文档介绍：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
20090101
上海交通大学硕士学位论文

公司上市前私募(Pre-IPO)定价影响因素研究
摘要
公司上市前私募是在一家公司进行上市之前对其股权进行投资的一种行为。本文以
A 股上市前私募(Pre-IPO)并且成功退出的企业为主要研究样本,将上市前私募公司的
样本分为财务型私募与战略型私募两类进行研究,通过实证分析证实,影响我国公司上
市前私募价格的主要因素为进行上市前私募当时的市盈率、市净率, IPO 价格,以及
投资进入时间长度。通过样本回归分析,本文证实了公司上市前私募的价格与前三个因
素均正相关,而与私募投资进入时间长短负相关。
同时本文也通过研究证实了我国公司进行财务型上市前私募投资主要目标行业为传
统制造业,而战略投资型私募的主要目标行业为金融行业。同时,本文也证明了我国两
种类型进行上市前私募的投资收益率均高达 10 以上,证实了上市前私募的高收益。另
外,本文也验证了上市前私募进入时点的选择以及上市前私募分行业的价格以及被投资
企业的数量均不同程度的受到中国宏观资本市场的影响,2007 年的上市前私募价格、被
投资企业数量普遍高于其他年份。同时,本文通过对于投资禁售期的研究,证实了战略
投资者的投资禁售期长于财务投资者。
本文的创新之处在于:(1)确定了上市前私募的价格决定因素以及定价区间(2)界
定了上市前私募的行业、年份影响因素(3)论证了上市前私募投资高收益率及战略投
资型以及财务投资型上市前私募禁售期长短的差别。
关键词:上市前私募(Pre-IPO),市盈率,市净率,投资收益率,投资禁售
期

第 1 页
Study on Chinese A pany’s Pre-IPO Pricing
Effecting Factors
ABSTRACT
Pre-IPO is defined by SEC as the investing involves buying a stake in a
company before pany makes its initial public offering of securities. The
Pre-IPO can be divided in to two types, one is called financial type Pre-IPO; and
the other is called strategic Pre-IPO. And the research samples are taken from
the Prospectus of the essful panies in China. Based from the
empirical study, the main factors as PE, PB, IPO price and the time length from
the private equity’s entry into pany till it’s listing date are proven to be
correlate to effect the pricing of the Pre-IPO; and the former 3 factors are
positively correlated to the price and the last factor is proved to be negatively
correlated to the Pre-IPO price.
And further, based on the empirical study, the target industry for the financial
Pre-IPO investors is recognized as the manufacturing industry; and the financial
industry has been proved to be strategic Pre-IPO investors’ target industry. Also,
the returning rate of the both investors has been identified as more than 10 times.
And the macro capital market is proved to be