我国公司上市前私募preipo定价影响因素研究

上海交通大学硕士学位论文我国公司上市前私募（Pre-IPO）定价影响因素研究姓名：庄颖申请学位级别：硕士专业：会计指导教师：陈亚民200901011Pre-IPOAPre-IPOIPO102007123Pre-IPO,StudyonChineseAShareCompany’sPre-IPOPricingEffectingFactorsABSTRACTPre-IPOisdefinedbySECastheinvestinginvolvesbuyingastakeinacompanybeforethecompanymakesitsinitialpublicofferingofsecurities.ThePre-IPOcanbedividedintotwotypes,oneiscalledfinancialtypePre-IPO;andtheotheriscalledstrategicPre-IPO.AndtheresearchsamplesaretakenfromtheProspectusofthesuccessfullistedcompaniesinChina.Basedfromtheempiricalstudy,themainfactorsasPE,PB,IPOpriceandthetimelengthfromtheprivateequity’sentryintothecompanytillit’slistingdateareproventobecorrelatetoeffectthepricingofthePre-IPO;andtheformer3factorsarepositivelycorrelatedtothepriceandthelastfactorisprovedtobenegativelycorrelatedtothePre-IPOprice.Andfurther,basedontheempiricalstudy,thetargetindustryforthefinancialPre-IPOinvestorsisrecognizedasthemanufacturingindustry;andthefinancialindustryhasbeenprovedtobestrategicPre-IPOinvestors’targetindustry.Also,thereturningrateofthebothinvestorshasbeenidentifiedasmorethan10times.Andthemacrocapitalmarketisprovedtobethemainfactorofaffectingtheentrytiming,investedindustry,andtheamountofcapitalinvestedintotheindustry,asaresult,theconditioninyear2007ismuchbetterthanotheryears.FinallyweconcludethatthebanperiodofthestrategicPre-IPOinvestmentislongerthanthefinancialPre-IPOinvestment.Thecontributionsofthispaperare:(1)definedthefactorsandtherangeofPre-IPOprices(2)ascertainedthefactorsaffectingthePre-IPOinvestment’sinvestingindustryandinvestedyear.(3)DemonstratedthehighreturningrateofthePre-IPOinvestmentandthedifferenceofthestrategictypePre-IPOinvestmentandthefinancialtypePre-IPOinvestment.Keywords:Pre-IPO,PE,PB,Returningrate,thebanperiod11.1IPO1.2Pre-IPO2,,,1.31.3.12006200831.3.2200620081.3.3IPOP/EP/BRs42.12.1.1[1],,,,,2.1.21522.1.31,,,23,∑=+=n1ttstit)R(1CFV6VnCFRsRs=Rf+RmRfRm2.2GeorgeW.FennNellieLiangStephanProwse[2]1946ARD(AmericanResearch&DevelopmentCooperation)MullFrederickHobert[2]ThompsonRichardCharles[3]GomrsPaulAlan[4]SahlmanWilliamA[5].2080MoriatyKosnik[6]7SouderBethay[6]BelevJamesM.Poterba[7]1979-1989Sarinetal.(2003)[8]1988RoureJ.RKeeleyVanDerHeychew(1990)[9]MarinaBalboaJoseMart(2004)[9]LauraBottazziMarcoDaRinTomasHellmann(2004)[9]MikeWrightJonathanKissaneAndrewBurrows(2004)[10]JayMTannonRobinJohnson2005[11]ReichFilip(2005)[12][1]200669[13]seedperiodgrowthperioddirectinvestmentMBO/MBIbuyoutfundLBO(2007)[14]82005[15]2.32.3.120031997200351227675854546158shortfallofprobability(BygraveandTimmons1992GompersandLerner2004)[16]2000KaplanandSchoar(2005)Gottschalgetal.(2004)[17]9KasererandDiller(2004)[17]KasererandDiller2004cGottschalgetal.2004[17]Gottschalgetal.[17]KaplanandSchoar2005KasererandDiller2004a[17]Gottschalgetal.2004a[17]LjungqvistandRichardson2003a[17]LjungqvistandRichardson(2003b)[17]Schmidt(2004)[17]WejdigandMathonet(2004a)[17]KaplanandSchoar(2005)KasererandDiller(2004b)[17]10069WeidigandMathonet(2004b)[17]LjungqvistandRichardson(2003c)[17]Gottschalgetal.(2004b)[17]JonesandRhodes-Kropf(2003a)[17]1Cochrane(2001a)[17]16613776559%Cochrane2001b)[17]CummingandWalz2004[17]249826191068.7%Ick2005[17]1975200323802HegePalominoandSchwienbacher(2003)[18]IPO200181LjungqvistandRichardson(2003d)[17]731.081.12JonesandRhodes-Kropf(2003b)[17]1245KaplanandSchoar(2003c)[17]KasererandDiller(2004c)[17]1112%13.4%0.3590.3578GottschalgPhalippouandZolo2004[17]1.03Gottschalg1.71.6KasererandDiller(2004d)[17]2.3.22-112VentureCapitalInvestors,CapitalMarkets,ValuationandInformation:US,EuropeandAsiaGuptaandSapienza(1992)NortonandTenebaum(1993a)[17]NortonandTenebaum(1993b)[17]710GuptaandSapienza(1992)[17]NortonandTenebaum(1993)[17]WeidigandMathonet(2004)Schmidt(2004)[17]2.3.3Pre-IPOAussenegg2002[19]IPOAggarwalConroy(2000)[20]Benveniste(2000)[21]GunterLöffleraPatrickF.PantherbErikTheissen2005[21]FrancescaCornelliDavidGoldreichAlexanderLjungqvist2006[21]AusseneggPichlerStomper(2002)[21]13L¨offlerPantherTheissen(2005)[22]Dorn(2003)[36]3.13.1.12000200020051933144AD8014050001000015000200002500030000Jan-95Mar-95Jan-96Mar-96Jan-97Mar-97Jan-98Mar-98Jan-99Mar-99Jan-00Mar-00Jan-01Mar-01Jan-02Mar-02Jan-03Mar-03Jan-04Mar-04Jan-05Mar-05Jan-06Mar-06Jan-07Mar-07Jan-08Mar-08millionUSDollars05001000150020002500DealamountInvestmentAmountnumberofDealsPWC5-1200815200802004006008001,0001,2001,4001,600Bio-techSoftwareIndustrialMedicalMedia&EntertainITSemi-conductsTele-techNetworkingFinancialElectronicsBusinessConsumerProductsConputersHealthcareRetailingOthermillionUSDollars050100150200250DealamountInvestAmmount Deals 5-2http://www.nvca.org/resources/otheruseful.html3.1.290%16(NVCA)80%4%14%3.23.2.1EVCA20074-9DivestmentsbyExitTypeByamountinv.Bynumberofdiv.2007%2006%2007%2006%TradeSale24.922.72316.7IPO4.593.32.6SaleofQuotedEquity4.87.25.19.2Write-Off23.87.49Repaymentofsilentpartnership0.10.84.75.4RepaymentofPrincipalLoans1917.125.417.9Secondary29.716.69.36.5SaletoFinancialInstitution3.35.41.43.4SaletoManagement(MBO)3.56.16.917.6Other8.211.313.511.717http://www.evca.eu/knowledgecenter/s