风险投资参与对IPO抑价的影响——基于深交所创业板市场2009-2012年数据分析

Influence on the IPO Underpricing by Venture Investment——Based on the Data Analysis of Growth Enterprise Market

本文利用2009年到2012年创业板上市的336家企业IPO数据,采取倾向性评分的方法对无风险投资参与的IPO数据进行调整,解决了风险投资与企业之间相互选择产生的内生性问题。进而研究了风险投资的参与对创业板市场上IPO抑价水平的影响,比较调整后风投参与和无风投参与IPO之间的差异。从时间序列的角度,发现风投参与和无风投参与的IPO发行价的差异在逐年降低,首日收益率的差异逐年增加,说明风险投资的参与会加大IPO抑价水平,支持了Amit et al提出的"逆向选择理论"。

According to research, it is concluded that the difference of the IPO issue price between venture investment and non - venture investment is gradually lowering. And the difference of the return rate of the first day is enlarging year by year. The participation of venture investment will enlarge the IPO underprieing and it proves the theory of adverse selection by Amit et al.