摘要
风险企业的IPO是一个受风险投资(家)声誉影响的过程。在持续的金融市场活动中,风险投资(家)在风险企业发行上市过程中具有特殊的作用(核证、监管、消除信息不对称、提供资源基础等)。风险投资声誉对于区别作用程度不同的风险投资有着重要意义,并对IPO折价以及IPO后的长期业绩等都可能存在显著影响。国外研究者将研究重点放在风险投资家的作用、风险投资声誉的衡量及作用机制、风险投资声誉对IPO折价和长期业绩的影响等方面,并多从实证角度对各自的假设进行检验,为研究风险投资的声誉机制提供了重要参考。未来围绕风险投资的声誉机制等仍然具有很多值得研究的任务,比如对不同声誉的风险投资的"挑选"和"培育"作用的区分,风险投资声誉对尚未IPO的或通过其他退出方式(如MBO、大企业收购、二次出售等)退出风险投资的风险企业的影响,风险投资声誉与承销商声誉的联合作用机制等。
The IPO （initial public offering） of ventures is a process impacted by venture capital （or venture capitalists） reputation.In the continuous financial market activities,venture capital plays an important role in the process of venture-backed firms＇IPOs,such as certification,supervision,eliminating information asymmetry,supplying resource bases,etc.Venture capital reputation has its important meaning in differentiating the roles of different venture capital,and it may significantly influence IPO underpricing and post-IPO performance in the long term.Researchers focus on the role of venture capital （or venture capitalists）,the measure and operation mechanism of venture capital reputation,the impact of venture capital reputation on IPO underpricing and long-term performance,and majority of them justify their hypotheses empirically,which supply important reference and guidance to the researches on venture capital role and reputation.Many potential issues regarding the mechanism of venture capital reputation are also worth studying in the future,such as the differentiation of ＂selection＂ and ＂cultivation＂ role of venture capital of different reputation,the impact of venture capital on pre-IPO firms or venture-backed firms that seek exit through other channels （such as MBO,trade sales,secondary sales,etc.）,the combined impact of venture capital reputation and underwriter reputation on the performance of venture-backed firms,etc.
出处
《管理评论》
CSSCI
北大核心
2010年第11期9-20,共12页
Management Review
基金
上海市2005
2006
2007年科技发展基金软科学研究重点项目(056921057
066921012
076921020)
上海市2008年科技发展基金软科学研究博士生学位论文资助项目(200806007)
上海市教委重点学科建设项目(J51601)
关键词
风险投资
声誉
IPO
折价
长期业绩
venture capital
reputation
IPO
underpricing
long-term performance
