风险投资背景对我国创业板IPO影响分析

Analysis on VC's Backgrounds' Impact on GEM's IPO

本文基于创业板分别对风险投资背景是否会影响IPO抑价和IPO后收益进行了实证研究,结果表明风险投资的参与会提高风险企业的IPO抑价;而不同背景风险投资对参与的风险企业的抑价没有显著影响;对风险投资背景与IPO后收益的影响研究发现,风险投资的参与会提高风险企业的IPO后收益;而且不同背景的风险投资对风险企业IPO后收益有的影响显著不同,其中独立风险投资对IPO后收益具有显著正向影响,但政府背景风险投资和企业背景风险投资对IPO后收益无影响。研究结果显示我国不同背景风险投资的差异性存在,但没有完全显示出其特质。

This paper studies VC＇s backgrounds＇ impact on China＇s GEM＇s IPO underpricing and post- IPO return. The results indicate： the participation of venture capital increases the IPO underpricing of venture companies, but background of VC does not affect underpricing very much; the participation of venture capital will also increase the post-IPO return of venture companies, and has different influence on post-IPO return of venture companies, independent VCs have positive significant influence on the post-IPO return of companies financed, but government-backed and enterprise-backed venture capital have no significant influence on post-IPO return of venture companies. Hence, the results of the study show that although differences among these three backgrounds of venture capital exist, they don＇t indicate their characters totally in GEM.