摘要
金融市场改革的重要方向之一是大力发展风险投资行业。该文通过分析风险投资机构的历史数据,引入异质性风险投资概念,并利用Heckman两步法处理风险投资机构入驻的内生性问题,研究了创业板上市公司异质性风险投资、联合持股与IPO抑价之间的关系,发现:1)长期风险投资持股会降低IPO抑价,发挥认证/监督作用;2)短期风险投资随着持股比例的增加更多表现为逐名动机,其持股与IPO抑价呈现"U"型关系;3)异质性风险投资的联合持股均会显著降低IPO抑价,且机构数量越多,IPO抑价程度越低。
Developing the venture capital industry to promote capital market reform is one of the most important direction of financial reform.By analyzing the history data of Venture Capital（VC）and introducing the heterogeneity of VC institutions,and dealing with the endogeneity problem by using Heckman two-step process,this paper studied the relationship among Pre-IPO heterogeneous venture capital,investment syndication and IPO underpricing of ChiNext（China Growth Enterprise Market）using with manual collected data,the results indicate：1）long-term VC has certification effect and monitoring incentive,and its stock share will reduce the IPO underpricing;2）short-term VC have a reputation,or grandstanding,motive as the stock share increasing,and the relationship between short-term VC and IPO underpricing is＂U＂shape;3）the syndication of heterogeneous VC will reduce the IPO underpricing,and the more number of VC,the less underpricing.According to the conclusion,this paper also put forward some suggestions to perfect Chinese financial market.
出处
《上海经济研究》
CSSCI
北大核心
2015年第12期23-33,共11页
Shanghai Journal of Economics
关键词
风险投资
IPO抑价
异质性
联合持股
Venture Capital
IPO Underpricing
Heterogeneity
Syndication
