摘要
风险投资作为一种金融创新,对经济发展具有重要作用,但关于风险投资对IPO效应的研究却尚未得到一致的结论。基于管理质量的研究视角,运用2009—2015年A股上市公司数据,实证分析风险投资支持的公司在IPO当日和日后的市场表现,发现风险投资能够通过提升管理质量、缓解代理问题和信息不对称,进而促进公司经营行为的规范化和理性化。
As a financial innovation,venture capital plays an important role in economic development,while there is no consistent conclusion about the IPO effect of venture capital.Based on management quality,this paper makes use of listed company data of 2009-2015 to study the effect of these two variables on a firm’s IPO and post-IPO effect.This paper finds that venture capital can improve management quality,alleviate agency problem and information asymmetry to promote the standardization and rationalization of company s management behavior.
作者
刘霞
任驿佳
LIU Xia;REN Yi-jia(College of Management,Hebei University,Baoding,Hebei 071002,China)
出处
《河北大学学报（哲学社会科学版）》
北大核心
2018年第5期105-116,共12页
Journal of Hebei University(Philosophy and Social Science)
基金
2017国家社科基金后期资助项目(17FJY015)
2018河北省审计厅重点课题(201811)
"一省一校"专项经费
关键词
风险投资
管理质量
市场效应
IPO
venture capital
management quality
market effect
IPO
