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论文编号：	9348
作者编号：	2120152448
上传时间：	2017/6/20 16:32:38
中文题目：	明星风险投资、持股比例与公司价值——来自中国中小板和创业板的经验证据
英文题目：	Star Venture Capital, Shareholding Proportion and Firm Value: Evidence from Chinese SME and ChiNext
指导老师：	姚颐
中文关键字：	明星风险投资；持股比例；公司业绩；公司价值
英文关键字：	Star venture capital, shareholding proportion, firm performance, firm value
中文摘要：	作为初创企业的一种重要融资形式，风险投资一直以来受到了广泛而深切的关注。尤其是2009年创业板开市以来，我国风险投资数量成倍增长，风险投资金额不断攀升。截至2012年，中国证券市场66.2%的IPO企业都有风险投资的参与，风险投资及私募股权市场募集完成基金621支，募集金额高达346亿美元。但与美、英等发达国家相比，我国风投行业尚存差距，尤其缺乏对明星风投的关注与研究。到底如何界定明星风投？被明星风投选中的公司真的显著优于其他公司吗？明星风投持股比例、减持情况与公司价值又是什么关系？这些都是发展中的我们必须思考的问题。 本文基于现有文献，以2007-2012年在中小板和创业板上市的951家公司为样本，对明星风险投资、持股比例与公司价值进行了实证研究，探讨明星风险投资对公司的甄别作用，以及风投持股比例、减持情况与公司价值的关系。 经分析，本文认为明星风投并不能很好地甄别公司价值，也不能给公司业绩带来增值效应。相反，存在明星风投的公司长短期业绩表现更差，并且明星风投持股比例越高，业绩差距更为明显。但是，这并不代表公司股价也会同步变差。值得注意的是，尽管长期价值偏低，被明星风投投资的公司在上市初期股票异常收益率反而显著高于其他公司。从风投锁定期和退出特点两方面来看，这是明星风投为了确保自身利益而抬高市场预期的举措。一旦明星风投开始减持，公司业绩和价值都将下滑，并且价值对于减持的反应快于公司业绩。因此，西方文献关于高声誉风投具有“监督”、“增值”功能的主流观点，在本文均不成立。就中国市场而言，明星风险投资并不是公司价值的保证书。 尽管如此，风险投资对创新经济的推动作用不可小觑，资本市场也需要风险投资的大力支持。因此，本文针对上述结果，提出处罚风投“掏空”行为、适当延长锁定期与完善风投排名机制这三条建议，希望能为我国风险投资事业的健康发展做出应有的贡献。
英文摘要：	As an important form of financing for start-ups, venture capital has long received extensive and deep attention. It is growing rapidly since 2009, the opening of ChiNext. By 2012, 66.2% of IPO enterprises had been invested by venture capital, and 621 funds had been raised in the security market. However, compared with developed countries ranging from the United States to Britain, Chinese venture capital industry still has a long way to go, especially in the field of star venture capital. How do we define star venture capital? Do the companies selected by star venture capital operate better than others? What exactly is the relationship between the company value and the proportion of star venture capital? These are the issues that we must take into full consideration. Based on previous literature, this paper chooses 951 companies listed in SME and ChiNext from 2007 to 2012 as the sample to find the relationship between company value and the star venture capital in the periods of investing, holding and withdrawing. Based on data analysis, the paper believes that star venture capital can not distinguish the company value or bring value-added effect to the company. On the contrary, the presence of star venture capital will have a negative effect on both short term and long term performance of the company. What’s more, if the proportion of star venture capital is high, odds are, the performance will get worse. However, this does not necessarily mean that the company's stock price will change simultaneously. Despite the poor long-term value, it is worth noting that the short term abnormal return of the company invested by star venture capital is significantly higher than others. Obviously, this is motivated by venture capitals’ own interest. Once the shareholding of star venture capital begin to decline, the company's performance and value will follow the trend. Also, the value reduction will respond faster than the company's performance. Therefore, the function of supervision and value-added of venture capital in the western literature is not authentic in this article. As far as the Chinese market is concerned, invested by star venture capital is not a sure ticket to a lucrative business. Nevertheless, the role of venture capital in promoting the innovation economy should not be underestimated. The capital market also needs strong support from venture capital. Therefore, the paper puts forward three suggestions to improve the Chinese venture capital industry, including punishing the tunneling behavior, extending the lockup period and advancing the evaluation mechanism of venture capital. Hope these methods above can make a contribution to the healthy development of venture capital in China.
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