私募股权、天使资本对创业板市场IPO抑价的不同影响  

Different Effects of Private Equity and Angel Capital on IPO Under-pricing of GEM in China

作　　者：李曜[1] 张子炜[1] 

机构地区：[1]上海财经大学金融学院,上海200433

出　　处：《财经研究》2011年第8期113-124,134,共13页Journal of Finance and Economics

摘　　要：文章对我国创业板市场的上市前股权投资者进行了界定和区分,然后采用手工整理数据考察了私募股权资本和天使资本对创业板公司的投资行为,重点研究了这两种资本对IPO抑价率的不同影响。研究发现,目前我国的私募股权资本往往投资于高估值行业且入股的企业资质较差,不能发挥认证作用,其持股的公司有更高的IPO抑价率;相反,天使资本往往投资于资质较好的企业,并且愿意投资负债率较高的企业,其持股对IPO抑价率无显著影响。在此基础上,文章对创业企业审慎选择融资来源、私募股权投资机构进行理性投资以及监管部门加强行业引导等方面提出了建议。This paper classifies pre-IPO shareholders on GEM in China into private equity investors, angel investors and others, and then investigates the different effects of private equity capital and angel capital on IPO under-pricing. It finds that, private equity capital in China usually invests in overvalued industries and enterprises with low ROA and cannot exert its certification function, leading to higher rates of IPO under-pricing in companies invested by private equity capital. On the contrary, angel capital usually invests in enterprises with better qualification or high debt ratio and its holding of shares has no significant effect on IPO under-pricing. Then it raises some suggestions about the careful choices of financing sources, the rational investment of private equity institutions and industry guide strengthened by regulatory authorities.

关 键 词：私募股权 天使资本 IPO抑价 中国创业板 

分 类 号：F832.5[经济管理—金融学]