风险投资对企业IPO影响的研究

Influence of Venture Investment on IPO Companies

鉴于创业板建立的时间较短,将在深圳中小板上市的企业分为有风险投资机构支持的企业和无风险投资机构支持的企业两组,以此研究风险投资对企业上市的时间选择和"热销现象"。研究发现:无风险投资机构支持的企业为了保证企业顺利上市,通常会选择在企业业绩最好时进行IPO,与此不同,有风险投资机构支持的企业为了保证风险投资机构顺利退出,一般会选择在企业业绩上升时,而非业绩最好时上市。另外,与无风险投资机构支持的企业不同,有风险投资机构支持的企业存在较显著的"热销现象"。

As that the setting up time of Growth Enterprise Market （GEM） is short, we divided the company＇ s board on small and medium-sized into two groups of venture-backed and no-venture-backed in order to analyze the timing and ＂hot issue phenomenon＂. The research found that： firstly, on-venture-backed companies are more willing to select the IPO time on their best performing year while venture-backed companies will not choose the best performance year but the good performing period to IPO in order to let the Venture Capital exit smoothly, and secondly, being different from the on-venture backed companies, the venture-backed companies have more significant hot issue phenomenon.