私募创投对创业板上市公司IPO认证作用的实证研究

Empirical research on the certification role pe/vc firms play on chinext’s public companies’ ipo

私募创投和创业板都是我国多层次资本市场的重要组成部分.从创业板开板,采集数据截止日2012年6月30日,共有332家企业在创业板上市,其中181家拥有私募创投背景,因此私募创投的影响是对创业板进行研究时一个不可忽略的因素.通过均值T检验,Mann-Whitney U检验和逐步回归法研究了私募创投对于创业板上市公司的认证作用.私募创投在企业IPO时存在显著的认证作用,具有私募创投背景的企业相对而言,有更高的调整抑价率、更大的发行规模、更高的主承销商声誉、更高的PE和PB倍数,但是单位发行费用并没有更低.为了寻找影响企业IPO调整抑价度的主要指标,构建了包含10个变量的多元回归模型,并使用逐步回归法进行了实证检验,发现上市公司是否具有私募创投背景、IPO首日的换手率、IPO前每股净资产以及网上中签率5个因子会显著影响创业板上市公司IPO的抑价度.

PE/VC firms and ChiNext are important parts of Chinese multi-level capital market. By the date of June 30tb, 2012, a total of 332 companies have been listed on ChiNext, of which 181 are PE/VC backed. The effect PE/VC firms on ChiNext＇s public companies are interesting research field. Mean T test, Mann-Whitney U test and Stepwise Least Squares are used to do the empirical research on the certification roles PE/VC firms play. The study finds that PE/VC firms play huge certification roles on the IPO process which lead to higher PE RATIO, higher PB RATIO, bigger OFFERING SIZE, higher UNDERWRITER REPUTATION, and higher UDERPRICE RATIO. However, whether PE/VC backed or not have no significant effect on OFFERING FEES PER SHARE. Through the regression model, the study finds that TURNOVER RATE, NET ASSET PER SHARE, PRICING RATE, PB RATIO and PE/VC BACED are five main factors having huge effects on the public companies＇ adjusted underprice ratio.