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论文编号：	6296
作者编号：	2120122604
上传时间：	2014/6/7 10:51:10
中文题目：	风险投资对我国中小板上市公司IPO抑价及后市业绩的影响
英文题目：	The Impact of Venture Capital on IPO Underpricing and After-market Performance of Companies From SME Board
指导老师：	黄福广
中文关键字：	风险投资;中小板;IPO抑价;后市业绩
英文关键字：	Venture Capital; SME Board; IPO Underpricing; After-market Performance
中文摘要：	1985年9月，中国新技术创业投资公司（CVIC）作为我国第一家风险投资公司获得国家批准正式成立。自此以后，风险投资机构便如雨后春笋一般在我国资本市场上蓬勃发展。关于风险投资的IPO效应，无论是来自于国外还是国内的学者都做了大量的研究。国外学者主要提出风险投资的“认证效应”、“筛选和监督效应”、“逆向选择效应”和“躁动效应”。研究风险投资对我国中小板上市公司IPO抑价和后市业绩的影响不但有助于为提高我国风险投资机构在资本市场的运营效率提出合理化建议，同时对作为创业板过渡的中小板的研究，也有助于为创业板市场中风险投资参与公司上市过程如何带来更多正效应指引方向。本文以2004年6月25日至2012年12月31日期间在深圳证券交易所上市的703家中小板上市公司为研究样本，通过瑞思金融数据库（RESSET）、CCER（China Center for Economic Research）经济金融数据库、深圳证券交易所官方网站等渠道，利用SPSS 16.0统计软件，试图通过独立样本T检验找出风险资本的参与在公司IPO过程中对哪些因素带来显著影响，通过多元线性回归的方法找出风险投资背景下IPO抑价率及后市业绩的影响因素，进而研究风险投资的参与及风险投资持股比例和风险投资背景对中小板公司IPO抑价率及后市业绩是否会带来显著影响。研究指出，有无风险投资背景对中小板公司IPO抑价及后市业绩没有显著影响，风险投资持股比例及民营背景风险投资的参与与IPO抑价负相关，而风险投资持股比例与背景对公司IPO后市业绩无显著影响。
英文摘要：	In Sep. 1985, CVIC as the first venture capital company was found. From then on, venture capital companies developed rapidly in China. Researchers from home and abroad have done a lot of reaearches about venture capital’s IPO effect. What’s more, foreign researchers have come up with “Certification”, “Screening and Monitoring”, “Adverse Selection” and “Grandstanding”. Studying the impact of venture capital on IPO underpricing and after-market performance of companies from SME board is very meaningful to improve the operating efficiency of venture capital market. What’s more, the studying of SME board as the transition between main board and GEM market can give some helpful advice to the participation of venture capital in GEM mardet’s IPOs. Based on the evidence of companies of SME board from 2004 to 2012, we use RESSET, CCER, and official website of Shenzhen Stock Exchange, trying to find out the IPO effect of venture capital with independent sample T test, the influence factor of IPO underpricing and after-market performance of companies from SME board. In addition, we try to find out the impact of the venture capital, its shareholding ratio and its background on IPO underpricing ratio and after-market performance of companies from SME board with SPSS 16.0. We find that the IPO underpricing rate of venture and nonventure capital-backed companies are not significantly different, and the proportion of venture capital holding share and the support of private-backed venture capital have significantly negative effects on IPO underpricing. While the proportion of venture capital holding share and the type of venture capital have no significant effect on after-market performance.
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