摘要
本文以2009-2012年创业板信息技术行业上市公司为样本,对创业板上市公司IPO前后业绩变动情况及风险投资的角色进行实证分析,结果发现:创业板上市公司上市前后不仅盈利能力大幅下降,成长能力也大幅下滑;有风险投资机构持股的样本公司上市后业绩下降幅度大于无风险投资机构持股的样本公司;创业板上市公司风险投资持股时间偏短,风险投资机构与拟上市公司形成了某种程度的"业绩同盟"。
Based on the samples of IT industry from GEM, the paper carries out an empirical analysis of the change of performance and the risk investment role before and after IPO of the GEM listed corporations. Results show that the per- formance has the sharp decline not only in profitability, but also in growth capacity in IPO; venture capital holding com- panies have a more serious decline ; holding time of venture capital is short and has a certain degree of ＂performance alli- ance＂ with Pre-IPO companies.
出处
《商业研究》
CSSCI
北大核心
2016年第1期77-82,共6页
Commercial Research
关键词
IPO
风险投资
业绩同盟
IPO
venture capital
performance alliance
