IPO后公司经营业绩下滑的实证——基于风险投资视角

Empirical Support of Decline in Enterprises' Operating Performance after the IPO from the Perspective of Venture Capital

本文选取2009年10月23日—2011年12月31日创业板281家上市公司数据,采用横截面多元回归、倾向得分匹配(Propensity Score Matching)等方法,研究风险投资及其异质性对IPO后公司绩效变化的影响。实证结果证明:我国创业板市场和国外资本市场一样存在"IPO效应",创业板公司IPO后的公司绩效普遍呈下滑态势;有风险投资参与的公司IPO后的"营业收入增长率""经营活动现金流量净额增长率"指标相对于无风险投资参与的公司更低,风险投资的参与并没有发挥其资金与管理优势,没有促进IPO后绩效指标的增长,而是相反。外商背景的风险投资、联合投资有助于IPO后公司绩效的提升。

This paper has selected 281 companies from Gmwth Enterprises Market （GEM） Board listed between October 23, 2009 and December 31, 2011 and researched on the effect of venture capital and its heterogeneity on performance change after the IPO using Cross Section Regression Method and Propeusity Score Matching method. Empirical results have proved that ＂IPO effect＂ also exits in China＇s Growth Enterprises Market as in capital markets abroad. GEM Enterprises＇ performance generally falls after their II：＇O. Index of ＂business in- come growth＂ and ＂business activities cash flow net amount growth＂ in companies with the participation of ven- tttre capital are lower than that those without venture capital. Participation of venture capital has not shown its funds and management advantage and promoted the growth of performance index after ~ but instead. Foreign - backed venture capital and joint investment could contribute to enterprises＇ performance growth after the IPO.