认证监督还是逆向选择——风险投资对创业板IPO抑价影响的实证研究

Certification Supervision or Adverse Selection: Empirical Study on the Impact of Venture Capital upon IPO Under-pricing in GEM

以创业板上市公司为研究对象,从风险投资角度对创业板上市公司IPO抑价率和IPO后长期股价表现的影响因素进行分析。实证结果表明,中国创业板上市公司的风险投资表现出逆向选择效应而不是认证监督效应。有风险投资背景企业的抑价率高于无风险投资背景的企业,且风险投资占股比例越高,抑价率越低;无风险投资背景企业的长期股价表现优于有风险投资背景的企业,且风险投资占股比例越高,长期股价表现越差。

With the listed companies in GEM as research target, from the perspective of venture capital, this paper analyzes the IPO under-pricing rate in the listed companies in GEM and the factors to influence the long-term performance of stock prices after IPO. The empirical result indicates that the venture capital in the listed companies in China＇s GEM shows an adverse selection instead of certification supervision. The under-pricing rate is higher with venture capital than without venture capital in enterprises, the higher the ratio of venture capital, the lower the under-pricing rate. The long-term performance of stock prices is better in risk-free enterprises than in those without venture capital, the higher the ratio of venture capital, the worse the long-term performance of stock prices.