风险投资、创新能力与公司IPO的市场表现

Venture Capital,Innovation Capability and Post-IPO Performance

本文以公司创新能力作为研究视角,基于2003—2012年的中国A股市场数据,实证分析了风险投资支持的公司在IPO时点的创新能力对公司上市之后市场表现的影响,进而印证了风险投资支持的公司较好的IPO市场表现是受内在创新能力所驱动。研究发现:(1)首先,在IPO之前风险投资会帮助公司提高创新能力;(2)同样接受了风险投资,在IPO之前拥有专利的公司相对于那些缺乏创新能力的公司,IPO的抑价率更低,长期回报率更高;(3)缺乏创新能力的公司与没有风险投资支持的公司相比,在市场表现方面并没有显著差异。总体而言,创新能力对风险投资支持的IPO公司的市场表现具有显著的驱动作用,创新能力的建立才是风险投资支持的公司获得更好的IPO市场表现的关键。

Though researchers have confirmed that VC-backed IPOs would exhibit outstanding performance,there is little in the extant literature about the in-depth reason of that phenomenon. From the view of firm innovation ,we analyze the impact of VC-backed firms＇ innovative ability on their post-IPO performance based on the data of China A-share market between 2003 and 2012. We have three baseline findings. First,VC can improve the innovation of firms before their IPOs. Second,within the class of VC-backed firms, firms which possessed granted patents before IPO would show lower underpricing level and higher long-term return compared with the ones without granted patents. Third, firms lacking in innovation perform similarly with non-venture capital-backed firms. In short,innovation has a strikingly positive influence on the performance of VC-backed IPOs and the establishment of innovation is exactly the essence for venture capital-backed firms to obtain better performance.