风险投资背景与公司IPO：市场表现与内在机理

VCs' Backgrounds,IPO Underpricing and Post-IPO Performance

本文研究风险投资背景对公司在股票市场表现的影响。研究发现:相对于政府背景风险投资支持的公司,外资和混合型背景风险投资支持的公司IPO抑价率较低,股票市场累计异常回报率较高,民营背景风险投资支持的与政府背景支持的无显著差异;如果仅划分为有、无外资背景风险投资参与两类,那么外资背景风险投资参与支持的公司相对于那些非外资背景风险投资支持的公司IPO抑价率更低,股票回报率更高。对影响机理进一步剖析发现:相对于那些非外资背景的风险投资,外资背景风险投资倾向更加谨慎的投资策略,投资之后对公司治理结构安排会更加合理,并且公司具有较好的盈利能力,这些最终导致公司股票IPO抑价率较低和回报率较高。

This paper studied VCs＇ investment tactics, IPO underpricing, post-IPO performance and corporate governance from the VCs＇ backgrounds： Foreign, Government, Private and Mix. The resuhs indicate： foreign and mix VCs implement more prudential investment tactics than government and private; firms financed by foreign VCs experience lower underpricing and yield higher returns than those financed by government-sponsored VCs or private VCs; firms financed by foreign VCs experience higher governance quality with regard to board scale, composition and ownership structure than those firms backed by government or private VCs. All evidences argue that foreign venture capitalists own more special experience, monitoring skills and other knowledge related to VC investment than government and private venture capitalists. And we failed to find the significant difference between government-sponsored VCs and domestic private VCs, except that firms financed by government-sponsored VCs exhibit larger scale board than firms backed by private VCs.