摘要
文章基于2004-2015年中小板上市企业数据,对创业投资给企业价值提升和运营表现带来的影响进行了研究,报告了我国的创业投资家既没有在首次公开发行股票的进程中为其投资的公司带来价值,也没有提高运营表现的现状,通过采用匹配样本方法,展开创业投资对其投资对象的投资效果调查,反映了与那些没有进行创业投资的公司相比,有创业投资的公司会出现更高的IPO抑价水平,并且首次公开发行(IPO)前后的运营表现都更差的问题,实证结果既没有支持证明假说也没有支持监督假说,但却部分地支持了躁动效应假说的研究成果。研究还提出在培育小企业(特别是创新的)方面,我国的政府管理层需要考虑夯实其法律基础,减少政府干预和繁文缛节,从而减少创业投资的系统性风险的政策建议,以期实现如何在一个新兴和转轨市场上利用创业投资帮助企业发展的研究意义。
Based on 2004-2015 Small and Medium-sized Enterprises Board Data, the effect of venture capital on enterprise value promotion and operation performance is studied, and reports is available that the situation of Chinese venture capitalists neither adds value to their invested firms in the initial public offering（IPO） process, nor improves operating performance. By a matched sample method, the paper investigates investment expansion of venture capital, and reflects comparison of their non-venture-backed counterparts.Venture-backed firms are associated with a greater level of IPO under pricing and inferior operating performance both before and after IPO. Our findings in China support neither the certification/monitoring hypothesis nor the grandstanding hypothesis, but partly support the adverse selection hypothesis. Also, the paper suggests to develop small enterprises, especially innovative ones, the needs considered the improvement of the legal basis, to reduce government intervention and the red tape, so as to reduce the venture capital system risk policy recommendations, in order to help enterprises develop in an emerging and transitional market by venture investment.
作者
孙晶
SUN Jing(School of Public Finance, Central University of Finance and Economics, Beijing 100081, China Finance and Economic University, Hohhot Inner Mongolia 010051, Chin)
出处
《技术经济与管理研究》
CSSCI
北大核心
2016年第8期31-39,共9页
Journal of Technical Economics & Management
基金
国家自然科学基金青年项目(71503283)
关键词
创业投资
价值提升
运营表现
IPO抑价
中小板
Venture capital
Value promotion
Operation performance
IPO underpricing
Small and medium-sized enterprises board
