风险投资对企业IPO后经营业绩的影响

论文总字数：29901字

目 录

1 绪论…………………………………………………………………7

1.1研究背景 ……………………………………………………………………………7

1.2目的和意义 …………………………………………………………………………7

2 文献综述……………………………………………………………8

2.1国外相关问题研究回顾 ……………………………………………………………8

2.2国内相关问题回顾 …………………………………………………………………8

2.3对国内外关于风险投资对IPO影响研究文献的评述 ……………………………9

3 风险投资对公司IPO后经营业绩的影响机制……………………9

3.1风险投资的界定与运作 ……………………………………………………………9

3.1.1风险投资的界定 ……………………………………………………………9

3.1.2风险投资的运作方式 ………………………………………………………9

3.2风险投资对公司IPO后经营业绩影响的理论分析 ………………………………9

3.2.1认证/监督理论………………………………………………………………10

3.2.2逐名效应/逆向选择理论……………………………………………………10

4 风险投资对公司IPO后经营业绩的影响分析……………………10

4.1偿债能力分析 ………………………………………………………………………11

4.1.1流动比率 ……………………………………………………………………11

4.1.2速动比率 ……………………………………………………………………12

4.1.3资产负债率 …………………………………………………………………12

4.1.4产权比率 ……………………………………………………………………13

4.2营运能力分析 ………………………………………………………………………14

4.2.1应收款项周转率 ……………………………………………………………14

4.2.2存货周转率 …………………………………………………………………15

4.2.3存货周转天数 ………………………………………………………………16

4.3盈利能力分析 ………………………………………………………………………17

4.3.1主营业务毛利率 ……………………………………………………………17

4.3.2资产净利率 …………………………………………………………………18

4.3.3净资产收益率 ………………………………………………………………19

4.4发展能力 ……………………………………………………………………………19

4.4.1净利润增长率 ………………………………………………………………19

4.4.2营业收入增长率 ……………………………………………………………20

4.4.3总资产增长率………………………………………………………………21

4.5独立样本检验………………………………………………………………………22

5 结论与建议 ………………………………………………………25

5.1结论…………………………………………………………………………………25

5.2建议…………………………………………………………………………………26

参考文献 ……………………………………………………………27

致谢 …………………………………………………………………28

风险投资对公司IPO后经营业绩的影响

蔡云菲

, China)

Abstract：With the coming of new economic era, risk investment become a strong driving force to promote the development of the gem companies and operating in promoting the innovation and the commercialization of the results of science and technology, make capital appreciation, enterprise management system innovation plays a vital role. With the birth of chinext in 2009, the relationship between venture capital and IPO has become increasingly close. But from the current our country risk investment performance after the IPO, the influence of risk investment were not fully promote and enhance the role of, instead of some gem listed companies operating performance after the IPO below was not involved in risk investment company. How to effectively play the risk investment business performance after IPO positive impact on the company, make investors, start-up companies to obtain the biggest benefit, improve the financial capital market and the construction of socialist market economy become the important question.

This article mainly uses the method of descriptive statistics, selected 88 companies listed in 2014, they will be divided into risk investment support group and with no risk investment support group, select ipos that year, the first year after IPO, and the second year after the IPO of financial index to measure enterprise's business performance, has the following four financial indicators: debt paying ability, operation ability, profit ability and development ability of four indicators. Therefore, we conclude the impact of venture capital on the performance of the IPO.

This paper is divided into five chapters. The chapters are as follows:

The first chapter is the introduction. This chapter introduces the background and purpose of this paper, shows the sample selection and data source, and gives a brief introduction to the research idea and structure arrangement.

The second chapter is literature review. This chapter reviews the results of domestic and foreign economic scholars research on the management of risk investment and before and after the company's IPO.

The third chapter is the theoretical overview. It mainly includes the definition of related concepts of venture capital, company IPO and enterprise performance theory. The understanding of enterprise performance theory helps us to understand the operating performance of this paper more deeply.

The fourth chapter is the empirical analysis. This chapter mainly uses the method of descriptive statistical result analysis and comparative analysis.

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