风险投资参与对中小企业板上市公司的影响  

Effects of Venture Capitalists Participation in SME Board Listed Companies

作　　者：谈毅[1] 陆海天[2] 高大胜[1] 

机构地区：[1]上海交通大学经济学院,上海200030 [2]香港理工大学

出　　处：《证券市场导报》2009年第5期26-33,共8页Securities Market Herald

基　　金：教育部人文社科项目(编号:06JC630018);国家社会科学基金(编号:07CJY017)资助

摘　　要：国外研究表明,风险投资在IPO过程中具有认证、监督功能,为被投资公司运营绩效上提供增值服务,并对其研发创新能力有积极影响。这些观点虽被多位学者在美国市场所证实,但近年其他新兴国家的实证研究却有不同的结论。本文在总结中小企业板整体发展情况的基础上,沿用西方配对实证分析方法,对中小企业板上市公司在五大方面进行配对样本对比检验。结果发现,风险投资在IPO抑价、上市费用、研发投入方面并没有显著积极影响;在长期运营绩效、超额收益方面,风险投资参与企业都显著差于无风险投资参与企业。本文结合中国新兴市场特征,解释了统计检验结果。In order to solve the Small and Medium Enterprise＇ s lack of financing and lack of technological innovation; and to widen the Venture Capitalist （VC）＇ s channels of exit, the Shenzhen Small and Medium Enterprises Board （SME Board） was released as the preparation for a Growth Enterprises Market. According to the research overseas, VCs play the function of certification and monitoring, provide participated companies with value-added service and have positive impact on participated companies＇ R＆D input. These hypotheses are supported by empirical studies in the US market, but empirical studies on emerging economies in recent years came with different conclusions. Based on a summary of the development status of SME Board, this paper applied the match-pair methods and variables used by previous scholars. It examined five aspects of the effect of VC＇ s participation on SME Board listed companies. The empirical result is quite different from the predictions by domestic theoretical research. It shows that VCs do not reveal significant impact on IPO underpricing, IPO expenses and R＆D input, on the aspects of long-run operating performance and excess return, VC-backed companies show worse long-run operating performance and excess return than non-VC-backed companies. This thesis partially explained the empirical result with China＇ s emerging market characteristics.

关 键 词：风险投资 认证功能 中小企业板 中小企业 

分 类 号：F830.9[经济管理—金融学]