风险投资、公司治理与我国上市企业长期回报

Venture Capital, Corporate Governance and Long-term Performance of Chinese IPO Firms

以风险投资的IPO退出为切入点,从公司治理的视角出发探讨风险投资机构如何影响我国上市企业长期回报。通过对上市企业数据进行实证分析,发现风险投资机构对企业IPO长期回报具有先抑制后促进的阶段性影响,并且这种影响仅在家族控股企业中较为显著。实证结果还表明,风险投资机构会通过影响企业的治理水平来提升其新股发行后的长期市场表现。

From the viewpoint of IPO exit decision by venture capital （VC） firms, this study has built up a framework of what is the influence of VC on the long-term performance of IPO firms. Though the empirical analysis of the listed companies, it is found that the influence of VC on the long-run performance of firms has different impact after IPO, but only significantly on family-controlled firms. Additionally, VC firms contribute to the long-rtm performance of IPO by emphasizing the corporate governance.