政治关系、风险投资与IPO机会——基于创业板申请上市公司的经验分析

Political Connections,Venture Capital Investments and IPO Opportunities: Evidence from Start-ups in China

文章以2009-2011年公布招股说明书(申报稿)的创业板申请上市公司为研究对象,从股权融资角度考察了政治关系对企业获得风险投资和IPO机会的影响。研究发现:(1)政治关系对企业获得风险投资和IPO机会具有显著的正向影响,与没有政治关系的企业相比,有政治关系的企业获得风险投资和IPO机会的可能性更大;(2)政治关系对企业获得IPO机会的正向影响在有风险投资的企业样本中更加显著。文章研究结论对创业企业、风险投资机构、有关决策部门均具有重要的启发意义。

Taking start-ups which published the prospectus between 2009 and 2011 as an example, this paper analyzes the effects of political con- nections on venture capital investments and IPO opportunities from the per- spective of equity financing. It arrives at the following conclusions： firstly, political connections have significantly positive effects on venture capital in- vestments and IPO opportunities; compared to enterprises without political connections, enterprises with political connections are more likely to obtain venture capital investments and IPO opportunities~ secondly, the positive effect of political connections on IPO opportunities is more significant in the sample of enterprises with venture capital investments. The conclusions pro- vide start-ups, venture capital institutions and related decision-making au- thorities with important enlightenment.