摘要
本文在论述国际学术界关于创业投资在企业IPO中作用理论研究的基础上,通过采用实证分析方法,对我国创业板上市的153家公司2007～2009年的数据进行研究,得出如下结论:企业IPO初始回报与是否有创业投资参与具有显著的正相关关系。同时I,PO初始回报与公司规模显著负相关,与股份发行比例显著负相关,与公司上市时年龄显著负相关,与企业上市日的上证指数收益率显著正相关,与净资产收益率显著负相关。
Based on review of research on the role of venture capital backing in initial public offerings,the paper mainly studies the relationship between venture capital investment and IPO initial return through empirical analysis,with the sample consisting of 153 firms listed in the Growth Enterprises Market(GEM) of China.It is found that venture capital investment is significantly positively related to IPO initial return.The results also suggest that IPO initial return is negatively related to the size of firms,negatively related to the issue shares ratio,negatively related to age of firms,positively related to return rate of Shanghai stock market price index,and negatively related to ROE.
出处
《当代经济科学》
CSSCI
北大核心
2012年第2期64-70,126,共7页
Modern Economic Science
关键词
创业投资
IPO初始回报
创业板
实证分析
Venture Capital Investment
IPO Initial Return
GEM
Empirical Study
