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论文编号：	8326
作者编号：	2120142489
上传时间：	2016/6/7 19:12:54
中文题目：	风险投资及其不同背景对我国企业IPO过会时间的影响——以创业板上市公司为例
英文题目：	The Effect of VC and its Backgrounds on the period of Enterprises IPO Approval ——Based on the Empirical Evidence from GEM
指导老师：	黄福广
中文关键字：	风险投资；上市资格；过会时间；风险投资背景
英文关键字：	Venture Capital; Listing Qualification; the Period of IPO Approval; VC’s background
中文摘要：	随着国家对“大众创业”、“万众创新”的重视，风险投资越来越受到大众的关注。我国特殊的经济政治背景，使得风险投资的行为特征、经营发展模式及作用机制都具有区别于欧美的独特性。本文主要研究风险投资及不同背景与我国企业IPO过会时间的关系，以创业板为例，手动搜集2009-2015年创业板上市公司在申请上市过程中所需的过会时间、风险投资机构声誉、背景等大部分数据，得出以下实证结果：1）有风险投资机构支持的企业要比无风险投资机构支持的企业所需的过会时间短，更容易获得上市资格；2）高声誉的风险投资机构支持的企业所需过会时间更短，更容易获得上市资格；3）不同背景的风险投资机构在帮助企业过会方面所起的作用是不同的，与其他背景的风险投资机构相比，国有背景的风险投资机构支持的企业过会时间更短，更容易获得上市资格；而民营背景的风险投资与其所支持的企业过会时间并没有显著的关系。 风险投资机构会缩短其所支持企业的过会时间，本文在揭示该现象的基础上进一步通过实证模型检验风险投资机构影响企业过会时间的内在机理，从风险投资机构的认证作用与社会关系网络两方面进行验证，结果表明：1）风险投资机构的认证作用在企业过会过程中发挥了作用；2）风险投资机构的社会关系网络在企业过会过程中仅起到一定的积极影响。 本文的创新之处主要体现在以下几个方面：第一，研究风险投资与我国企业获得上市资格之间的关系，内容新颖，并且创新性的选取企业的过会时间作为衡量其获得上市资格的变量，丰富和拓展了研究风险投资与企业获得IPO资格之间关系的理论；第二，根据所有权属性，对风险投资机构进行分类，而不是将风险投资机构同质化处理，深入探究不同背景的风险投资机构对于企业过会时间影响的差异。第三，研究所需的大部分数据均为作者手动搜集，保证了数据的真实性与可靠性，也使得命题的研究具有一定的原创性。
英文摘要：	With the government attaching importance to popular entrepreneurship and innovation, the public increasingly concerned about venture capital. This paper studies the relationship of VC and its backgrounds and GEM’s IPO application. Through manual collection for VC’ background, reputatation data and the period of gaining listing qualification of listing applicants from 2009 to 2015, we find that: 1) the applicants with shareholder support of venture capital have a shorter period of gaining listing qualification than those no-venture backed companies.2) Companies with high reputation venture capital have a shorter period of gaining listing qualification.3) Different type venture capital have different effect on GEM’s IPO application. The state-owned venture capital can help companies reduce the period of gaining listing qualification. VC can support companies reduce the period of gaining listing qualification, and this paper explores the inner mechanism which VC influence the period of companies listing qualification with empirical model thoroughly. This paper finds: 1) VC plays a certification role on companies submitting the IPO application.2) The social relationship network of VC also has a positive influence on it. The innovation of this paper is mainly reflected in the following aspects: Firstly, the theme, which refers to the relationship of VC and its backgrounds and GEM’s IPO application, is very novel, and select the period of gaining listing qualification as a variable. Secondly, we divide venture capital institutions into three types, and analyze that different type venture capital have different effect on GEM’s IPO application. Lastly, most of the data required for the study are collected manually, which ensures the authenticity and reliability of the data, and makes the research of the proposition original.
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