| 公开市场信号对创业投资决策和绩效的影响 |
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| 引用本文： | 王兰芳,王苏生.公开市场信号对创业投资决策和绩效的影响[J].经济学(季刊),2011(1):183-208. |
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| 作者姓名： | 王兰芳 王苏生 |
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| 作者单位： | 上海财经大学会计与财务研究院;香港科技大学商学院; |
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| 基金项目： | 上海市浦江人才计划的资助; 教育部重点研究基地重大项目“市场化进程与公司的投资决策”; 国家自然科学基金资助项目“经济制度发展与会计信息功能研究”(批准号71072036)的阶段性成果 |
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| 摘 要： | 本文通过分析470家创业投资机构在1999—2008年间对10个行业的投资决策,发现以创业投资支持的行业IPO数来衡量的公开市场信号显著地影响了创业投资机构的投资决策,且行业经验越丰富的创业投资机构对公开市场信号变化的敏感性越强。在此基础上,通过考察这些创业投资机构在此期间的1 648条投资记录的绩效,发现行业经验作为创业投资机构的重要人力资本能够有效地发现公开市场信号带来的投资机会,提高投资绩效。
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| 关 键 词： | 创业投资 公开市场信号 投资绩效 |
The Impact of Public Market Signals on Venture Capital Investment Decision and Performance |
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| Wang Langfang and Wang Susheng.The Impact of Public Market Signals on Venture Capital Investment Decision and Performance[J].China Economic Quarterly,2011(1):183-208. |
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| Authors: | Wang Langfang and Wang Susheng |
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| Institution: | LANFANG WANG(Shanghai University of Finance and Economics)SUSHENG WANG(Hong Kong University of Science and Technology) |
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| Abstract: | This paper analyzes the investment decision of 470 venture capital firms in 10 industries during 1999-2008.We find that the public market signal,as measured by the venture capital-backed industry IPOs,positively affects industrial investments.We also find that venture capitalists with more industrial experience invest more under a favorable pubic market signal.We further investigate the efficiency of venture capitalists' reactions to public market signals using a sample of 1 648 investment deals.We find tha... |
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