block. This was the first time the idea of creation of the GEM was proposed. March 31, 2009, the official China Securities Regulatory Commission issued "initial public offering and listing on the GEM Interim Measures." This establishment of the GEM made good preparations for the following work. October 23, 2009, after years of in-depth discussions and fully prepared, the Chinese official launch the GEM. This is a milestone in China's capital market development and improvement. Since the first batch of 28 companies listed on the GEM on October 30, 2009, after landing the second board, many small and medium sized high-tech enterprises applied for listing, and listing the progressive realization of the dream. As on December 31, 2010, China absorbed a total of GEM of 154 listed companies. It is noteworthy that, among these 154 companies, many of the company's ownership structure have an obvious common feature: Venture Capital Institutional Ownership, the top ten shareholders of the company's existing professional venture investment institutions (VC or PE). Similar with the Chinese markets, our companies listed on the GEM also have higher rate of IPO under pricing, which has become a focus of attention. "Venture capital holdings,” the special background of GEM listed companies are not related to IPO under pricing? If so, what is the relationship between them, how about it? Research and answer to this question, for improving the efficiency of China's capital market and improving the investment and financing in emerging markets IPO theory, have very important theoretical and practical significance. This paper, based on previous studies, studied from October 30, 2009 to December 31, 2010,154 Chinese companies listed on GEM for the research sample. This paper examines the relation between the background and venture holding and IPO under pricing. Research of this article can be logically divided into three areas: first comparative analysis of the difference in IPO under pricing between venture capital holding company and non-venture and the venture capital holdings of the impact of IPO underpricing; then multiple regression analysis with the number of venture capital institutions, venture capital and venture stake to nominate directors, supervisors and the number of IPO under pricing on the impact of the company; Finally, venture capital institutions according to their operating life will be divided into two categories: mature venture capital and immature venture capital. Empirically tests two types of venture capital holding company's IPO under pricing. There is a significant difference. Finally, the study results were analyzed, and according to the results of China's securities market and the venture capital industry, the paper proposed advices about the future development of corresponding policies and proposals.
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