创业投资声誉、创业板IPOs初始收益和长期业绩

以我国创业板市场IPOs为样本,引入创业投资声誉对IPO折抑价理论模型进行修正,采用多元回归和两阶段回归方法,实证检验创业投资声誉与创业板IPOs初始收益和长期业绩之间的关系后发现:我国创业板市场中创业投资核证监督作用微弱;创业投资声誉对IPOs初始收益无显著影响;创业投资声誉对IPO后企业长期业绩有显著正效应。本文的研究结论对创投声誉下的创业板发行制度建设有积极作用。

Venture Capital Reputation,GEM IPO Initial Return and Long-Term Performance

The paper takes the Growth Enterprise Market of the IPOs as a sample and uses Venture Capital reputation variables to explore the relationship between Venture Capital and Venture Capital Reputation,the Initial returns and long-term performance of IPOs.By using the multiple regression and two-stage regression method to test the hypotheses,we find that certification and supervision is low in the growth enterprise market of the China Venture Capital;that the reputation of venture capital is of no significant impact on IPOs initial earnings,which show that the reputation of the venture does not constitute a valid signal to the investors in the fanatical pursuit of new shares;the reputation of venture capital after the long-term performance of IPO has a significant positive efficiency.The result plays a positive role in GEM issue distribution system.