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论文编号：	6298
作者编号：	2120122609
上传时间：	2014/6/7 11:25:24
中文题目：	创业投资对创业企业融资行为的影响——基于中国创业板的实证分析
英文题目：	The Impact of Venture Capital to a Company’s Financing Behavior——Evidence from China GEM Listed Companies
指导老师：	陈国欣
中文关键字：	创业投资；企业融资；创业板
英文关键字：	Venture capital; Corporate finance; GEM listed companies
中文摘要：	现代创业投资作为一种创新的融资方式，在满足了创业企业的融资需求之外，更给其注入了丰富的管理内涵，成功地实现了资本资源与人本资源的有效结合。创业投资领域及公司融资领域的研究已经比较丰富，但纵观以往文献，很多没有深入风险投资的作用机制进行阐释。而且在创业板的新背景下，分析中小创业公司背后创业投资影响的文献寥寥，而创投作为创业公司的一种特殊的少数股东，专门研究创业投资与公司融资行为之间关联的文章也是非常少见。 本文的创新之处在于将风险投资与融资行为结合起来，并将风险投资的研究领域扩展到上市之后，着重考虑上市时点和解禁期风投影响特征的变化。 本文以我国创业板上市公司为研究对象，探讨上市公司的创业投资背景对融资行为的影响机制和作用。首先，对创业投资理论、企业融资相关理论的文献进行梳理。接着，深入探究风险投资作用于企业融资的内在机制，指出风险投资参与企业价值创造、改进信息不对称的正向作用，以及由双重委代理可能导致的负向作用。指出创业投资能够通过注资、筛选、监督、认证、管理效应影响企业的融资行为。之后，运用中国创业板上市公司的数据，在对相关概念进行合理量化之后，构建多元线性回归模型，对创业投资及其特征与IPO超募、融资效率、融资顺序的影响关系进行数据验证，并对回归结果进行分析。 本文得到如下结论：1.中国创投机构偏向于投资成熟期的公司，并普遍存在在上市前突击入股的行为，普遍存在联合投资的情况，创投通过参与董事会与股东会影响决策。2. 创业板普遍存在首发超募的现象。创业投资的声誉会通过认证效应显著加重超募的水平，而通过管理与监督的作用不明显。3. 创业板公司在上市时存在明显的“包装”行为，在短期内改善了融资效率与负债结构，却没有真正提高融资实力，上市后出现指标“变脸”现象。4. 创投支持企业的融资效率减弱程度更为明显，创投机构存在着急功近利倾向。创投机构通过董事会、股东会及声誉的机制，能够适当减弱融资效率的下降程度，但所提供的增值与认证效应并没有发挥预期的显著作用。5. 创业板上市公司财务杠杆利用能力差，偏向于股权融资。在上市前至解禁期内，创投的参与对增加外部融资、拓宽融资渠道有较显著的作用，但解禁期后这种作用消失，说明增值及筛选作用没有持续下去。最后提出建议，指出进一步的研究方向。
英文摘要：	As an innovative financing way, modern venture investment meets the financing needs of venture enterprises, and at the same time injected with abundant management connotation, and make sure combination of capital resources and humanistic resources realized successfully. Research on venture investment field and corporate finance has been well developed, but many only stay in the variable correlation level, just got to the conclusion, so there is no further illustrates the mechanism of action. And the analysis of the influence of the venture capitalists under this new circumstances, literature studies the relationships between venture capital and corporate financing behavior of the article is also very rare. Innovations of this paper are as follows: combining venture capital and financing behavior, and expanding the research field of venture capital to IPO point and the changes of characteristics in lock-up period. In this paper, research considers the GEM listed companies in our country, discusses the mechanisms and function of venture capital put on financing behavior of listed companies. First, the theories of venture capital and corporate finance are discussed. Second, the research dig into the internal mechanism of VC in corporate finance, points out that the VC has positive effect on enterprise value creation and asymmetric information, and the double commission situation may lead to negative effect. The venture capital can affect the financing behavior of the enterprise by investing, screening, supervision, certification and management effects. Third, using the data from Chinese GEM listed companies, after the rational quantification of related concepts, we build multivariate linear regression model, test the relationship between characteristics of venture capital and IPO over-financing, financing efficiency, and financing orders. This paper get the following conclusions: 1. The Chinese venture capital institutions prefer mature firms, and tend to assault in front of IPO, which is different from classic theories. GEM companies commonly has joint investment, venture capital’s participating in the board of directors and shareholders will affect the firm's decisions. 2. GEM is widely share the phenomenon of over-financing in IPO. The reputation of venture capital through certification effect significantly increase levels of over fund, and the role of management and supervision is not obvious. 3. The GEM companies obvious "packaging" before IPO, so in the short term improves the efficiency of financing and debt structure, but not really improve the financing capability, as a matter of result, these companies has "sudden turn hostile" phenomenon. 4. VC support enterprise's financing efficiency decreased more obvious. By the board of directors, the shareholders' committee and reputation mechanism, VC institutions can properly reduce the extent of the financing efficiency decline, but appreciation and certification mechanism cannot expect significant role into full play. 5. The GEM listed company's debt ratio is low, financial leverage utilization ability is poor, and companies prefer for equity financing. Before lockup-period, the participation of venture capital helps to increase the external financing, broaden the financing channels, but this effect disappeared after lockup-period, which means appreciation and screening effect did not last. Finally the research puts forward suggestions, and points out the further research direction.
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