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论文编号：	5259
作者编号：	2120112459
上传时间：	2013/6/5 20:10:40
中文题目：	风险投资对我国创业板上市企业绩效影响的实证研究
英文题目：	An Empirical Study on Venture Capital’s effects on the Performance of Companies Listed on GEM
指导老师：	张晓农
中文关键字：	风险投资，创业板上市企业，企业绩效
英文关键字：	Venture Capital; Companies listed on GEM; Business Performance
中文摘要：	近年来，我国风险投资行业发展迅速，随着2009年10月我国创业板市场的推出，风险投资在创业板市场上的表现越来越活跃。在我国风险投资行业快速发展的同时，与之相关的实证研究却显得有些不足，不能为风险投资行业的发展提供有用的理论依据。因此，研究风险投资对我国创业板上市企业绩效的影响，对我国风险投资行业及创业板市场的健康发展有重要的意义。 在风险投资效应研究方面，国外学者研究发现风险投资具有认证效应、筛选监督效应、逐名效应和逆向选择效应，实证结果显示不同国家和市场的风险投资具有不同的效应。在风险投资对企业绩效影响研究方面，国内外研究得出的结论不统一，有的研究发现有风险投资支持企业的经营绩效要显著优于无风险投资支持的企业，也有研究得出了相反的结论。 本文在前人的研究基础上，选取2009年至2011年在我国创业板上市的企业作为研究对象，首先按照有无风险投资支持将创业板上市企业分为有风险投资支持组和无风险投资支持组；其次对风险投资的认证效应和逐名效应进行实证检验；然后运用独立样本T检验和非参数检验方法检验两组样本上市前后绩效指标是否有显著差异；最后，对风险投资各因素与企业绩效进行回归分析，寻找风险投资与企业绩效之间的关系。 通过实证研究，本文得出的主要结论如下： 从整体来看，风险投资在创业板市场十分活跃，有61.21%的企业都有风险投资支持；风险投资从进入企业到企业上市的平均时间为2.42年，介入时间较短；风险投资的平均持股比例为15.15%，符合风险投资对企业进行股权投资但并不控股的原则。 在风险投资效应检验方面，实证结果并不支持我国风险投资具有认证效应和逐名效应。在风险投资对企业绩效影响方面，我国创业板市场上有风险投资支持的企业在经营业绩尤其是盈利性方面显著差于无风险投资支持的企业；回归结果显示，有风险投资支持对企业绩效有显著负面影响，并且风险投资持股比例高的企业经营绩效更差。
英文摘要：	In recent years, China's venture capital industry is developing rapidly. On Oct. 30, 2009, the GEM (Growth Enterprise Market) board was officially listed. Venture Capital (VC) is increasingly active on the GEM, but the associated empirical research is somewhat insufficient. So studying the relationship between venture capital and China's GEM-listed firms’ performance is very important for the healthy development of China's venture capital industry and the GEM. There were four VC effects, Certification Model, Election &Monitoring Model, Grandstanding Model and Adverse Selection Model. Foreign scholars had studied and found that the VC effects were different in different countries and markets. Domestic and foreign scholars’ conclusions were not uniform on the relationship between venture capital and business performance. Some studies found that venture capital-backed company's operating performance was significantly better than no venture capital-backed one's, while some studies concluded the opposite results. This paper is based on previous studies. We select companies listed on GEM from 2009 to 2011 as research samples. First of all we classify research samples in two groups, venture capital-backed group and no venture capital-backed group. Secondly, we test Certification Model and Grandstanding Model of venture capital. Thirdly, we use Independent Samples T-test and Non-parametric Test to compare the mean of two groups before and after IPO (Initial Public Offering). Finally we make a regression analysis between venture capital’s factors and business performance. The descriptive statistics show that 61.21percent of companies on GEM are venture capital-backed companies. The average time between venture capital got into companies to companies listed on GEM is 2.42 years, which is shorter than developed countries’. The average equity ratio of Venture capital is 15.15%. The final results show that venture capital-backed company's performance is significantly less than no venture capital-backed one's, especially in profitability. The regression results show that equity ratio of venture capital is significantly negative correlated with business performance. We find that Certification Model and Grandstanding Model can’t be proved in China.
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