风险投资的异质性对IPO的影响研究——基于中小企业板的实证分析

Research on VC's Heterogeneities' Impact on IPO——Empirical Analysis of SME

基于中小企业板的样本,研究了风险投资的异质性对IPO抑价及IPO后收益是否有影响。结果发现,风险投资的异质性会影响抑价,其中独立风险投资降低IPO抑价的程度最高,其次是企业背景风险投资,而政府背景风险投资则没有影响。风险投资的异质性同样也会影响IPO后收益,其中独立风险投资和企业背景风险投资对IPO后收益具有显著的正向影响,而政府背景风险投资则没有影响。结果揭示,在中小企业板,风险投资的异质性会影响IPO抑价和IPO后收益,从而说明风险投资内部的差异性对风险企业的影响是存在的。

This paper studies VC＇s heterogeneities＇ impact on China＇s SME＇s IPO underpricing and post-IPO return. The re- suits indicate that heterogeneities of VC does affect underpricing, but VC backed by government have no impact on IPO underpricing of companies financed. The study also finds heterogeneities of VC does affect post-IPO return, of which independent and corporate backed VCs have positive significant influence on the post-IPO return of companies financed, but VC backed by government have no impact on post-IPO return of companies financed. Hence, the results show that heterogeneities of VC affects the IPO underprice and post-IPO return of companies financed and different background of venture capital in SME indicate their characters .