创投机构声誉、减持退出收益与公司业绩的影响效果——基于我国创业板制造业上市公司的实证分析

VC Reputation,Earnings of Reduction and Performance of Enterprise——Empirical Research based on GEM Listed Manufacturing Companies

本文选取创业板上市公司为样本,实证创投机构声誉、减持退出行为收益与上市公司经营业绩的影响效果。研究发现:有创投参投的上市公司其经营业绩并未能明显优于无创投参投的上市公司,创投减持退出并未造成上市公司业绩显著下滑,创投机构减持行为与参投上市公司的业绩无显著关联;创投机构会发生聪明投资者的择时减持行为,借此获取超额减持收益;不同声誉创投机构退出行为的自我约束效力不同,高声誉创投机构减持退出行为更加理性。

This article selects the GEM listed manufacturing companies as samples to analyze the interaction of VC reputation,earnings of Reduction and Performance of Firms.The empirical analysis offers the following findings.Firstly,the performance of VC-based Enterprise is not better than that of non-VCbacked and the reduction of VC does not cause significant decline in performance.There is no significant association between the reduction of VC and performance of Enterprise.Secondly,the VCs with higher reputation prefer more rational reduction behaviors.Thirdly,VCs obtain excessive return through the right opportunity to quit via insider advantages.But VCs with higher reputation or sharing higher proportion of stocks tend to have lower excessive return.What's more,we search for the conflict from the perspective of transmission mechanism of reputation in China.