创业投资IPO偏低定价与退出绩效研究-企业管理专业论文.docxVIP

Classified Index: F276.6 U.D.C: 658 Dissertation for the Master’s Degree in Management RESEARCH ON UNDERPRICING AND EXIT PERFORMANCE OF VENTURE CAPITAL’S IPO Candidate: Supervisor: Academic Degree Applied for: Speciality: Affiliation： Date of Defence: Degree-Conferring-Institution: Sun Xiaohui Prof. Wang Susheng Master of Management Enterprise Management Shenzhen Graduate School June, 2007 Harbin Institute of Technology 摘 要 本文应用创业投资 IPO 的相关理论对偏低定价和退出绩效的理论与应用进行深入 分析。论文以 1993-2006 年在香港上市的 H 股企业为研究对象，按照是否有创业投资 支持以及不同上市地点对样本进行了细分。论文的研究内容包括了对上市公司偏低定 价和短、长期绩效进行 T 检验分析，用相关性分析和多元回归分析对上市公司偏低定 价与短、长期绩效两者之间的关系进行研究。 实证研究表明：首先，不同类型样本的偏低定价和短、长期绩效不同： 香港主板市场样本的偏低定价程度要低于香港创业板市场；非创投样本的偏 低定价程度比创投样本要高；在香港创业板上市的创业投资支持的企业样本 以及非创业投资支持的企业样本的短期绩效和长期绩效均要高于在香港主 板市场上市的企业样本。其次，通过对香港主板上市企业样本 T 检验结果 发现，香港主板上市企业样本的累积超额收益率（CAR）趋势一致，均显下 滑趋势（T 检验结果显著为负）。对企业样本的偏低定价和短期绩效的相关 性分析中，在香港主板上市的样本偏低定价与短期绩效指标市场调整收益率 （MAR）显著正相关，与长期绩效指标 CAR 显著负相关。最后，通过偏低 定价对短期绩效和长期绩效模型的回归分析发现，偏低定价对短期绩效和长 期绩效有显著影响。 本文认为香港主板上市的企业样本的反常表现与 H 股企业在二级市场 整体表现不佳有关，而 H 股企业业绩表现欠佳主要归咎于其在经营管理以 及信息披露等方面存在的弊端。 关键词 创业投资；首次公开发行（IPO）；偏低定价；退出绩效 Abstract This study reviews the theories of venture capital’s IPO, especially the under pricing theory and exit performance theory. The research’s objects are the H share enterprises which have listed in Hong Kong market from the year of 1993 to 2006. In this study, the whole sample was segmented into four small samples according to the background and the list place of the enterprises. This essay analyzes the situation of the H share enterprises’ under pricing, short-term and long-term performance by T test. Besides, the study uses both correlation and regression methods to investigate the relation between them. It is concluded that differen samples have different situations of under pricing, short-term and long-term performance: The under pricing degree on the Hong Kong main board is lower than that of growth market, the non-venture capital background stylebook has lower under pricing degree than that