联合投资异质性对上市公司价值的影响与机理——基于IPO抑价率与CAR的视角

The Impact of Heterogeneity of Venture Capital Syndication on the Value of IPO Companies——From the Perspective of IPO Underpricing and CAR

联合投资的根本特征是其异质性,因此在理论上联合投资对创业公司有价值增加的作用,但联合投资在异质性方面的实际作用并未得到检验。文章选取首轮于2000-2015年接受联合投资且以后年度在我国A股市场成功上市的创业公司为样本,研究联合投资的异质性特征对被投资公司价值的影响。研究发现:从上市首日来看,联合投资机构股权异质性大小对IPO抑价率呈显著正向影响,联合投资中投资机构经验异质性大小对IPO抑价率呈显著负向影响。从上市一段时间后来看,联合投资机构股权异质性大小对累计异常回报率(CAR)呈显著正向影响,联合投资中投资机构经验异质性大小对累计异常回报率呈显著负向影响。

The Basic characteristic of venture capital syndication is its heterogeneity.In theory,venture capital syndication enhances the value-added services to the startup company.But this has not been tested in practice.Using China＇s data of the IPO companies financed by syndicated investments which enter A stock market from 2000 to 2015,our empirical analysis finds that the heterogeneity of equities among VC syndication partners improves underpricing of the company and the company＇s abnormal return.Moreover,companies with higher heterogeneity of experience among VC syndication partners have lower underpricing and abnormal return.