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论文编号：	5520
作者编号：	2120112465
上传时间：	2013/6/9 20:16:15
中文题目：	风险投资参与对高新技术企业IPO抑价的影响研究-以创业板为例
英文题目：	The Research on Impact of Venture Capital to IPO Underpricing of High-tech Enterprises-Evidence From Growth Enterprises Market
指导老师：	李莉
中文关键字：	风险投资，高新技术企业，IPO抑价
英文关键字：	Venture Capital, High-tech Enterprise, IPO Underpricing
中文摘要：	高新技术企业具有回报周期长、收益高、风险大等特点，是我国产业升级和转型的重要参与者，也是风险投资的主要投资对象之一。由于目前我国并购、清算制度尚不完善，因此首次公开发行（Initial Public Offering，后文简称IPO）成为风险投资的主要退出渠道。目前创业板已经成为我国高新技术企业上市的重要平台，截至2013年3月底，共有280家国家认定的“高新技术企业”登陆创业板，占创业板上市公司总数的78.87%。我国证券市场的特点之一是新股上市首日普遍有较大涨幅，从发行人的角度看，发行价普遍低于发行首日收盘价，这种现象被称为IPO抑价。本文运用理论和实证相结合的研究方法，针对风险投资参与对高新技术企业IPO抑价的影响进行分析。理论研究部分，本文首先对风险投资、高新技术企业融资和IPO抑价的相关理论进行梳理和总结；之后在理论回顾基础上对我国风险投资和高新技术企业IPO的现实环境进行分析，主要包括：风险投资参与高新技术企业IPO的流程、风险投资参与高新技术企业IPO的盈利途径、风险投资参与高新技术企业IPO的盈利现状。实证研究部分，本文首先对风险投资参与对样本企业IPO抑价的情况进行描述性统计，之后对样本进行了独立样本T检验，接下来对样本的截面数据进行了相关性检验，进而判断该数据是否适合做回归分析。在上述研究的基础上，本文对312家样本企业的IPO数据进行回归分析，为了消除过多的虚拟变量对回归结果的影响，本文将分别对是否有风险投资参与、是否有国资风险投资参与和是否有外资风险投资参与进行回归分析，最后替换因变量，对实证结果进行稳健性检验，以证明研究结果的有效性。本文的研究结论有以下四点：第一，风险投资对我国高新技术企业IPO的声誉效应要大于认证效应，风险投资参与提高了高新技术企业的IPO抑价程度；第二，风险投资参与的高新技术企业倾向于选择在资本市场上能力强的保荐机构；第三，国资风险投资对高新技术企业IPO的影响程度大于外资风险投资；第四，国资风险投资对高新技术企业IPO抑价的提高作用要大于外资风险投资。
英文摘要：	High-tech enterprises, which have long return cycle, high profits and great risks, is one of the important participants in industry upgrading and transformation, and also one of the most important targets of venture capital. Due to the merger & acquisition and the liquidation system is not perfect in China at present, so the IPO (Initial Public Offering, later IPO) becomes the main exit channel of venture capital. For now, growth enterprise market has become a very important platform while high and new technology enterprises in our country go public. Up to March 2013, there have a total of 280 "high-tech enterprises" identified by the country on the GEM, accounting for 78.87% of the GEM listed companies. One of the characteristics of the securities market in China is new shares will have big increase when listed on their first day, from the perspective of issuers, the stock price is generally lower than its first closing price, this phenomenon is called the IPO underpricing. This paper uses the combination of theoretical and empirical research method to analyze how the participation of venture capital affects the IPO underpricing of high-tech enterprise. In the theoretical research part, this article firstly combed and summarized related theories of the risk investment, high technology and new technology enterprise financing and IPO underpricing. Then on the base of theoretical review analyzing the realistic environment of venture investment and high-tech enterprises IPO in our country, mainly including the influence risk investment participation has on high-tech enterprises, the analysis of high-tech enterprises in the IPO of GEM, as well as the analysis of the impact that the participation of venture capital has on the IPO underpricing of high and new technology enterprise. In empirical research part, this paper firstly makes descriptive statistics of the situation of IPO underpricing of the sample enterprises , and then independent samples T test was carried out on the samples, after that carrying on the correlation test of the cross section data of the sample, and then judge whether the data is suit for regression analysis. On the basis of the above research, this paper performed a regression analysis to examine the IPO data of 312 sample companies, in order to eliminate the influence of too much virtual variables have on the regression result, this article will be separately conducting regression analysis on whether there is a risk investment, whether have risk investment of state-owned assets participates in, and whether there is a risk of foreign investment to participate in, and replacing the dependent variable at last to test the empirical results, then to prove the validity of the results. This article has four main aspects of research conclusion. Firstly, the reputation effect of the risk investment of our country’s high-tech enterprise IPO is significant than certification effect, the participation of risk investment improves the degree of IPO underpricing of high and new technology enterprise. Secondly, the high-tech enterprises with risk investment tend to choose the sponsor that has strong capital market ability. Thirdly, the influence degree that risk investment of state-owned assets has on IPO of high and new technology enterprise is greater than the risk of foreign investment; Fourthly, the improvement effect that risk investment of state-owned assets has on IPO underpricing of high and new technology enterprise is more than foreign investment.
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