本文選題：創(chuàng)業(yè)投資 + 上市�。� 參考：《南開(kāi)管理評(píng)論》2011年01期

【摘要】：本文以2004-2008年深圳中小板的上市公司為樣本,圍繞企業(yè)首次公開(kāi)發(fā)行這一重要的創(chuàng)業(yè)投資(以下簡(jiǎn)稱"創(chuàng)投")退出方式,研究創(chuàng)投機(jī)構(gòu)對(duì)其支持企業(yè)上市后經(jīng)營(yíng)業(yè)績(jī)和股市表現(xiàn)的影響。結(jié)果表明,創(chuàng)投支持企業(yè)上市時(shí)的規(guī)模和年齡均顯著低于非創(chuàng)投支持企業(yè),且前者在上市首日的抑價(jià)水平顯著高于后者。從長(zhǎng)期表現(xiàn)來(lái)看,雖然在鎖定期內(nèi)創(chuàng)投支持企業(yè)和非創(chuàng)投支持企業(yè)的經(jīng)營(yíng)業(yè)績(jī)和股市表現(xiàn)沒(méi)有顯著差異,但解禁后前者的業(yè)績(jī)下滑幅度顯著高于后者,且股票投資收益率更低。進(jìn)一步研究發(fā)現(xiàn),企業(yè)抑價(jià)水平和長(zhǎng)期績(jī)效下滑幅度與其創(chuàng)投機(jī)構(gòu)的從業(yè)年限顯著負(fù)相關(guān);此外,國(guó)有創(chuàng)投機(jī)構(gòu)支持企業(yè)的抑價(jià)水平及績(jī)效下滑幅度顯著低于非國(guó)有創(chuàng)投機(jī)構(gòu)支持企業(yè)。這些結(jié)果驗(yàn)證了Gompers[1]提出的"逐名動(dòng)機(jī)"假說(shuō),表明我國(guó)創(chuàng)投行業(yè)目前存在急功近利的傾向;創(chuàng)投機(jī)構(gòu)為盡快實(shí)現(xiàn)投資收益、證明自己的實(shí)力會(huì)促使其投資企業(yè)過(guò)早上市,并且過(guò)度追求短期業(yè)績(jī)而對(duì)企業(yè)的長(zhǎng)期發(fā)展造成一定負(fù)面影響。
[Abstract]:Based on the sample of listed companies in Shenzhen small and medium-sized board from 2004 to 2008, this paper focuses on the exit of enterprise initial public offering, which is an important venture capital investment (hereinafter referred to as "venture capital"). This paper studies the influence of venture capital institutions on the performance of the listed enterprises and the stock market. The results show that the size and age of the VCs are significantly lower than that of the non-VCs, and the underpricing level of the former is significantly higher than that of the latter on the first day of listing. In the long run, although there is no significant difference between the operating performance and stock market performance of VCs and non-VCs, the former is significantly lower than the latter, and the return on stock investment is lower. Further study found that the level of underpricing and the decline in long-term performance were significantly negatively correlated with the number of years of employment of venture capital institutions. The underpricing level and performance decline of state-owned venture capital institutions are significantly lower than that of non-state-owned venture capital institutions. These results validate Gompers's hypothesis of "name by name motive", and indicate that the venture capital industry in our country has the tendency of quick success and quick profit. In order to realize the investment income as soon as possible, the venture capital institutions prove that their strength will prompt their investment enterprises to go public prematurely. And excessive pursuit of short-term performance has a negative impact on the long-term development of enterprises.
【作者單位】： 清華大學(xué)經(jīng)濟(jì)與管理學(xué)院;
【基金】：國(guó)家自然科學(xué)基金項(xiàng)目(71002013)資助
【分類號(hào)】：F275;F832.48;F224

【參考文獻(xiàn)】

相關(guān)期刊論文 前3條

1 張凌宇;;創(chuàng)業(yè)投資機(jī)構(gòu)對(duì)其支持企業(yè)IPO抑價(jià)度的影響[J];產(chǎn)業(yè)經(jīng)濟(jì)研究;2006年06期

2 錢蘋;張幃;;我國(guó)創(chuàng)業(yè)投資的回報(bào)率及其影響因素[J];經(jīng)濟(jì)研究;2007年05期

3 陳超;陳文斌;;中國(guó)股票首次公開(kāi)發(fā)行真的被低估了嗎?[J];中國(guó)會(huì)計(jì)評(píng)論;2003年00期

【共引文獻(xiàn)】

相關(guān)期刊論文 前10條

1 徐夢(mèng)周;蔡寧;;聯(lián)合投資網(wǎng)絡(luò)、中心性與創(chuàng)投機(jī)構(gòu)績(jī)效——基于IDGVC的探索式研究[J];重慶大學(xué)學(xué)報(bào)(社會(huì)科學(xué)版);2011年01期

2 陳祥有;;風(fēng)險(xiǎn)投資與IPO公司盈余管理行為的實(shí)證研究[J];財(cái)經(jīng)問(wèn)題研究;2010年01期

3 戴德明,毛新述,鄧t，

本文編號(hào)：2085504