风险投资、IPO时机与经营绩效--来自香港创业板的经验证据  

The impact of venture capital on IPO timing and operation performance:Evidence from the HK GEM

作　　者：唐运舒[1] 谈毅[2] 

机构地区：[1]合肥工业大学管理学院,合肥230009 [2]上海交通大学安泰经济与管理学院,上海200052

出　　处：《系统工程理论与实践》2008年第7期17-26,共10页Systems Engineering-Theory & Practice

基　　金：教育部人文社科基金项目(06JC630018);合肥工业大学科学发展基金(081101F)

摘　　要：风险投资在IPO过程中具有"认证"功能被许多学者在发达国家证券市场中所证实,然而在亚洲新兴市场这一结论是否同样成立?目前还很少有学者研究.以香港创业板市场为研究对象,通过实证分析发现,风险投资显著地影响持股公司IPO时机的选择以及IPO后的经营业绩.在控制了盈余管理等因素后风险投资对IPO后经营业绩有着正的积极影响;但风险投资没有能够有效抑止IPO公司夸大投资需求的行为,筹资规模过大、资金使用效率低下的现象在有风险投资持股的公司中依然存在.此外,研究还发现保荐商、会计事务所的声誉与风险投资对IPO后经营业绩具有一种联合效果,即风险投资有助于保荐商和会计事务所确认公司具有较佳的远景和减轻他们与发行公司的信息不对称.It has been made sure that Venture Capital have certification effect in developed securities markets. But the conclusion has not been proved in new market in Asia. Taking Hong Kong GEM as the samples, we found that Venture Capital exerted significant influence on IPO timing and performance. The influence on IPOs performance are positive when the factors such as earning management etc are considered. But Venture Capital couldn＇t prevent the IPOs from aggrandizing investment demand. There are also immoderate financing and inefficient investment in the VC- backed IPOs. In addition, we also found that underwriter, CPA finns and Venture Capital have a joint effect on the performance of IPOs. Venture Capital may help underwriter and CPA firms to affirm the future of IPOs and reduce information asymmetries between them and IPOs.

关 键 词：IPO 风险投资 盈余管理 经营绩效 

分 类 号：F830.91[经济管理—金融学]