联合创业投资在创业企业的价值增加途径及作用——来自我国上市企业的经验证据

The Role and Value-added Activities of Venture Capital Syndication for Entrepreneurial Firms——Evidences from Listed Companies in China

本文以2004-2011年我国中小板和创业板中有创投支持的上市企业为样本,在比较我国联合创业投资与单独创业投资行为特征基础上,研究了两者对其支持企业上市前后经营绩效和股票市场表现的影响。结果显示,联合投资支持企业上市前两年的经营业绩显著低于单独投资支持企业,上市后前者虽也低于后者,但不显著;从股市表现来看,相比于单独投资,联合投资支持企业的IPO抑价率较低,上市后12个月内的股票异常收益率较高,但锁定期结束后并没表现出较高的股票收益率。研究表明,在我国创业投资业发展现阶段及现行的上市公司证券发行制度下,联合创业投资更多的是为企业提供了较多资金和上市中所需的政府及关系资源,往往只在企业上市时有显著的价值增加作用,发挥了一定的"认证"作用,而对企业长期业务发展提供的增值服务比较有限。

This paper compares the characteristics of the individual and syndicated venture capital investments,investigates how venture capital syndication creates value for entrepreneurial firms and how such value-added activities affects the performance of these firms by using the sample of VC-backed firms listed in China's small board and Growth Enterprises Market(GEM) from 2004 to 2011. It finds that syndicated backed firms have lower performance before the IPO than the individual VC backed firms,but they don't exhibit differential performance after the IPO. In addition,syndicated backed firms exhibit lower under- pricing and higher abnormal stock return than those individual VC backed firms,but it doesn't have higher abnormal stock returns after the expiration of the lock-up period. Empirical evidence shows that venture capital syndication maybe provide more capital and solve a variety of government and relationship resources for the invested firm's initial public offering,venture capital syndication has played a'Certification'role and significant value for the invested firm going to public,but provides limited value-added services for the enterprise's long-term business development.