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论文编号：	7426
作者编号：	2120132464
上传时间：	2015/6/9 19:46:49
中文题目：	风险资本退出的市场反应研究
英文题目：	A Research on Market Reaction of Venture Capital’s Exit
指导老师：	黄福广
中文关键字：	风险资本；信息不对称；限售股
英文关键字：	venture capital; information asymmetry; restricted shares
中文摘要：	摘要 中国风险投资业相比美国等发达国家起步较晚，但是近几年在国家政策的支持和鼓励下有了飞速的发展，尤其是创业板的推出成为我国风险资本退出的首选渠道，也使中国风险投资业的发展进入了新的阶段。然而在创业板推出后也出现了不少问题，如新股的“三高”发行、业绩不佳、风险投资机构和高管疯狂套现，这些问题导致创业板股价波动加剧，中小投资者的利益受到损害。本研究立足于创业板，研究风险资本退出后的市场反应及其影响因素。 本文首先采用事件研究法，以创业板市场2010年至2012年上市的具有风险投资背景的160家公司作为样本，将风险资本解禁日作为风险资本退出的事件日，研究结果表明风险资本退出事件会引起创业板市场负面的反应，并且该反应提前于事件日，在事件日后负面效应就会逐渐弱化直至股价回归到正常的波动水平。在有效市场假说的前提下，本文从投资者和被投资企业之间存在的信息不对称问题出发，采用多元线性回归模型得出风险资本退出的市场反应的影响因素。 首先，本文发现被投资企业的信息不对称程度是风险资本退出的负面市场反应影响因素之一。当被投资企业的规模越大、首发市盈率越大时其风险资本退出的负面市场反应程度越大。其次根据有效市场理论，将可能会影响风险资本退出市场反应的信息根据被投资企业、风险资本和风险资本退出事件分为三类。得出结论为：被投资企业上市后第一年的盈利能力越强，风险资本退出的负面市场返程程度越小；基本每股收益增长率越大的被投资企业其风险资本退出后的负面市场反应程度越大。第三，风险资本特征变量对其退出后的市场反应没有影响。第四，描述风险资本退出特征的退出风险资本个数与风险资本总数比例、风险资本退出股数与总股本之比越大，风险资本退出的负面市场反应越强烈，并且风险资本退出特征是影响其市场反应程度最大的因素。最后本文提出了加强上市企业的信息披露和财务信息质量监督、引导被投资企业境外上市以及加强中小投资者教育三方面的政策建议，并且分析了本文研究的不足之处和对未来进一步研究的展望。
英文摘要：	Abstract Compared to United States and other developed countries venture capital industry in China started relatively late, but in recent years under the support of national policy and the government’s encourage, especially the establishment of GEM become the first choice of Chinese venture capital’s exit channel, all these factors made the development of China's venture capital industry entered a new stage. However, GEM stock market also appeared many problems after establishment, such as the new stock "three highs" issue、poor performance after IPO、VC and executives selling stocks for cash and so on . All these problems led to the volatility of share price，and caused damage to the interests of small and medium-sized investors in GEM market. This study choose GEM as the research background，study the market reaction of venture capital exit and the factors which affect the market reaction. First of all, this study found that the information asymmetry in listed companies is one factor of the negative market reaction caused by venture capital exit. When the scale of listed companies was greater, its IPO p/e ratio was greater, the greater the negative market reaction caused by venture capital exit .Secondly, according to the efficient market theory, information about the venture capital exit which could be affect the market reaction are divided into three categories: information about the invested enterprise, venture capital and venture capital exit events. Conclusion is: the profitability of listed companies in the first year after IPO was stronger the degree of negative market return caused by venture capital exit was smaller; the basic eps growth rate was greater, the greater the degree of negative market reaction caused by venture capital exit. Thirdly, the variable which describe characteristic of venture capital has no effect on the market reaction. Fourth, variables which describe the characteristics of venture capital exit such as: the proportion of the number of VC exit in the total number of venture capital, the proportion of the number of stock which VC exit in the total number of stock. When the two variables were greater, the negative market reaction is more intense. Finally this paper puts forward three aspects of policy recommendations: first, strengthen the information disclosure of listed companies and financial information quality supervision in GEM, guide the invested enterprise listed abroad, and strengthen the small and medium-sized investor education. Then analyze the deficiencies of this research and the prospect for future research.
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