创业投资支持的企业海外IPO市场绩效研究被引量：8

The Overseas IPO Performance of VC-backed Enterprises

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摘要 IPO是创业投资(VC)最理想的退出方式。为研究创业投资支持的企业IPO的首日回报率和长期业绩,本文对1997～2006年VC支持的26家国内企业在美国IPO的市场业绩进行了统计分析。结果发现:第一,VC支持的IPO的首日回报率显著高于非VC支持的IPO,即VC支持的IPO存在着价格低估的现象;第二,VC支持的IPO的长期业绩较差。虽然显著性随时间变化,但是很多月份的市场表现要显著差于非VC支持的IPO。并且,锁定期的存在不会对其IPO的长期业绩构成支撑。这与国外的研究结论有所不同,可能与VC支持的企业多处于竞争性行业,而非VC支持的企业多处于垄断性行业有关。 IPO is the favorite way of exit for VC. In order to study the initial return and long-run performance of VC supported IPOs, this paper studies 26 US IPOs of Chinese firms and finds that： 1. VC-backed IPOs have a significantly higher initial return on non-VC-backed IPOs. i.e., the VC-backed IPOs tend to be underpriced. 2. VC-backed IPOs have a poor long-run performance, although the significance varies by time. Moreover, the lockup period does not provide support to the long-run performance, which differs from overseas research results. The reason may lie in the fact that the VC-backed IPOs mostly fall in competitive sectors, while non-VC-backed IPOs not.

作者倪正东孙力强

机构地区清科集团有限公司清华大学会计研究所

出处《证券市场导报》 CSSCI 北大核心 2009年第5期15-18,62,共5页 Securities Market Herald

关键词创业投资海外首次公开发行市场绩效风险投资 Venture Capital, Overseas IPOs, Market Performance

分类号 F830.59 [经济管理—金融学]

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参考文献9

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