【作者】 张鹏；

【导师】 杨敏利；

【作者基本信息】 西安理工大学 ， 金融学， 2020， 硕士

【摘要】 风险投资(VC)对一个国家整体的科技水平的提升具有重要的作用,我国也因此对风险投资的发展采取鼓励的态度,近十几年来,风险投资在我国得以高速发展,越来越多的创业企业都会被VC投资,联合风险投资成为了VC的主要投资方式,联合风险投资中各成员VC的异质性会对被投资企业的价值增值服务产生影响,进而影响到企业的IPO绩效。这种影响是利是弊会因为联合风险投资中成员VC的异质性而有所改变,所以研究出联合风险投资成员异质性在何种状态下有利于企业IPO绩效非常重要。学者们对联合风险投资的定义有两种,其中一种认为它是指两家及两家以上的VC在同一轮投资中对同一家企业进行投资,这种定义也被称为狭义定义。还有一种广义定义,这种观点认为不应该对多家VC的投资时间进行限制,即只要一家企业被两家及两家以上的VC进行投资,无论是同一轮还是非同一轮,都可以认为这种投资方式是联合风险投资。本文认为VC对企业的影响贯穿企业从刚开始到IPO这一期间,而不应该只关注某一轮的投资,所以本文采用广义的定义。联合风险投资中各个成员之间的异质性会影响到被投资企业的IPO绩效。其中联合风险投资中各成员的异质性是指组成联合投资的风险投资机构在自身特征和对被投资企业的服务的差异性所造成的异质性,被投资企业的IPO绩效是根据IPO当日的抑价率来判断,IPO抑价率低,说明IPO绩效好,反之,则表明IPO绩效差。本文所研究的是联合风险投资中各个成员VC的持股比例、年龄和资本背景这三个方面的异质性对企业IPO绩效的影响,其中持股比例异质性是指联合风险投资中各个成员VC持有被投资企业的股份比例不同所造成的异质性,年龄异质性是指联合风险投资中各个成员VC的成立时间长短的不同所造成的异质性,资本背景异质性是指联合风险投资中各个成员VC的资本来源不同所造成的异质性。本文所用的样本数据选自国内沪深主板、创业板和中小企业板,这些样本都是在2008年到2018年这11年间被VC投资且IPO成功的企业。通过筛选,最终得到有效样本数为607家。根据研究的需要,本文所需要的数据主要有风险投资相关数据、企业IPO绩效指标数据和IPO企业的相关财务数据,在对数据进行检验时,首先排除了异方差和共线性对检验结果的干扰,最终对模型进行回归分析,得出以下研究结论:(1)企业IPO绩效与联合风险投资成员持股比例异质性负相关,这说明在一个联合风险投资中,各个VC持有被投资企业的股份相差越大,被投资企业的IPO绩效就会越差;(2)企业IPO绩效与联合风险投资成员年龄异质性正相关,这说明在一个联合风险投资中,各个VC的成立时间相隔越大,被投资企业的IPO绩效就会越好;(3)企业IPO绩效与联合风险投资成员资本背景异质性正相关,这表明在一个联合风险投资中,各个VC的资本背景呈现多元化,被投资企业的IPO绩效会更好。在理论上,本文研究结果既充实了风险投资领域的相关理论成果,又丰富了企业IPO绩效影响因素领域的相关理论成果;在现实世界的风投业务中,本文研究结果能够帮助创业企业更好的寻找不同的VC进行融资。更多还原

【Abstract】 Venture capital plays an important role in improving the overall level of science and technology in a country.Therefore,China has also encouraged the development of venture capital.In the past ten years,venture capital has been highly developed in China,and more and more startups will be invested by VC,Venture syndication has become the main investment method of VC.The VC heterogeneity of the members of venture syndication will have an impact on the value-added services of the invested company,which in turn will affect the company’s IPO performance.Therefore,it is very important to study the conditions under which the heterogeneity of members of joint venture capital is beneficial to corporate IPO performance.Scholars have two definitions of venture syndication,one of which is that two or more VCs invest in the same company in the same round of investment.This definition is also called a narrow definition.There is also a broad definition,this view believes that the investment time of multiple VCs should not be limited.As long as a company is invested by two or more VCs,whether it is the same round or not,it can be regarded as a venture syndication.This article believes that the impact of VC on enterprises runs through the period from the beginning to the IPO,and should not only focus on a certain round of investment,so this article uses a broad definition.The heterogeneity of the various members of the venture syndication will affect the IPO performance of the invested company.The heterogeneity of the members in the venture syndication refers to the heterogeneity caused by the differences in the characteristics of the venture capital institutions that make up the joint investment and the differences in the services to the invested enterprises,the IPO performance of the invested company is judged according to the underpricing rate on the day of the IPO.A low IPO underpricing rate indicates good IPO performance,and vice versa indicates poor IPO performance.This paper studies the impact of heterogeneity in the three aspects of the VC shareholding ratio,age and capital background of venture syndication on corporate IPO performance,the heterogeneity of the shareholding ratio refers to the heterogeneity caused by the different proportions of the shares held by the VC held by the VC members in the venture syndication,the age heterogeneity refers to the heterogeneity caused by the difference in the length of time that each member of VC in the venture syndication is established,the capital background heterogeneity refers to the heterogeneity caused by the different VC capital sources of each member of the venture syndication.The sample data used in this article is selected from the domestic Shanghai and Shenzhen main boards,GEM and SME boards.These samples are all companies that have been invested by VC and successfully IPO in the 11 years from 2008 to 2018.After screening,the number of valid samples was 607.According to the needs of research,the data required in this article mainly include venture capital related data,corporate IPO performance index data and relevant financial data of IPO companies.When the data is tested,the interference of heteroscedasticity and colinearity on the test results is first excluded.Finally,regression analysis was performed on the model,and the following research conclusions were drawn:(1)The IPO performance of a company is negatively related to the heterogeneity of the shareholding ratio of the venture syndication members,which indicates that in a venture syndication,the greater the difference between the shares of the invested company held by each VC,the worse the IPO performance of the invested company;(2)The IPO performance of the company is positively related to the age heterogeneity of the venture syndication members,which indicates that in a venture syndication,the larger the time between the establishment of each VC,the better the IPO performance of the invested company;(3)The IPO performance of the company is positively related to the heterogeneity of the capital background of the venture syndication members,which indicates that in a venture syndication,the capital background of each VC is diversified,and the invested company’s IPO performance will be better.In theory,the research results of this article not only enrich the relevant theoretical results in the field of venture capital,but also enrich the relevant theoretical results in the field of influencing factors of corporate IPO performance.In the real world venture capital business,the findings of this article can help startups look for different VCs for financing.更多还原