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论文编号：	6071
作者编号：	2120112597
上传时间：	2013/12/18 21:11:11
中文题目：	中国创业板风险资本减持对公司价值的影响研究
英文题目：	A Study on the Effect of Venture Capitals’ Reduction on Corporate Value on China’s Growth Enterprise Market
指导老师：	覃家琦
中文关键字：	创业板；风险资本；减持；公司价值
英文关键字：	GEM；Venture Capital；Reduction；Corporate Value
中文摘要：	中国创业板市场的设立为风险资本的退出提供了更便捷的通道，极大的促进了中国风险资本的发展。但是关于风险资本积极参与创业板上市公司的行为，目前还存在很大争议。有观点认为风险资本的参与可以规范企业经营管理，进行有效的风险监控，帮助投资者识别企业价值，降低投资者的风险，促进创业板的健康发展。也有观点认为，风险资本积极参与创业板上市公司，目的仅在于获得短期高额收益，其并不关心企业的未来业绩和成长，只追求尽快地减持套现。本文通过对风险资本减持对公司价值影响的研究，可以更加清晰的了解风险资本对创业板上市公司的影响，为市场监管和保护投资者利益提供一定的参考。 本文以中国创业板市场设立以来至2012年9月风险投资机构减持并发布减持公告的股票作为样本，围绕发布减持公告这一事件，计算累积异常收益率。并通过回归分析，分析了哪些因素与风险资本减持对公司价值的影响有关。结果表明风险资本减持对公司价值有负面影响。风险资本减持前后，累积异常收益率先升后降，并在减持前夕达到观察期间的最高值，风险资本在减持时点所获得的收益是事件观察期内的最高收益。从长期看，发布减持信息的股票的累积异常收益率会逐渐回升，但是当达到或接近前期最高值后又会下降。风险资本类型、是否通过大宗交易减持、风险资本在上市首日的投资回报、财务杠杆、资产回报率、在风险资本减持时对公司价值有负面影响。资产规模、股指波动程度在风险资本减持时对公司价值有正面影响。风险资本的投资期、上市前风险资本持股比例以及销售增长率在风险资本减持时对公司价值没有显著影响。 本文根据以上分析结论从上市公司、投资者、风险投资机构和证券市场管理者的角度提出了相应的政策建议。
英文摘要：	Since the establishment of China's growth enterprise market, it provides a more convenient channel for venture capital exit, which greatly promoted the development of China's venture capital. But there is still much controversy on the behavior of the venture capital to participate in the GEM's listed companies. It is thought the participation of venture capital can standardize enterprise management , effective risk monitoring , help investors identify business value, reduce investor risks and promote the healthy development of the GEM . There is also a view that the active participation of venture capital companies listed on GEM , is intended only to obtain short-term high returns , it does not care about the future of business performance and growth , only the pursuit of cash holdings as soon as possible . This paper study on the impact of venture capital on the value of the company can be more clear understanding of risk capital for companies listed on GEM implications for market regulation and protect the interests of investors. This study investigates the venture capital’s selling behavior using the disclosed data of companies going public on the growth enterprises market from 2009.10 to 2011.7 and choose 2010.11-2012.9 as the study duration. And the cumulative abnormal returns for different events window is negative. So there are some negative impact on corporate value from venture capitals’ reduction. The selling behavior had a negative impact on related stocks , the price will relatively declined, particularly on the day and the next day when the information was released. In the long run, the cumulative abnormal returns will gradually recovery, but when at or near the highest point cumulative abnormal returns will fall again. The type of venture capital institutions, whether sold through block trade, the return of the first day of IPO, financial leverage , return on assets, have a negative impact on the value of the company when venture capitals’ reduction. Asset size, stock index volatility have a positive impact on the value of the company when venture capitals’ reduction. Invested period, proportion of shareholding and sales growth rate have no significant effect on the value of the company when venture capitals’ reduction. From the above analysis we give some advice for the listed companies, investors, venture capital and securities markets manager.
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