风险投资认证影响新股发行吗——来自香港创业板的经验证据  

Do Venture Capitalists Certify and Monitor New Issues? Evidence from the HK GEM

作　　者：唐运舒[1] 徐泰玲[2] 谈毅[3] 

机构地区：[1]合肥工业大学管理学院,安徽合肥230009 [2]江苏省委党校工商管理部,江苏南京210024 [3]上海交通大学安泰经济与管理学院,上海200052

出　　处：《证券市场导报》2008年第11期30-37,共8页Securities Market Herald

基　　金：教育部人文社科项目(No.06JC630018);合肥工业大学科学研究发展基金(081101F)资助

摘　　要：实证分析发现,香港创业板市场有风险投资持股公司的发行价格要高于无风险投资持股的公司。风险投资持股显著影响着发行公司IPO时机的选择,无风险投资持股的公司会选择在其经营业绩最好的时间上市,有风险投资持股的公司则不然。研究还发现具有风险投资持股公司IPO后的经营业绩和市场表现并不好于无风险投资持股的公司。研究结论支持风险投资在香港创业板市场已初步具有西方发达证券市场那样的"认证"功能,有风险投资持股的公司被市场认为具有良好前途的信号,但风险投资并不具有为其持股公司提供增值服务的功能。Taking Hong Kong GEM as the samples, we find that VC-backed IPOs are involved in higher underpricing and offer price than non VC-backed IPOs.. There are significant impacts of Venture Capital on IPO timing. Non VC-backed IPOs carry out Initial Public Offerings when their operating performances are best, but VC-backed IPOs are different. In addition, we also find that VC-backed IPOs perform no better than non VC-backed IPOs after IPO. The finding partially supports Certification/Monitoring Model postulation that VCs have certification roles .That is, VCs certify the companies in which they invest as the most promising ones, but VCs don＇t add value to them in HK GEM.

关 键 词：香港创业板 新股发行 风险投资 创业企业上市 

分 类 号：F830.91[经济管理—金融学]