| IPO初始回报与创业投资参与的研究——基于我国创业板的实证研究 |
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| 引用本文： | 刘媛媛,黄卓,何小锋.IPO初始回报与创业投资参与的研究——基于我国创业板的实证研究[J].当代经济科学,2012(2):64-70,126. |
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| 作者姓名： | 刘媛媛 黄卓 何小锋 |
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| 作者单位： | 1. 北京大学经济学院
2. 北京大学国家发展研究院中国经济研究中心北京100871 |
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| 摘 要： | 本文在论述国际学术界关于创业投资在企业IPO中作用理论研究的基础上，通过采用实证分析方法，对我国创业板上市的153家公司2007—2009年的数据进行研究，得出如下结论：企业IPO初始回报与是否有创业投资参与具有显著的正相关关系。同时，IPO初始回报与公司规模显著负相关，与股份发行比例显著负相关，与公司上市时年龄显著负相关，与企业上市日的上证指数收益率显著正相关，与净资产收益率显著负相关。
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| 关 键 词： | 创业投资 IPO初始回报 创业板 实证分析 |
Empirical Study on Venture Capital Investment and IPO Initial Return Based on China GEM |
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| LIU Yuan-yuan,HUANG Zhuo,HE Xiao-feng.Empirical Study on Venture Capital Investment and IPO Initial Return Based on China GEM[J].Modern Economic Science,2012(2):64-70,126. |
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| Authors: | LIU Yuan-yuan HUANG Zhuo HE Xiao-feng |
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| Institution: | 1(1.School of Economics,Peking University,Beijing 100871,China;2.China Economic Research Centre,Peking University,Beijing 100571,China) |
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| Abstract: | Based on review of research on the role of venture capital backing in initial public offerings,the paper mainly studies the relationship between venture capital investment and IPO initial return through empirical analysis,with the sample consisting of 153 firms listed in the Growth Enterprises Market(GEM) of China.It is found that venture capital investment is significantly positively related to IPO initial return.The results also suggest that IPO initial return is negatively related to the size of firms,negatively related to the issue shares ratio,negatively related to age of firms,positively related to return rate of Shanghai stock market price index,and negatively related to ROE. |
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| Keywords: | Venture Capital Investment IPO Initial Return GEM Empirical Study |
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