风险资本撤离对上市公司业绩的影响

目的/意义 本文拟考察风险资本撤离对上市公司业绩的影响，并进一步探讨风险资本撤离对上市公司长期业绩的影响及其作用机制。方法/过程 综述国内外风险资本撤离对上市公司业绩的影响，并选择2009—2016年以来在创业板上市的571家上市公司作为样本，构建多元回归模型。结果/结论 实证结果发现:1)风险资本撤离对上市公司业绩会造成显著的负面影响，这主要是由于上市公司资产和资本利用率的下降所导致的。2)风险资本撤离对上市公司长期业绩会造成显著的负面影响。风险资本撤离后第1年的业绩下滑是由于息税前利润率和总资产周转率的共同下降所导致的；风险资本撤离后第2—4年的业绩不良表现，则是因为总资产周转率的持续下降所引起的。

The Impact of Venture Capital Withdrawal on the Performance of Listed Companies

Purpose/Significance This paper intends to examine the impact of venture capital withdrawal on the performance of listed companies, and explore the impact of venture capital withdrawal on the long-term performance of listed companies and its mechanism.Method/Process This paper reviews the impact of VC withdrawal on the performance of listed companies at home and abroad by taking 571 listed companies listed on the GEM from 2009 to 2016 as samples to construct a multivariate regression model.Result/Conclusion The study finds out that: 1) The withdrawal of VC will bring about a significant negative impact on the performance of listed companies, mainly due to the decline in the assets and capital utilization of listed companies. 2) The withdrawal of VC will have a significant negative impact on the long-term performance of listed companies. The decline in performance in the first year after the withdrawal of VC will be caused by a common decline in the rate of earning before interest and taxes (REBIT) and total asset turnover(TAT); and the poor performance in the 2-4 years after the withdrawal of VC will come from the continued decline in TAT.