风险投资机构、IPO暂停与并购溢价——基于信息不对称视角

Venture Capital Firms,IPO Suspension and M&A Premiums:Based on Information Asymmetry

风险投资机构(以下简称“风投”)在资本市场特别是并购(M&A)市场上扮演着越来越重要的角色。本文研究在上市公司并购非上市公司时,风投持股对并购溢价的影响,并从信息不对称的视角尝试解释风投发挥的作用。首先,当目标企业有风投持股时,并购溢价更高,即收购方认为风投起正面作用并传递好的信号;而并购市场反应的检验说明市场与收购方的观点一致。其次,当IPO暂停时,风投只能选择次优的并购退出方式,其发挥正面作用的积极性被削弱,收购方也不再识别其信号,有风投持股的目标企业的并购溢价不再显著更高,即政策不确定性会削弱风投的作用。此时,相比于只有目标企业有风投持股的样本,若并购双方都有风投持股,则并购溢价显著更高。这说明双方都有持股有助于识别风投信号,减弱IPO暂停的影响。本文研究有助于更全面地了解风投的作用,助推我国风投及其相关制度的发展和完善。

Venture Capital firms(VC firms)play a more important role gradually in the capital market,especially the M&A market.This paper tries to investigate the signal transmission function VC firms exert when the listing companies acquire the non-listing ones from the perspective of information asymmetry.It is found that the VC-backed acquired companies have got significantly higher M&A premiums than that of non VC-backed,namely the acquirers consider VC firms as positive roles in the transactions,transmitting good signals.The analysis of market reaction indicates that the opinion of the investors and acquirers is the same.Then,during IPO suspensions,VC firms have to choose M&A as a sub-optimal exit option.Their positive impact is undermined and the acquirers cannot distinguish the signals transmitted originally.Hence,the VC-backed acquired companies are unable to receive significantly higher M&A premiums.The paper infers that the policy uncertainty has weakened the positive impact of VC firms.Furthermore,if both the acquirers and the acquired are held by VC firms,M&A premiums are higher compared to the transactions with VC firms holding shares in the acquired only.The results indicate that VC firms existing on both sides contribute to signal recognition,relieving the impact of IPO suspensions.It is supposed that the findings can help to gain a more complete picture of the functions of VC firms,and to promote the policy related to VC firms to be better developed.