“利益独享”还是“软预算约束”——基于关联性风险资本联合投资的研究视角

“Exclusive Benefits”or“Soft Budget Constraints”?——A Research Perspective Based on Affiliated Venture Capital Co-investment

本文基于关联性风险资本联合投资的研究视角,结合软预算约束研究模型,以我国上市公司为研究样本,实证研究关联性风险资本对上市企业IPO抑价的影响。研究发现,关联性风险资本参与上市企业,其IPO抑价显著低于非关联性风险资本参与的上市企业;通过一个投资轮次而形成的关联性风险资本,其IPO抑价显著低于非关联性风险资本,后期参与发行企业的关联性风险资本,其IPO抑价也显著低于非关联性风险资本;参与同一上市企业的全部风险资本之间存在关联关系的关联性风险资本,与非关联性风险资本相比,其IPO抑价水平并不显著,这一类型的关联性风险资本能够软化预算约束,可以缓解差项目被清算的压力,进而影响关联性风险资本识别项目能力。

Based on the research perspective of associative venture capital co-investment,combined with the soft budget constraint research model,this paper empirically investigates the impact of associative venture capital on IPO price suppression of listed companies,taking listed companies in China as the research sample.It is found that the IPO price depression of affiliated venture capital participating in listed enterprises is significantly lower than that of listed enterprises participated by unaffiliated venture capital;the IPO price depression of affiliated venture capital formed through one investment round is significantly lower than that of unaffiliated venture capital,and the IPO price depression of affiliated venture capital participating in issuance enterprises at a later stage is also significantly lower than that of unaffiliated venture capital;and the IPO price depression of affiliated venture capital participating in the same listed enterprise Affiliated venture capital,which is related to all venture capitals,has a non-significant level of IPO depression compared to non-affiliated venture capital.This type of affiliated venture capital can soften the budget constraints,which can alleviate the pressure of poor projects being liquidated,and thus affect the ability of affiliated venture capital to identify projects.