风险资本IPO退出方式的信息经济学分析

风险资本退出方式以IPO为较理想模式.风险资本IPO退出方式存在着信息不对称,导致高质量风险企业退出风险资本市场、低质量风险企业充斥风险资本市场.通过信息传递模型的分析,得出在完全信息条件下高质量风险企业与低质量风险企业的市场分离均衡,从而实现风险资本的有效配置.要解决我国风险资本市场信息透明度的问题应从风险资本市场的完善、风险投资机构的建设以及政府服务职能和监管职能的健全三个方面入手,以实现风险资本市场的帕累托最优.     

不同新股发行方式下初始收益率差异性比较研究

上网定价发行和市值配售是我国证券市场曾经采用和正在采用的新股发行方式。在核准制条件下,上网定价发行和市值配售这两种不同的发行方式下新股初始收益率的影响因素表现特征有所不同。本文从各个交易主体的经济利益最大化角度出发对此作了初步探讨。以期对我国股票发行时选择何种发行方式产生借鉴作用。     

我国IPO定价合理性的实证分析

通过IPO抑价程度以及把抑价程度与成熟市场进行比较来判断IPO价格合理性,这种方法并不适用于我国股票市场。为此,文章利用价值变量提取的主成分因子分析了我国股票IPO定价的合理性,并通过对各阶段的实证分析检验了发行定价制度改革的效果。研究表明,总体而言我国股票IPO发行价格较市场价格更能反映公司内在价值,造成IPO抑价程度过高的主要原因是二级市场价格虚高;市场化定价试行阶段之所以没有得到理想的效果,可能是与市场化选择的时机有关,而不在于市场化定价制度本身。     

风险企业IPO后风险资本退出时机研究

风险投资退出机制是整个风险投资运作过程中一个重要的组成部分，成功的退出对于确保投资者获得有吸引力的回报至关重要。因此，本文主要研究考虑声誉因素影响时，风险投资机构如何通过对合理退出时机的选择来实现收益的最大化。     

IPO限额配给机制探讨：一个基于股权结构的分析

在所有权与控制权分离或部分分离的情况下，公司内部会出现代理问题．公司在上市之初安排大股东持股比例即确定公众持股量是解决代理问题的重要举措。本文分析了在信息不对称、合约不完全以及资本市场规制约束下不同IPO机制对公司股权结构的影响，探讨了限额配给机制的含义，并指出我国新股发行中存在的问题及解决方法。     

Founders' Characteristics,Venture Capital Syndication and Governance in Entrepreneurial IPOs

Using a unique sample of 444 entrepreneurial IPOs in the UK and France this paper examines links between founders' characteristics, venture capital (VC) syndication and the development of effective boards in entrepreneurial firms. It argues that VC-backed IPOs suffer from two sets of agency problems which are related to principal-agent and principal-principal relationships between the founders and members of the VC syndicate. The empirical evidence shows that there is a curvilinear relationship between the intensity of founders' external ties and VC syndication. Founders' retained share ownership is negatively associated with VC syndication. We also find that in syndicated IPOs there is a higher involvement of passive private equity firms and “business angels” investing alongside VC firms, both in terms of their number and equity presence. VC-syndicated IPOs have more independent boards than IPOs with no VC involvement. Board independence is negatively associated with founders' retained equity. These results are consistent with the assumption that board independence is used to mitigate agency costs associated with VC involvement in IPO firms. Our findings also identify significant differences in governance characteristics between the UK and France. While French IPOs have less independent boards, they involve more VC backing in general and syndicated VC funding in particular, than UK IPOs.     

Initial Public Offerings: Evidence from the British,French and Swedish Property Share Markets

This paper investigates the underpricing and long-run performance of initial public offerings (IPOs), using a unique sample consisting of 54 British, French and Swedish property companies, which became publicly listed during the period 1984–1999. Similar to common stock IPOs, the European property share IPOs in our sample outperformed the benchmark on the first day of trading, on average with 2.55 percent. However, these property share IPOs tend to underperform their benchmark over the twelve-month period subsequent to the initial offering. We also examine explanatory factors such as issue size, the degree of debt financing, ex-ante uncertainty, and the underlying property types of the companies involved. The results are in line with those previously found for common stocks.     

外资进入中国股市的途径研究

中国股市正渐进式地对外资开放,外资已可通过多种途径进入中国股市.由于是渐进式的、分层次、分阶段的开放,关于外国投资者进入中国股市的规范性文件较岁且略显凌乱.本文对目前为止有关外资进入中国股市的法律法规做了梳理和研究,并厘清了外国投资者进入中国股市的路径.根据现行法律法规,若以进入的时间为划分标准,外资进入中国股市的途径可分为以设立外商投资股份有限公司再申请股票公开发行并上市、一级市场交易和二级市场交易三种途径.     

不同资本市场发展模式比较及其理论探析

文章首先回顾了与资本市场模式相关的研究文献，然后实证研究不同资本市场模式国家的风险资本市场，从风险投资角度比较不同资本市场模式效率，并对证券市场及其肿机制对风险投资发展的作用机制做出理论解释。     

Which ties matter when? the contingent effects of interorganizational partnerships on IPO success

This paper investigates the contingent value of interorganizational relationships at the time of a young firm's initial public offering (IPO). We compare the signaling value to young firms of having ties with two types of interorganizational partnerships: endorsement relationships such as those with venture capital firms and investment banks, and strategic alliance partnerships. We propose that, under different equity market conditions, potential investors in an issuing firm attend to different types of uncertainty; attention to these different types of uncertainty affects investors' perceptions of the relative value of a young firm's different kinds of endorsements and partnerships and, hence, IPO success. Results from a sample of young biotechnology firms show that ties to prominent venture capital firms are particularly beneficial to IPO success during cold markets, while ties to prominent investment banks are particularly beneficial to IPO success during hot markets; a firm's strategic alliances with major pharmaceutical/health care firms did not have such contingent effects. Implications for understanding the contingent value of interorganizational ties are discussed. Copyright © 2003 John Wiley & Sons, Ltd.