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论文编号：	6515
作者编号：	2120122556
上传时间：	2014/6/12 23:44:49
中文题目：	风险投资对我国创业板IPO企业经营业绩影响的实证研究
英文题目：	The Empirical Research on the Effects of Venture Capital on Operating Performance of GEM IPO Companies in China
指导老师：	刘志远
中文关键字：	风险投资； IPO；创业板；经营业绩
英文关键字：	Venture capital; Initial Public Offering; Growth Enterprises Market; Operating Performance
中文摘要：	随着我国资本市场的发展，风险投资的规模与投资额呈现出迅速增长的趋势，成为推动我国高科技产业发展的重要力量。风险投资的核心目标是在实现投资收益的同时促进企业的经营业绩。因此，系统研究风险投资如何影响企业的发展，不仅具有一定的理论价值，同时也便于在市场发展中利用风险投资的特点和优势，发挥其对中小企业发展的积极作用。 　　　为了揭示风险投资对IPO企业经营业绩的影响作用，本文通过对国内外学者们在不同资本市场的研究结论进行了梳理分析后，分析发现风险投资主要存在正向的认证和监督作用，以及负向的逐名效应现象。我国风险投资起步较晚，风险投资的理论研究并不完善，因此风险投资对市场、IPO企业经营业绩的影响还存在很多疑问。本文选取了2009—2012年在我国创业板上市的公司为研究样本，按照有无风险投资参与的属性进行了样本分组，运用描述性统计、样本差异检验、多元回归分析等方法实证分析了样本企业在IPO前后的经营业绩，以及IPO时抑价率的变动影响情况。 　　　本文的实证研究表明，总体而言我国风险投资机构在IPO过程中能够对被投资企业的经营业绩发挥一定的促进作用，虽然在IPO前有风险投资支持组的经营业绩要差于无风险投资支持组，并且在IPO后有无风险投资支持组的经营业绩均有所下降，但是IPO后有风险投资支持组经营业绩的下滑幅度更小。由此说明风险投资在IPO过程中存在认证和监督效应，在IPO时和中介机构的选择上风险投资均对IPO企业的经营业绩有正相关的促进作用。但由于我国证券市场制度并不完善，风险投资机构尚处于快速扩张的时期，风险投资在我国资本市场中依旧存在很多问题，成立时间短、低声誉的风险投资机构为了实现资本的运转和声誉的提升，很有动机会提早将被投资企业上市，从而出现被投资企业在IPO后的经营业绩下滑的现象。风险投资机构在IPO后并没有完成其增值服务，被投资企业的经营业绩没有呈现显著的提升。根据实证分析的结果，本文提出了相关的政策建议，通过建立完善的行业体系，加强政府与市场的宏观调控作用，刺激风险投资良性的发展。
英文摘要：	As a development of Chinese capital market, there has been a huge hike in capital and investment in venture capital(VC). VC is an important power for development of high-tech enterprises, and its core objective is to receive the earnings and help the enterprises’ development. So there is high theoretical value to research how to influence the enterprises by VC. Additionally, by this paper, we can make full use of the strength of VC to help the development of enterprises. 　　　In order to reveal the influence of venture investment over the business performance of enterprises with IPO, this thesis reviews and analyzes the domestic and overseas scholars’ research conclusions on different capital markets and discovers that venture investment possesses the positive certification and supervision effect and the negative grandstanding problem as well. Since China’s venture investment starts late and relevant theoretical studies are imperfect, there are lots of doubts on the influence of venture investment over the market and the business performance of enterprises with IPO. This thesis selects companies listed in the Growth Enterprise Market of China from 2009 to 2012 as research samples, divides them into the group with venture investment involvement and the group without venture investment involvement and adopts descriptive statistics, sample variance test and multiple regression analysis to analyze the business performance of sample enterprises before and after IPO and the influence of the under-pricing rate’s change upon IPO. The empirical study indicates that venture capital institutions in China can exert certain effect in promoting the business performance of invested enterprises during IPO in general. Although the business performance of the group with the support of venture investment is worse than the group without venture investment support before IPO and the business performance of both groups with or without venture investment support decline after IPO, the decline scope of the business performance of the group with venture investment support is relatively smaller. Thus, it shows that the venture investment has the certification and supervision effect during IPO, producing positive effect on the business performance of enterprises in IPO and their selection of intermediary organs. As Chinese stock market system is not perfect and the venture capital institutions are in a period of rapid expansion, many problems exist in venture investment in Chinese capital market. Especially, venture capital institutions start late and possess low reputation, so they are greatly motivated to list the invested enterprises in advance so as to accomplish the operation of capital and the promotion of fame. Under this circumstance, the business performance of invested enterprises decline after IPO. However, venture capital institutions fail to complete the value-added service after IPO and no significant increase is found in terms of the business performance of invested enterprises. According to the outcome of this empirical study, this thesis puts forward relevant policy suggestion that it should set up perfect industry system, reinforce the macro-control of the government and the market and stimulate the sound progress of venture investment.
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