风险投资会影响企业做市转让行为吗?——我国新三板市场的实证研究

Venture Capital will Affect the Market Making Transfer Behavior of Firms?——Based on the Empirical Research of the NEEQ in China

本文基于新三板市场,考察了风险投资是否对新三板企业做市转让行为产生影响。研究发现,整体而言,风险投资支持的挂牌企业更有可能进行做市转让。其中,高声誉、非国有背景风险投资在企业做市转让过程中发挥更大的作用。此外,风险投资尤其是非国有背景风险投资支持的企业拥有更多的做市商数量,体现了更强的做市动机。结论支持了风险投资监督管理的价值增加效应。进一步研究发现,在新三板做市交易低迷情况下,风险投资不再积极推动所投企业进行做市转让。综合研究结论,企业选择声誉更好、非国有背景的风险投资机构更有利于企业做市转让。

In recent years, NEEQ, which is an important part of the multi-level capital market in China, has be- come the third national stock exchange gradually for its rapid development, following Shanghai and Shenzhen Stock Exchange. And the market maker system is introduced into the NEEQ to improve the liquidity of the market as well as realizing the value of the discovery. Afterwards, more and more listed companies begin to change from agreement transfer to market making transfer. More than 1400 companies adopt market making transfer by the end of March,