创投对创业板上市公司业绩影响的实证分析-empirical analysis of the impact of venture capital on the performance of gem listed companies.docx

摘 要我国创业板自2009年10月设立以来，为中国的中小企业提供了重要的融资渠 道，也为中国市场上的创业投资提供了重要的推出途径— 创业投资一直活跃于 创业板市场。关于创业投资的对于其所投资的企业的作用，市场及学术界一直没 有一致的结论。因此，本文将从公司上市后的业绩的角度，来探讨创业投资对于 企业的作用。本文首先采用截止2010年底在创业板上市的153家公司作为研究对象。在研 究创业投资与公司经营业绩的部分，本文采用经营利润率，经营现金流/资产， 销售增长率三者的变化量作为研究指标。本文首先采用T检验和Mann-Whitney检 验，对比有创业投资参与的公司和无创业投资参与的公司的经营绩效的差别。接 下来，本文还采用了多元线性回归模型，进一步研究了创业投资对经营绩效的影 响，以及创业投资的哪些特征会如何影响其作用。在股价表现这一部分，本文采 用沪深300指数作为基准、财富指数作为衡量，利用事件分析法的多元线性回归 模型，分析了影响公司收益的因素，并从中发现创业投资在其中的作用。结合对有创业投资参与的公司和无创业投资参与在上市后的经营绩效和股 价表现两方面的研究，本文发现有创业投资参与的公司有着更好的盈利能力，并 且有着更好的股价收益率。这些证明创业投资在创业板存在认证监督作用。关键词：创业板、创业投资、上市后业绩iiEEmpirical Study on the Impact of Venture Capitalon the Post-IPO Performance of ChiNext Listed Firms PAGE PAGE 1IntroductionBackgroundChiNextIn October 23, 2009, the Second Board Market of China—ChiNext (also known as Growth Company Market) was launched in SZSE (ShenZhen Stock Exchange). Soon after that day, in October 30, first batch of 28 companies went public on ChiNext. And in the following three years, there have been 355 companies listed on ChiNext. ChiNext is becoming a crucial part of China’s capital market.Internationally, the Second Board Markets have been widely launched (Table 1) during the past decade, which are aiming at provide a financing channel to start-ups, SMEs (Small and Medium Enterprises) and high-tech firms to support their development. Compared with Main Board Markets, the requirements of listing on Second Board Markets are relatively looser but with stricter regulations. For investors, the Second Board Markets are more risky with higher expected return. There are two patterns of Second Board Markets—independent to or attached to main board market. A success Second Board Market could interact with the Main Board Market and promote the development of the whole economy. The most successful Second Board Market in the world is NASDAQ (independent pattern) in America, which has Microsoft, Intel, Apple, Facebook listed on it.Table 1Important Second Board MarketsCountry/RegionSecond BoardM