【正文】 風(fēng)險(xiǎn)投資管理對(duì)創(chuàng)業(yè)板 IPO 效應(yīng)影響的研究 論文題目： 風(fēng)險(xiǎn)投資管理對(duì)創(chuàng)業(yè)板 IPO 效應(yīng)影響的研究 學(xué)生姓名： 田 野 學(xué)號(hào)： 20210511035 指導(dǎo)老師 潘清泉 專業(yè)名稱 企業(yè)管理 學(xué)科門類 管理學(xué) 論文提交日期 2021 年 11 月 30 日 風(fēng)險(xiǎn)投資管理對(duì)創(chuàng)業(yè)板 IPO 效應(yīng)影響的研究 摘要 2021 年 10月 30 日，我國(guó)創(chuàng)業(yè)板在深交所正式開始交易，首批掛牌上市的有 28 家公司。創(chuàng)業(yè)板的設(shè)立，能夠?yàn)闀簳r(shí)無法主板上市的中小企業(yè)及新興企業(yè)提供新的融資平臺(tái)，開拓了這些企業(yè)的成長(zhǎng)空間，同時(shí)也為風(fēng)險(xiǎn)投資機(jī)構(gòu)的退出提供了新的制度環(huán)境。 2021 年 11 月 6日，證監(jiān)會(huì)宣布重啟 IPO,進(jìn)一步改革完善新股發(fā)行政策措施，場(chǎng)外配資清理工作已經(jīng)基本完成，在此之前的 2021 年7月 4 日，證監(jiān)會(huì)宣布 IPO 暫停。 創(chuàng)業(yè) 板設(shè)立之初提出的“兩高六新”要求，讓市場(chǎng)對(duì)這些創(chuàng)業(yè)板公司寄予厚望，一開立就以高發(fā)行市盈率吸引了無數(shù)投資者的關(guān)注，超募比率一再刷新紀(jì)錄。但是創(chuàng)業(yè)板上市公司在上市后的表現(xiàn)卻實(shí)難讓人滿意，許多公司上市首日就出現(xiàn)破發(fā)，其業(yè)績(jī)也一路下滑，完全不符合其高成長(zhǎng)性的特點(diǎn)，出現(xiàn)了業(yè)績(jī)?cè)?IPO 前后先增后降的現(xiàn)象，也就是 IPO 效應(yīng)。我國(guó)創(chuàng)業(yè)板市場(chǎng) IPO效應(yīng)的驅(qū)動(dòng)因素較多，在創(chuàng)業(yè)板市場(chǎng)異常活躍的風(fēng)險(xiǎn)投資機(jī)構(gòu)就是其中重要的影響因素。 國(guó)外學(xué)者對(duì) IPO 相關(guān)領(lǐng)域的研究較為深入，對(duì)風(fēng)險(xiǎn)投資對(duì) IPO的定價(jià)、抑價(jià)以及風(fēng)險(xiǎn)投資與公司的盈余管理等 方面也做了大量的研究。國(guó)內(nèi)目前這方面的研究相對(duì)欠缺，主要是對(duì)國(guó)外現(xiàn)有理論的總結(jié)介紹，對(duì)于風(fēng)險(xiǎn)投資對(duì) IPO效應(yīng)的研究還相對(duì)不足。針對(duì)這一目前我國(guó)創(chuàng)業(yè)板普遍存在，但是在理論上尚未有較深入分析的現(xiàn)象，本文在對(duì)目前公司 IPO 理論的總結(jié)提煉的基礎(chǔ)上，結(jié)合當(dāng)前的市場(chǎng)環(huán)境以及創(chuàng)業(yè)板的特點(diǎn)進(jìn)行理論分析，探討了創(chuàng)業(yè)板 IPO 業(yè)績(jī)變化及風(fēng)險(xiǎn)投資對(duì)這一變化的影響，并進(jìn)一步解釋風(fēng)險(xiǎn)投資對(duì)我國(guó)創(chuàng)業(yè)板上市公司IPO 效應(yīng)的作用機(jī)理，為公司 IPO相關(guān)理論的發(fā)展做一補(bǔ)充，也為創(chuàng)業(yè)板 IPO相關(guān)理論的進(jìn)一步研究奠定基礎(chǔ)。 文章采用實(shí)證研究的方法， 通過大樣本驗(yàn)證我國(guó)創(chuàng)業(yè)板市場(chǎng) IPO 效應(yīng)的存在性以及風(fēng)險(xiǎn)投資對(duì)我國(guó)創(chuàng)業(yè)板上市公司 IPO 效應(yīng)的影響。由于數(shù)據(jù)限制，文章選取上市的 108 家我國(guó)創(chuàng)業(yè)板上市公司進(jìn)行分析，選取流動(dòng)比率、資產(chǎn)負(fù)債率、銷售凈利率、凈資產(chǎn)收益率、總資產(chǎn)收益率以及總資產(chǎn)周轉(zhuǎn)率作為衡量業(yè)績(jī)變化的財(cái)務(wù)指標(biāo)，通過 T檢驗(yàn)，驗(yàn)證了在我國(guó)創(chuàng)業(yè)板市場(chǎng)以此六個(gè)指標(biāo)衡量的企業(yè)業(yè)績(jī)?cè)谏鲜星昂蟠嬖谙仍龊蠼档?IPO。通過進(jìn)一步將風(fēng)險(xiǎn)投資作為創(chuàng)業(yè)板上市公司 IPO 效應(yīng)的解釋變量，在控制了其可持續(xù)增長(zhǎng)率、資產(chǎn)負(fù)債率、公 司規(guī)模、公司業(yè)績(jī)、承銷商聲譽(yù)、審計(jì)機(jī)構(gòu)聲譽(yù)以及行業(yè)后， 證明風(fēng)險(xiǎn)投資背景與我國(guó)創(chuàng)業(yè)板上市公司 IPO 效應(yīng)顯著相關(guān)。具體而言，風(fēng)險(xiǎn)投資背景與創(chuàng)業(yè)板上市公司償債能力負(fù)相關(guān)，但是與其盈利能力、資產(chǎn)運(yùn)營(yíng)能力正相關(guān)。 風(fēng)險(xiǎn)投資對(duì)我國(guó)創(chuàng)業(yè)板上市公司的 IPO 效應(yīng)有顯著影響，而這一作用主要是通過風(fēng)險(xiǎn)投資對(duì)所投資創(chuàng)業(yè)板上市公司的 監(jiān)督作用、治理作用以及認(rèn)證作用來實(shí)現(xiàn)的 。風(fēng)險(xiǎn)投資的監(jiān)督作用主要體現(xiàn)在其對(duì)所投資的我國(guó)創(chuàng)業(yè)板上市公司的財(cái)務(wù)業(yè)績(jī)的監(jiān)督上。由于我國(guó)創(chuàng)業(yè)板上市制度壓力及創(chuàng)業(yè)板的高成長(zhǎng)性預(yù)期，我國(guó)創(chuàng)業(yè)板上市公司有強(qiáng)烈的盈余管理的動(dòng)機(jī)。風(fēng)險(xiǎn)投資機(jī)構(gòu)在進(jìn)入目標(biāo)公司后，為維護(hù)自身利益，降 低信息不對(duì)稱性，將對(duì)其公司的財(cái)務(wù)業(yè)績(jī)進(jìn)行一定程度的監(jiān)控，從而減少所投資公司盈余管理的空間，緩解由于盈余管理造成的業(yè)績(jī)波動(dòng)，這在客觀上能夠降低創(chuàng)業(yè)板上市公司的 IPO效應(yīng)。風(fēng)險(xiǎn)投資的治理作用主要體現(xiàn)在其對(duì)所投資公司治理水平的提高上。風(fēng)險(xiǎn)投資機(jī)構(gòu)在進(jìn)入目標(biāo)公司后，為降低風(fēng)險(xiǎn)，提高其收益率，會(huì)一定程度上介入所投資公司的經(jīng)營(yíng)管理，幫助所投資公司提高公司治理水平，從而切實(shí)提高盈利能力、可持續(xù)發(fā)展能力，這能夠從本質(zhì)上降低我國(guó)創(chuàng)業(yè)板 IPO 效應(yīng)。風(fēng)險(xiǎn)投資的認(rèn)證作用主要體現(xiàn)在其非擇機(jī)上市之上。根據(jù)監(jiān)督 — 認(rèn)證模型，質(zhì)量好的公司能 夠吸引風(fēng)險(xiǎn)投資，而風(fēng)險(xiǎn)投資對(duì)所投資公司又有監(jiān)督和治理作用，因此有理由認(rèn)為有風(fēng)險(xiǎn)投資背景的創(chuàng)業(yè)板上市公司質(zhì)量較好，風(fēng)險(xiǎn)投資在其中起到降低信息不對(duì)稱性的認(rèn)證作用。有風(fēng)險(xiǎn)投資背景創(chuàng)業(yè)板上市公司相較于無風(fēng)險(xiǎn)投資背景的發(fā)行費(fèi)率低、市盈率高、發(fā)行抑價(jià)低。而正因?yàn)轱L(fēng)險(xiǎn)投資的這一認(rèn)證作用，投資者對(duì)其業(yè)績(jī)的關(guān)注度降低，創(chuàng)業(yè)板上市公司不需要通過較高的業(yè)績(jī)來實(shí)現(xiàn)高收益，因此就沒有強(qiáng)烈的選擇在業(yè)績(jī)最佳時(shí)上市的動(dòng)機(jī)，從而平滑了其上市前后的業(yè)績(jī)表現(xiàn)，降低了 IPO 效應(yīng)。 基于風(fēng)險(xiǎn)投資管理對(duì)我國(guó)創(chuàng)業(yè)板上市公司的重要作用，應(yīng)該更加注重對(duì)風(fēng)險(xiǎn) 投資的關(guān)注。企業(yè)可適當(dāng)引入風(fēng)險(xiǎn)投資以改善公司治理，中介服務(wù)機(jī)構(gòu)應(yīng)提高服務(wù)的專業(yè)能力與水平，政府應(yīng)當(dāng)在法律、制度、資金等多方面扶持我國(guó)風(fēng)險(xiǎn)投資機(jī)構(gòu)的發(fā)展，而風(fēng)險(xiǎn)投資自身也應(yīng)注重專業(yè)人才的培養(yǎng)，切實(shí)發(fā)揮其應(yīng)有的專業(yè)作用。 關(guān)鍵詞：風(fēng)險(xiǎn)投資；創(chuàng)業(yè)板； IPO效應(yīng)風(fēng)險(xiǎn)投資管理對(duì)創(chuàng)業(yè)板 IPO 效應(yīng)影響的研究 ABSTRACT October 30, 2021, China39。s GEM started trading in the Shenzhen Stock Exchange. There are 28 panies listed on the first batch. The establishment of GEM opens up room for and provide new financing platform to the growth of these small or mediumsized and emerging enterprises, who temporarily unable to list on the Main Board of the Stock Exchange, which makes the GEM bee an important supplement of the Main Board Market. The “Two High Six New” requirement proposed at the beginning of the establishment of GEM, let the market has high hope for these GEM panies. The open high issue priceearnings ratio attracts the attention of numerous investors, and the ultraraise rates repeatedly record. But the performance of panies listed on GEM listing is hardly satisfactory, many panies listed on the first day of break, its performance all the way down, totally inconsistent with the characteristics of highgrowth, there has been increased first performance before and after the IPO after the fall of the phenomenon, that is, the IPO effect. China39。s GEM IPO effect driven by many factors, very active venture capital firms in the GEM market is one important factor. A more indepth research of foreign scholars IPO, venture capital IPO pricing, underpricing risk investment with the pany39。s earnings management also done a lot of research. Domestic research in this area is the relative lack of summary of existing theories of foreign introduction, the relative lack of venture capital IPO effect. The same time, China39。s GEM listed shorter trading hours, the sample data, the current study is mainly based motherboard with the small plates, the GEM board, small board market significant difference for the board, small board IPO research and performance changes caused by not fully applicable in the case of the GEM, reflecting the characteristics of GEM in China An Empirical Study of the venture capital and IPO effect relationship is still relatively blank. For the current China39。s GEM widespread, but in theory, yet more indepth analysis of the phenomenon, this paper summarizes the basis of the pany IPO theory, bined with the current market environment and the characteristics of the GEM theoretical analysis, changes in the performance of GEM IPO and venture capital for this change, and further explain the mechanism of risk investment of Chinese panies listed on GEM IPO effect, do a supplement to the pany IPO development of the theory, but also for the GEM IPO theory lay the foundation for further study. The article uses empirical research methods to verify the effect of the presence of the GEM IPO market and venture capital through a large sample of panies listed on 風(fēng)險(xiǎn)投資管理對(duì)創(chuàng)業(yè)板 IPO 效應(yīng)影響的研究 GEM IPO effect. Due to data limitations, the article analysis of select 2021 listed 108 Chinese panies listed on GEM, select the current ratio, debt ratio, sales margin, return on assets, return on total assets and total asset turnover ratio as a measure of changes in the performance financial indicators, by ttest to verify first and then decreased IPO in China39。s GEM Based on these six indicators to measure corporate performance before and after listing. Further venture capital as the explanatory variables of the panies listed on GEM IPO effect, control its sustainable growth rate, assetliability ratio, size of the pany, the performance of the pany, underwriter reputation, the reputation of the audit agency and the industry to prove that the ventu