对不同身份PE投资的企业绩效差异的研究——来自中国上市公司的数据-会计学专业论文.docxVIP

I I 摘 要 PE（私募股权投资）与 VC（创业投资），中国资本市场上年轻但是重要的一 份子，在资本市场泡沫破灭后饱受争议，本文主要选取中国 A 股市场上 2008 年 -2010 年上市的公司，对公司 IPO 前所涉及的 PE/VC 融资事件的详细信息进行了 整理，对 PE/VC 的投资对被投资公司 IPO 后业绩的影响进行了研究，发现 PE/VC 对所投资的公司 IPO 后业绩有负面影响。 本文根据 PE/VC 背景的不同研究了券商与非券商背景 PE/VC 之间、外资（合 资）与本土 PE/VC 之间、商业银行与非商业银行背景 PE/VC 之间和联合投资与 非联合投资下被投资公司 IPO 后业绩的差异，结果发现只有券商背景 PE/VC 投资 的公司 IPO 后业绩显著高于非券商背景 PE/VC 投资的公司，且两类公司 IPO 后 业绩差异随时间不断扩大。尽管券商背景 PE/VC 投资孵化期短，但是其对于投资 标的的信息获取能力决定了券商背景 PE/VC 所投资公司 IPO 后的优异表现。 关键词：私募股权投资，创业投资，上市公司盈利能力，投资公司身份 II II Abstract PE (private equity) and VC (venture capital), have established themselves in Chinese capital market nowadays, but they are still a new conception. PE and VC are criticized for underperformance of their investees after the PE boom. This paper uses the data base of listed companies that went public during 2008-2010. All investment from PE/VC on these companies before their IPOs is analyzed in depth. This paper fond that the stake of PE/VC they invest before IPO causes companies to perform worse than companies without stake from PE/VC, denying the value added function of PE/VC in China. This paper classifies PE/VC into following groups: securities affiliated PE/VC non securities affiliated PE/VC; international PE/VC local PE/VC; commercial back affiliated non-commercial bank affiliated; syndicate investment non syndicate investment. Only the group securities affiliated PE/VC non securities affiliated PE/VC reveals significant difference in terms of investee post IPO performance. The investee invested by securities affiliated PE/VC performs better than its comparable counterpart. This discrepancy becomes larger as time passes after investee’s IPO. The ability of obtaining real information about target investee contributes to the outperformance of securities affiliated PE/VC invested company. Keywords: PE, VC, Operating Performance, PE/VC Company Affiliation PAGE PAGE III 目录 HYPERLINK \l _bookmark0 第一章 导论 1 HYPERLINK \l _bookmark1 1.1 背景 1 HYPERLINK \l _bookmark2 1.2