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| 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. |
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| 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: | [財務管理學系] 學位論文
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