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风险投资对创业板IPO折价影响的实证研究
引用本文:谢伟平,高敏.风险投资对创业板IPO折价影响的实证研究[J].财务与金融,2013(1):8-13.
作者姓名:谢伟平  高敏
作者单位:中南财经政法大学 湖北武汉,430073
摘    要:本文以截至2011年6月30日在我国创业板上市的236家公司作为研究对象,研究风险投资对创业板IPO折价的影响。研究发现:(1)有风险投资参与的企业IPO折价显著高于无风险投资参与的企业,支持声誉效应假说,即风险投资机构以IPO折价来提早退出投资项目,以此来建立自己的声誉,从而吸引更多的资金流入;(2)在对有风投参股的投资公司做进一步分析后发现一一随着风投参与度的增大,IPO调整折价率并未出现明显的提升,创业板企业IPO时风险投资机构的数量、风险投资机构持股比例与调整折价率关系不显著。

关 键 词:风险投资  IPO折价  创业板上市公司  声誉效应

The Underpricing of Venture Capital Backed IPOs:Evidence from Listed Companies at China GEM
XIE Wei-ping , GAO Min.The Underpricing of Venture Capital Backed IPOs:Evidence from Listed Companies at China GEM[J].Accounting and Finance,2013(1):8-13.
Authors:XIE Wei-ping  GAO Min
Institution:Zhongnan University of Economics and Law,Wuhan 430073
Abstract:Based on the 236 companies listed in China GEM, the paper analyzed the impact of venture capital on the GEM IPO underpricing. We find that: 1. the IPOs of VC-backed firms are more underpriced than those of other firms, supporting the reputation effect hypothesis, risk investment institutions exit early investment projects to establish their own reputation, in order to attract more capital inflow; 2. However, no significant difference is found among the number of venture capital institutions when the company IPO, the stake of the venture capital institutions with the IPO underpricing.
Keywords:Venture Capital  IPO Underpricing  China GEM  Grandstanding Hypothesis
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