风险投资、行为特征与IPO抑价关系:来自中国创业板市场的经验证据

Venture Capital,Behavior Characteristics and IPO Underpricing:Evidence from China's GEM Board

以往的研究虽已证明风险投资对公司IPO表现有一定的影响,但却少有学者从其行为特征的视角对这一现象的原因进行深入的挖掘。本文基于2010-2012年的中国创业板数据,依次运用了主成分分析法、多元线性回归和两阶段回归模型,实证分析了风险投资对IPO抑价率的影响,进而检验了我国风险投资会通过不同的行为特征对IPO抑价率呈现出截然不同的表现。研究发现:(1)IPO抑价率主要由二级市场的热度引起,与风险投资无稳定相关关系;(2)群体性行为风险投资与IPO抑价率呈负相关;(3)个体性行为风险投资与IPO抑价率呈正相关。由此,对我国创业IPO公司来说合理选择符合自身特征的风险投资,一方面风险投资才能得到公司相对优势,另一方面以此规避风险投资对其造成的不良影响。

Though researchers have confirmed that venture capital would have some impact on the market performance of IPOs,there is little in the extant literature about the in-depth reason of that phenomenon from the perspectives of the behavior characteristics of venture capital.Based on the data between 2010 and 2012from GEM board,this study employs the measurements of principal component analysis,multivariate linear regression and two stage regression models to empirically examine the impact of venture capital on the IPO underpricing,and thereby,tests that the impact of venture capital on IPO underpricing will be different according to the different characteristics of its behavior.This paper found that:First,IPO underpricing is mainly caused by the market-heat in the secondary market.Second,the group behavior of venture capital is negatively correlated with IPO underpricing.Third,the individual behavior of venture capital is positively correlated with IPO underpricing.In short,in order to get relatively advantages from other firms and avoid the harmful effect from venture capital,it is necessary for Chinese IPO firm to choose a venture capital which can meet its own characteristics for itself.