创业投资对企业经营绩效的影响研究——基于中小板和创业板上市公司的实证分析

本文以2010-2013年间在深圳中小板及创业板上市的公司为样本,分阶段定量分析在公司上市前两年至后两年的时间段内,创业投资支持和退出对其经营绩效变化的影响,以及创业投资持股比例和联合投资机构数量等微观因素是否在被投资公司的绩效变化中发挥作用。研究发现,有创业投资支持的被投资企业在上市之前的经营业绩趋于下滑,而这种影响在上市之后并不显著,创投的退出对公司经营绩效的影响不显著。联合投资的创投机构数量在一定阶段对被投资公司的经营绩效产生负向影响,而创投机构的持股比例和创业投资时间的影响不显著。     

创业板市场IPO定价效率研究——来自香港市场的经验证据

本文对香港创业板市场IPO抑价现象进行了实证检验，研究表明，香港创业板IPO市场定价效率相对较低：风险投资家能够带领风险企业提前上市并得到投资者认同；IPO企业经营年限、价值不确定性及IPO发行时信息处理效率等变量对香港创业板IPO市场定价效率有显著影响：承销商、审计事务所的鉴证功能得不到体现；高效的IPO发行机制有利于创业板IPO市场效率的提高。     

风险投资“逐名”动机与上市公司盈余管理

本文考察了风险投资的"逐名"动机对上市公司会计信息质量、IPO后长期业绩的影响。研究发现:第一,风险投资支持的公司在IPO时的盈余管理程度要高于无风投支持的公司,考虑锁定期的可能影响后这一结果仍然显著,并且风投的持股比例、派出董事情况、声誉以及政治联系都与盈余管理程度正相关;第二,风险投资支持的公司在IPO后的盈余管理程度要显著高于无风投支持的公司,配合减持需要、创造有利退出条件是重要原因;第三,风险投资支持的公司其IPO后长期市场业绩要低于无风投支持的公司,并且IPO时盈余管理程度越大、IPO后的长期业绩也越差。研究从会计信息角度系统考察了风险投资的可能负面作用。即为了顺利上市和退出,风投支持公司的盈余管理程度要高于无风投支持的公司,但这在一定程度上也造成了风投支持公司上市后的长期业绩走低。     

IPO定价管制与新股短期市场表现

本文选取沪深两市IPO作为研究样本考察IPO定价管制对新股上市后5、20、60、120和150个交易日短期市场表现的影响.实证研究结果表明,IPO定价管制显著影响新股短期市场表现,两者成正相关关系,即IPO定价管制程度越严重,新股短期市场表现越强势;而基于各个市场板块的实证研究结果发现,IPO定价管制对中小板新股短期市场表现的影响最大,其次是创业板,最后是主板.研究结果可以为我国沪深主板IPO定价机制的进一步完善以及沪深主板注册制的推进提供参考.     

创业投资对上市公司经营绩效影响的实证研究

创业投资机构对企业经营绩效是否存在积极影响是国内外学者普遍关注的问题,在已有研究的基础上通过对创业板市场的上市公司相关数据进行实证分析,通过比较有无创业投资支持的上市公司IPO时的特征,以及IPO前后经营绩效变化情况,检验"认证效应""监督效应""逆向选择效应""逐名效应"四种效应在我国创业板市场的适用情况,并提出了改善创业投资促进上市公司业绩的对策建议。     

创业板市场的功能定位与信息披露特点

相对于主板市场而言，创业板市场的上市标准低、风险大、收益高，可促进具有成长性的中小高新技术企业的发展，为创业投资提供进入退出便利，因而其信息披露必须体现下市公司的成长性，反映市场的风险性，注重信息的时效性，保障投资者的利益性。     

创业板与主板市场股票相对投资价值分析

本文以创业板上市公司神州泰岳（该公司所属行业为信息技术业）和上海证券交易所主板市场信息技术业整个行业为研究对象,应用资本资产定价模型（CAPM）与现金流折现模型,对比分析了上述两个研究对象的相对投资价值,并提出投资建议。此方法能粗略地判断出创业板上市公司与主板上市公司的相对投资价值,可为投资者提供参考。     

创业板与主板市场股票相对投资价值分析

本文以创业板上市公司神州泰岳(该公司所属行业为信息技术业)和上海证券交易所主板市场信息技术业整个行业为研究对象,应用资本资产定价模型(CAPM)与现金流折现模型,对比分析了上述两个研究对象的相对投资价值,并提出投资建议.此方法能粗略地判断出创业板上市公司与主板上市公司的相对投资价值,可为投资者提供参考.     

创业板PK创投股

2009年10月30日,创业板股票在深圳证券交易所上市,中国证券史翻开了新的一页.创业板是次于主板市场的二板证券市场,在中国特指深圳创业板,不符合主板上市条件的中小企业和新兴公司可以在这里上市.其开设的主要目的是为具有高成长性的中小企业提供融资途径和成长空间,为创投企业资退出铺平了道路,他们应是创业板最大的受益者.国外较著名的创业板市场有:美国纳斯达克市场、英国创业板市场和日本创业板市场.     

创始人、创业投资与创业板IPO抑价

IPO高抑价是创业板市场的显著特征之一。本文从公司治理的视角,运用信息不对称和信号理论分析创始人、创业投资与IPO抑价之间的关系并进行实证研究。研究表明,创始人通过持股数量和兼任CEO具有一定的信号传递作用,降低了IPO抑价,而创业投资降低IPO抑价的作用并不显著。创业投资都具有低价发行保证上市成功的动机,创业投资存在只求上市,不求成长的现象。     

Short and long-term interactions between venture capital returns and the macroeconomy: evidence for the United States

The main purpose of this paper is to empirically model the influence of macroeconomic and financial variables on the performance of risk capital in the US. We start our investigation using a static long-run equilibrium model. In contrast to previous studies, we analyze the effect of several factors simultaneously within the framework of a vector error correction model (VECM). This allows us to study short- and long-term interactions to overcome the problem of endogeneity, and to discover causal mechanisms. The results show that the value of venture capital investments is positively related to industrial production, the exit channel Nasdaq, and the long-term interest rate. However, the value of venture capital investments is negatively related to the short-term interest rate. According to the short-term dynamics, VEC Granger causality confirms that only industrial production influences venture capital performance, while venture capital returns Granger causes Nasdaq performance.     

Differences in Performance of Independent and Finance-Affiliated Venture Capital Firms

We examine the differences in the investment behavior of independent and finance-affiliated venture capital firms (VCFs). We find that differences in internal management mechanisms and staff backgrounds lead to external performance differences. Using VC-backed companies listed in Singapore as our sample, we find significant differences between these two types of VCFs in industry preference, investment duration, VCF syndication, number of board seats, initial underpricing, and long-term market returns. Independent VCFs add more value to their portfolios. Thus, we conclude that the participation of independent VCFs is an important corporate-level factor for the success of the venture capital market.     

创业投资的增值活动真的有用吗?——来自深圳中小板上市公司的经验证据

本文以2006年1月1日至2008年12月31日在深圳中小板上市的92家公司为样本,验证了创业投资对创业企业的经营绩效有积极的影响作用。然后,通过回归分析,证明了公司治理和社会网络两个方面的增值服务对创业企业经营绩效有积极影响。创业投资董事会席位、创业投资持股比例、创业投资从业年限、持股的创业投资数量和创业投资的资产规模等表示创业投资增值活动的变量,对创业企业经营绩效有显著的积极作用。     

Post-IPO Operating Performance, Venture Capital and the Bubble Years

Abstract:  We analyse the post-issue operating performance of 316 venture-backed and 274 non-venture UK IPOs 1985–2003. The finding of a statistically significant five-year, operational decline exhibited over the full sample period is not robust. Rather it is driven by the dramatic underperformance during the 1998–2000 bubble years while IPOs perform normally in the remaining years. Cross-section regression results indicate support for venture capital certification in the non-bubble years but a significantly negative relationship between operating performance and venture capitalist board representation during the bubble years. The bubble year underperformance is explained by market timing and by low quality companies taking advantage of investor sentiment.     

Politician as venture capitalist: Politically-connected VCs and IPO activity in China

This study examines the impact of venture capitalists' (VC) political connections on their portfolio companies. Specifically, we use a manually-collected dataset of VCs' political connection to investigate the potential benefits and costs that politically-connected VCs bring to their portfolio companies. On the benefit side, we find that companies backed by politically-connected VCs are more likely to obtain IPO approval from the Chinese Securities Regulatory Commission (CSRC, China's counterpart to the SEC in the US). On the other hand, these VCs are more likely to acquire equity in the company at a significant discount and to invest shortly before the IPO application. In addition, we find that politically-connected VC-backed companies do not experience greater improvements in financial performance, corporate governance, or innovation output subsequent to receiving venture financing. Our results further show that companies backed by VCs with political connections are less mature and experience more underpricing at their IPO than non-politically-connected VC-backed companies. Finally, we find that, compared to non-politically-connected VCs, politically-connected VCs exit earlier after a company's IPO and that their portfolio companies experience greater post-IPO underperformance and performance volatility.     

Institutional affiliation and the role of venture capital: Evidence from initial public offerings in Japan

The presence of venture capital in the ownership structure of U.S. firms going public has been associated with both improved long-term performance and superior “certification” at the time of the initial public offerings (IPOs). Many of the major venture capital firms in Japan are subsidiaries of securities firms that may face a conflict of interest when underwriting the venture capital-backed issue. In Japan, we find the long-run performance of venture capital-backed IPOs to be no better than that of other IPOs, with the exception of firms backed by foreign-owned or independent venture capitalists. When venture capital holdings are broken down by their institutional affiliation, we find that firms with venture backing from securities company subsidiaries do not perform significantly worse over a 3-year time horizon than other IPOs. On the other hand, we find that IPOs in which the lead venture capitalist is also the lead underwriter have higher first-day returns than other venture capital-backed IPOs. The latter result suggests that conflicts of interest influence the initial pricing, but not the long-term performance, of IPOs in Japan.     

当前市场化债转股股权退出面临的问题、原因及改进建议

债转股是去杠杆的有效工具。新一轮市场化债转股自启动以来,已取得一系列显著进展,但仍面临着一些现实障碍。由于退出机制不健全,项目落地进度不及预期。目前市场化债转股实施模式更为多元化,对通过股权转让实现退出的需求开始增加,但实践中仍存在诸如退出方式的可操作性较低、股权转让周期长、债转优先股退出难度较大等问题。债转股股权退出难的主要原因,与股权回购退出的制度基础不完善、上市公司股权转让监管约束较多、新三板和区域股权交易市场发展尚不成熟、股权转让受让主体活跃度不足等有关。为进一步完善市场化债转股股权退出机制,需要进一步优化债转股股权交易场所设置,完善股权回购的配套措施,适度调整股权转让相关监管政策规定,优化债转优先股机制设计,完善债转股定价机制并规范转让行为。     

Monitoring Role of Venture Capital in the Initial Public Offerings: Evidence from Korea

Because the government has initiated the development of venture capital firms in Korea, independent venture capital firms have been significantly influenced by government regulations and interventions; in contrast, corporations have made venture investments internally to avoid the regulations. This study investigates whether the Korean institutional environment harms the monitoring role of independent venture capital firms, while it does not significantly impact corporate venture capital firms. In an IPO setting, we find that earnings management (long-term performance) significantly decreases (increases) with the ownership of corporate venture capital firms. However, we do not find a significant relation between the ownership of independent venture capital firms and earnings management or long-term performance. The results suggest that Korean independent venture capital firms do not play a role in monitoring their investee companies; in contrast, corporate venture capital firms play a monitoring role.     

The exit decision in the European venture capital market

This article analyses the exit decision in the European venture capital market, studying when to exit and how it interacts with the exit form. Using a competing risks model we study the impact on the exit decision of the characteristics of venture capital investors, of their investments and of contracting variables. Our results reveals that the hazard functions are non-monotonic for all exit forms and suggest that, in Europe, Initial Public Offering candidates take longer to be selected than trade sales. Moreover our results show that, in Europe, venture capitalists associated with financial institutions have quicker exits (stronger for trade sales), and highlight the importance of contracting variables on the exit decision. An unexpected result is that the presence on the board of directors leads to longer investment durations.