创业投资IPO偏低定价与退出绩效实证研究

本文以1993～2006年在香港主板和创业板上市的133家H股公司为研究对象，对其偏低定价和短长期绩效情况进行了实证分析。研究表明，创业投资支持的公司的IPO偏低定价程度低于非创业投资支持的公司。创业投资支持的公司在香港主板市场的IPO偏低定价程度、长短期绩效均低于香港创业板市场，且在香港主板上市后的长期绩效呈不断下降趋势。在香港主板市场上，退出绩效与IPO偏低定价显著负相关。对创业投资支持的公司来说，在热发行期退出将获得更好的绩效。

Empirical Study of IPO Pricing and Exit Performance of Venture Investment

This is an empirical study on the low pricing as well as short- and long-term performance of 133 H- shares companies 1993-2006. The study reveals that IPOs of venture companies are generally at a discount, the same applies to HK main board in comparison with GEM market in terms of their pricing and short- and long-term performance. The main board venture companies tend to post poor performance as years grow In HK main board, exit performance is negatively correlated to low IPO pricing. As a result, exit when at great demand will ensure better performance.