摘要
本文对截至2011年3月底的创业板公司创投股东的减持行为及其收益情况进行实证研究。研究发现,超过一半解禁项目的创投股东开始逐步退出,投资收益巨大。创投股东减持行为及收益随创投类型、投资时间、投资成本的不同而存在明显差异,减持收益率小于以市场价格计算的账面收益率。分析表明,解禁后创投股东减持力度较大,符合其退出套现的盈利模式。其中,券商直投的"快进快出"行为值得关注,而投资较晚、成本较高的创投机构减持意愿较高。另外,用账面收益来衡量创投机构的投资业绩有较大误差。
This paper empirically studies the sale behavior and ROI of the VC/PE shareholders in GEM-listed companies before April, 2011. We find that VC/PE shareholders in over 50% of the unlocked investment projects have sold their shares gradually, and the ROI is very high. The sale behavior and investment return of the VC/PE shareholders differ by institution types, investment timing, investment cost, and the ROI calculated with selling price is lower than the ROI calculated with offering price or the close price in a certain day. This paper shows that the rapid sale behavior of VC/PE shareholders is consistent with their profit pattern. The rapid-in-rapid-out behavior of PE organized by security companies should be paid attention to, and the VC/PE shareholders whose investment cost is higher or investment timing is later are more willing to sell their shares. In addition, it may make mistake to measure investment performance of VC/PE institutions with book ROI.
出处
《证券市场导报》
CSSCI
北大核心
2011年第11期49-53,共5页
Securities Market Herald
关键词
创业板
创投股东
减持行为
growth enterprise market, VE/PE, sale behavior and ROI
