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论文编号：	7551
作者编号：	2120132441
上传时间：	2015/6/13 18:40:07
中文题目：	风险资本与公司价值：来自股票市场与产品市场的证据
英文题目：	Venture Capital and the Corporate Value: Evidence from Stock Market and Product Market
指导老师：	覃家琦
中文关键字：	风险资本；公司价值；托宾Q；IPO抑价率
英文关键字：	VC; The Value of Company; Tobin’s Q; IPO Underpricing Rate
中文摘要：	风险投资最早于20世纪40年代出现在美国，其运作形式是把从个人和机构募集来的资金投向具有高风险的被投资企业，等到被投资企业发展成熟直至上市之后，便从中退出获得高额收益。在提供资金的同时，风险投资还能够提供一系列服务，如对内的公司管理、对外的市场开发，以及战略制定、社会资源网络共享等，除此之外还对企业管理层进行监督。正是这些额外的服务从根本上提升了企业价值，也为风险投资带来高额的投资收益，由此人们普遍形成了风险投资对企业价值有提升作用的预期，然而许多被投资企业在风险资本介入之后其公司价值并没有太大的提升，有时甚至可能由于风险投资出于对自身荣誉和利益的考虑而造成被投资企业过早上市或者公司价值受损的情况，这样如何准确评价风险投资对企业绩效影响便成为了研究的热点。 20世纪80年代，这个在国外已经很成熟的投资模式被引入中国后，三十年来一直保持着快速的发展，无论是从风险投资资本总额，还是从机构数量和单笔投资额，都有着飞越式的发展。学术界对该机构的研究也越来越深入，从最初的组织形式、治理机制等扩展到其投资后效应以及对资本市场的影响研究，同样，其中如何准确评价风险投资对企业绩效影响的研究成为了学术界研究的重点，虽然从风险投资的运作模式上肯定了风险投资对被投资企业的作用，但国内许多学者众说纷纭，相关的实证研究结论也存在不同程度上的不一致。本文通过实证首先关注了于2002年到2012年上市的民营企业在产品市场的表现，重点是有无风险资本背景的上市民营企业利润和收入指标之间的区别；其次，以同一样本为研究对象，运用统计回归，探讨了有无风险投资的参与对于企业在股票市场上的表现的影响，进行了包括体现一级市场价值的IPO抑价率以及二级市场价值的托宾Q值的实证研究，从而更大范围地反映了中国市场上风险投资机构的介入对于企业价值的提升作用以及风险投资的效应，研究结论表明，风险投资机构的参与并不能提高被投资企业的产品市场表现，但在企业上市时，有风险投资机构参与的企业托宾Q值要高，抑价率较低。
英文摘要：	In the 1940s, Venture Capital appeared in the United States, its operation form is to raise capital fund and invest in the enterprise with high-risks, wait and quit to get high yield when the invested enterprise develops into mature even listed. At well as providing the money, Venture Capital will also be able to provide internal management and external marketing services to help the invested enterprise with strategic planning, interpersonal communicating, social resources network building and other follow-up management services by playing a regulatory role of enterprise management, it is the additional value-added services what brings Venture Capital huge investment profit, thus the expectations that Venture Capital has been formed to the enterprise value promotion role arise, but many enterprises did not obtain the expected investment effect after the intervention of the Venture Capital, whose value is not much to ascend, and sometimes due to the Venture Capital respecting for their own honor and interests, they will always promote the premature invested enterprises listed or damage the value of the company, so how to accurately evaluate the effect of Venture Capital to the corporate performance becomes the focus of research. In the 1980 s, the investment model which has already been very mature abroad was introduced into China, after that kept a rapid growth for 30 years, both in terms of amount or quantity of fund and single investment amount, the institution has a leap-forward development. Academia is conducting more and more deep research on the intermediary agencies, from the initial form of organization and governance mechanism to its investment effect and the influence of the capital market, Also, including how to accurately evaluate Venture Capital on the effects of corporate performance which has become the focus, while from the operation mode of Venture Capital, the effect of investment on the invested enterprise is clear, but many scholars domestic hold different opinions, relevant empirical research conclusion also has different degree of inconsistency. On the basis of the analysis by combing the foreign and domestic literature, this paper firstly focus on the performance of the product market of private enterprises listed in 2002 to 2012, the focus is on the difference of net profit and income index because of the presence of background of Venture Capital; Then using statistical regression, we discussed the performance of the enterprise in the stock market with and without the participation of Venture Capital for the Chinese market, including the empirical study of the market value for example the IPO underpricing rate reflecting the primary market and Tobin Q value reflecting the secondary market, which reflects a broader show that how Venture Capital intervention improves the value and performance of the invested enterprise, as well as the effect of Venture Capital in Chinese market. Conclusion shows that the participation of Venture Capital does not improve the performance of invested enterprise in product market, but in the stock market, enterprises with Venture Capital have the higher Tobin Q value and lower underpricing rate. In the end, the paper tries to explain the results and issue some policies and proposals.
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