摘要
本文以2014年底前在我国创业板上市的419家公司为研究对象,探究了风险投资对企业IPO超募融资及超募资金使用效率的影响。研究发现:(1)风险投资介入能够降低企业的超募融资率,且风险投资持股比例越大,其对企业超募融资率的抑制作用越强;(2)风险投资支持提高了企业超募资金的使用效率,具体表现为企业超募资金投资概率的增大和投资效率的提高,使企业超募资金投资能够对企业未来经营业绩和市场回报产生较大的提升效应;(3)进一步对风险投资影响超募资金投资效率的机理进行分析后发现,风险投资机构可以通过提高超募资金的资本投资率和发挥其监督职能两条途径实现对企业超募资金投资效率的积极影响。
Using the 419 companies listed on China’s GEM and IPO over-financing before the end of 2014 as the research sample, this paper explores the impact of venture capital on corporate IPO over-financing and the use efficiency of over -financing funds. The study finds that:(1)The venture capital can effectively reduce the over-financing rate of the enterprise, and the more in the proportion of venture capital holdings, the stronger its inhibition on the over- financing rate of the enterprise;(2)Venture capital improves the over-financing funds use efficiency by increasing its investment probability and its investment efficiency, so that corporate over-financing investment can have a greater positive effect on business performance and market returns;(3)Further analysis of the mechanism of venture capital affecting the efficiency of over -financing funds investment finds that venture capital institutions have achieved positive effects on the efficiency of corporate over-financing funds investment by increasing the capital investment rate of over-financing funds and exerting their supervisory functions.
作者
李梦雅
严太华
LI Meng-ya;YAN Tai-hua(School of Economics and Business Administration, Chongqing University, Chongqing 400044, China)
出处
《预测》
CSSCI
北大核心
2019年第1期45-51,59,共8页
Forecasting
基金
国家社会科学基金资助项目(16BJY013)
关键词
风险投资
IPO超募
超募资金使用效率
经营业绩
市场回报
venture capital
IPO over-financing
over-financing funds use efficiency
business performance
market returns
