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论文编号：	5416
作者编号：	2120112458
上传时间：	2013/6/7 17:36:34
中文题目：	风险投资声誉、IPO抑价与长期业绩——基于中国创业板的实证研究
英文题目：	Venture Capital Reputation, IPO Underpricing and Post-IPO Long-run Performance——An Empirical Study Based on ChiNext
指导老师：	齐岳教授
中文关键字：	风险投资声誉，创业板，IPO，抑价，长期业绩
英文关键字：	VC Reputation, ChiNext, IPO, Underpricing, Post-IPO Long-run Performance
中文摘要：	理论研究和实践表明，风险投资对被投资企业具有筛选、培育、监督等作用。近年来，我国风险投资行业得到了快速发展，也积极参与到处于创业初期或成长期的企业当中。声誉是对企业来说是一项重要的无形资产，对风险投资更是如此，将影响其融资—投资—退出的整个过程。声誉的不同将影响风险投资作用的发挥。我国创业板自2009年设立以来，大量出现IPO“三高”（高发行价、高市盈率、高超募资金）和“业绩变脸”现象。参与IPO企业的风险投资一方面因创业板造富效应获得了巨大的回报， 另一方面则在解禁之后就争相套现退出。这些现象和行为让人不得不思考风险投资在创业板公司IPO过程中所发挥的作用，尤其是那些投资能力和经验相对欠缺的低声誉风险投资。本文以截止到2010年底在创业板上市的153家公司为样本，通过实证的方法，试图解决以下几个问题：是否有风险投资支持对企业IPO抑价和IPO后长期业绩（包括经营业绩和股票业绩）的影响；在有风险投资支持的企业当中，风险投资声誉的不同对企业IPO抑价和IPO后长期业绩的影响。在文献回顾以及对风险投资与创业板发展现状进行梳理的基础上，提出了四个相关假设，通过均值T检验、描述性统计和多元线性回归分析，对这四个相关假设进行了验证。本文通过实证分析得出了以下几个主要结论：风险投资倾向于支持规模更大的企业，有风险投资支持的企业也更容易吸引到知名的承销商和审计机构，以更大的规模进行IPO；风险投资的支持在一定程度上会提高企业的IPO抑价，但对IPO长期业绩无显著影响；虽然风险投资的支持会提高IPO抑价，但风险投资的声誉又会抵消这种影响，高声誉风险投资支持的企业IPO抑价程度更低；风险投资声誉的高低对其所支持企业的IPO长期业绩不存在显著影响。本文的贡献在于从声誉的角度，以我国创业板上市公司为对象，验证了风险投资对企业IPO抑价和长期业绩的影响，这有助于创业板运行机制的进一步完善，同时为上市公司、风险投资、监管机构及投资者等市场参与主体今后的经营或决策提供一些参考借鉴。
英文摘要：	Theoretical research and practice show that venture capital (VC) firms invested companies with screening, training, supervision, etc. In recent years, China's venture capital industry has been rapidly developed, is also actively involved in companies at startup or growth-stage. Reputation is an important intangible asset for companies, and this is especially true for VC, will affect its financing, investment and quitting. Differences of reputation will affect its role in VC. Since its inception in 2009, the majority of Chinese companies listed on ChiNext face high issue price, high price-earnings ratio, superb fund-raising and poor performance. On the one hand, VCs, which invested the IPO companies, got a great return. On the other hand, they cash out immediately after the lifting of the ban. Therefore, we have to think about the role of VC in the IPO process of the ChiNext companies, especially the low reputation VC that lack of ability and experience. Taking the 153 companies listed on ChiNext at the end of 2010 as samples, this study attempted to solve the following problems through empirical methods: Whether there are differences exist in IPO underpricing and Post-IPO long-run performance (including the finance performance and stock performance) of VC-backed companies and non VC-backed companies? Among VC-backed companies, what the impact of different reputation on the IPO underpricing and Post-IPO long-run performance is. This study presented four underlying assumptions based on literature review as well as venture capital and development status of ChiNext to sort out. Then, these four underlying assumptions were verified through the mean T-test, descriptive statistics and multivariate linear regression analysis. The main conclusions of this study are as follows: VCs tend to support larger companies. VC-backed companies are also more likely to attract well-known underwriters and audit institutions, on a larger scale IPO. VCs’ supports improve the IPO underpricing to some extent, but have no significant associations with the Post-IPO long-run performance. But reputation will offset this impact, IPO underpricing of companies backed by high reputation VC would be lower. Reputation of VC has no significant associations with IPO underpricing and Post-IPO long-run performance. The contribution of this study is that it verified the VCs’ impact on the IPO underpricing and Post-IPO long-run performance from the point of view of reputation, which contribute to the further improvement of the operating mechanism of ChiNext, as well as help listed companies, VCs, regulators and investors to make right decisions.
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