摘要
为解决中小企业所面临的融资瓶颈、以及为创业投资提供更宽广的退出渠道,中小企业板作为创业板前身应运而生。国外研究表明,创业投资在IPO过程中具有认证、监督功能;为被投资公司运营绩效上提供增值服务。这些结论虽被多位学者在美国市场所证实,但近年其他新兴国家的实证研究却有不同的结论。在中国新兴市场中,创业投资机构对上市公司的影响情况,也需要得到检验。本文在总结前人研究的基础上,沿用西方配对实证分析方法,采用描述统计和假设检验的方法对配对的样本企业进行比较,判断有创投持股(VC)和没有创投持股(NVC)的企业的数据是否有显著差异;通过回归分析(多元回归)对创业投资影响企业长期绩效的因素进行分析,结果发现:有创业投资持股的企业从股份制成立到上市经历的时间比没有创业投资持股的企业短,发行费用占筹资总额的比重和发行抑价程度均大于没有创业投资持股的企业,上市后短期内股价超额收益率低于没有创业投资的企业,而长期内股价超额收益率则较高。
In order to solve the SME＇s problems of financing bottleneck and lack of technological innovation; to broadened VC＇s withdraw channel, SME Board is released as the preparation for GEM （Growth Enterprises Market）. According to overseas scholars＇research, VCs have the function of certification and monitoring and can provide participated companies with value -added service. These conclusions are proved by several scholars, but contradict with the statistical result from emerging market data in recent years. Whether VCs have the same positive impact in China＇s emerging market is on doubt. On the basis of the summary of previous studies, this paper extends the match - pair methods and variables used by former scholars. By comparing paired sample companies through the descriptive statistics and hypothesis testing, we examine whether there are significant differences between vc -backed companies and non - vc - backed ones. Through regression analysis on the venture capital factors that affect long - term performance, we find that comparing with non - venture - backed peers, venture - backed companies have shorter time from the establishment of joint stock company to IPO and they also have greater ratio of IPO cost and underpricing, but their excess return shortly after the listing are lower while the excess return in long term are higher.
出处
《上海经济研究》
CSSCI
北大核心
2011年第5期72-82,96,共12页
Shanghai Journal of Economics
基金
国家自然科学基金青年项目(70903046)
上海市教委科研创新重点项目(10ZS20)资助
关键词
创业投资
长期绩效
中小企业板
Venture capital
long - term performance
SME board
