风险投资背景与上市公司经营绩效

Background of venture capital and operating performance of listed enterprises

文章从风险投资机构的背景属性出发,将风险投资机构划分为国有和非国有2类,并利用2011年底之前上市的创业板公司的数据,实证研究了风险投资的背景对公司经营绩效的影响。结果表明,风险投资背景的不同对上市公司经营业绩影响程度并没有显著的差异,但国有风险投资机构由于获得较大IPO融资额从而间接显著提升公司的经营业绩。

Based on the prospectus and annual report data, the listed companies on growth enterprise market（GEM） that went public before the end of 2011 are studied considering their background of venture capital（VC）--state-owned and non-state owned. The effect of the background of VC on the operating performance of the listed companies is discussed. The results of comparative analysis and re- gression prove that the background of VC does not have significant influence on the performance of the companies directly. Indirectly, the performance of state-owned companies is improved as they can get more IPO financing amounts.