政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/99333

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/99333

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政大典藏 > College of Commerce > Department of Finance > Theses > Item 140.119/99333

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/99333

Title:	私募股權投資對中國創業板上市公司價值影響的實證研究 The Impact of Private Equity on Firm Value-A Study of China Listed Companies onGEM
Authors:	黃筱棠
Contributors:	岳夢蘭黃筱棠
Keywords:	私募股權投資公司價值創業板 Private Equity Corporate Value Growth Enterprises Market Board
Date:	2016
Issue Date:	2016-07-20 17:13:33 (UTC+8)
Abstract:	私募股權投資是20世紀以來金融領域最成功的創新成就之一。作為一種新型的投資方式，其獨特的制度安排和激勵機制，成為連接資本市場和實體經濟的橋樑，實現了資本的最大增值。對於很多處於成長期的中小企業來說，難以依靠從銀行貸款獲取資金，同時不滿足上市條件。對於它們而言，從私募股權投資取得資金至關重要。在中國，Alibaba、Tencent、Sina等知名企業無一不是靠私募股權投資成長壯大起來。 2009年10月創業板正式成立。創業板是具有中國特色的證券交易市場，專為暫時無法在主板上市的中小企業、創新型企業和高科技產業企業提供融資途徑和成長空間。但目前現有的研究主要集中於對創業板風險防範的研究。中國學術界對私募股權投資對被投資公司影響的認識主要來自國外成熟私募股權投資市場的研究，多為理論研究而非實證研究。本文利用創業板上市公司的數據，實證檢驗私募股權投資對創業板上市公司價值的影響。 Private equity is one of the most successful financial innovation in the financial sector since twentieth century. As a new type of investment, it has unique institutional arrangements and incentives. And now it has become a bridge to connect the capital market and the entity economy and also achieved the maximum value of capital. For many small and medium-sized enterprises, it is difficult to get funds from bank loans. At the same time, these enterprises do not meet the listing conditions, private equity funds are essential for them. In China, Alibaba, Tencent, Sina and other well-known enterprises all take benefit from private equity. In October 2009, China Growth Enterprises Market Board (GEM) officially established, which helps private equity achieve rapid development. GEM is designed especially for those small and medium-sized enterprises, innovative enterprises and high-tech industry enterprises, which are unable to be listed on the main board. It’s a security secondary market with Chinese characteristics and it provides the way that these enterprises can finance and get the growth space of securities trading market. But the existing research is mainly focused on the risk prevention of the GEM. The understanding of the influence which private equity on corporate value in China is mainly from researches on foreign mature private equity market. These researches focus on theoretical researches. They ignore empirical researches.In this paper, we use the data of the GEM Listing Corporation to examine the impact of private equity on the value of the listing Corporation.
Reference:	[1]孫茹(2011). 私募股權投資對中小企業的影響研究 .沈陽理工大學. [2]會利平(2008).冷靜思考PE投資風險.http://finance.sina.com.cn. [3]趙風蕊(2013).私募股權投資對創業板上市公司價值的影響研究.山東大學. [4]周萍(2012). 創業板上市公司價值評估方法研究 .東北財經大學. [5]張延祿(2011). 宇通客車有限公司價值評估研究 .吉林大學. [6]邢杉杉(2010). 基於實物期權的高新價值評估 .合肥工業大學. [7]王玉文（2014）.我國私募股權投資對創業板上市公司價值影響的實證研究.山東財經大學. [8]范褘林(2013).資本結構對公司價值的影響因素分析.中國集體經濟,(19), 55-56. [9]曹萬林(2006).公司治理對企業競爭力影響的實證分析. 東北財經大學. [10]林樂芬(2004).中國上市公司股權集中度,公司治理與績效研究.南京農業大學. [11]張曄林(2015).私募股權投資對中小企業公司價值和經營績效的影響研究—基於我國中小板和創業板上市公司的實證分析.金融經濟, 48-51. [12]張曉倩(2006).我國上市公司股權制衡與公司價值研究. 湖南大學. [13]萬蘭英（2006）.中國創業板市場的理論和實踐.經濟管理出版社.張艷 [14]田惠敏（2015）.私募股權投資治理機制研究.經濟科學出版社.齊偉娜 [15]劉興業（2013）.中國私募股權投資-私募基金管理.中信出版社.任紀軍 [16]朱靜(2011).私募股權投資與公司價值相關性的實證研究—來自中小板上市公司的經驗證據.財務與金融,(2),20-24. [17]趙炎,盧穎(2009).風險投資與上市公司經營業績之間的關係-以我國中小企業板上市公司為樣本.科技進步與對策,26(23):108-111. [18]向群(2010).私募股權投資對成長型公司的影響—基於中小板上市公司的實證研究.金融與經濟,(1),50-52. [19]Sahlman, William A. "The structure and governance of venture-capital organizations." Journal of financial economics 27.2 (1990): 473-521. [20] Jain, Bharat A., and Omesh Kini. "Venture capitalist participation and the post‐issue operating performance of IPO firms." Managerial and decision economics 16.6 (1995): 593-606. [21] Campbell II, Terry L., and Melissa B. Frye. "Venture capitalist involvement and the long-run performance of IPOs." The Journal of Private Equity 10.1 (2006): 7.
Description:	碩士國立政治大學財務管理研究所 103357041
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G1033570411
Data Type:	thesis
Appears in Collections:	[Department of Finance] Theses

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