创业投资机构有限认证作用——基于创业板上市公司IPO抑价的实证研究  

The Limited Certification Capacity of Venture Capital Institutions——Empirical Study of IPO Underpricing Based on GEM Listed Companies

作　　者：曹麒麟[1] 李十六[1] 唐英凯[2] 胡小东[2] 

机构地区：[1]四川大学工商管理学院,成都610064 [2]四川大学继续教育学院,成都610064

出　　处：《软科学》2012年第1期87-93,共7页Soft Science

基　　金：教育部人文社会科学青年基金项目(09XJC790008);国家自然科学基金项目(71072066);四川大学杰出青年基金项目(SKJC201007)

摘　　要：以2009～2010年创业板上市的公司为样本,研究了创投机构及其性质对IPO抑价的影响,得到了当前创业投资机构认证作用有限的结论。总体来看,现阶段的中国创业投资既符合西方资本市场市场发展规律一般性,也具有基于中国新兴市场基础的特殊性。一方面,正如西方创业投资发展的早期阶段,当下中国的创投机构发展有欠成熟,在"逐名动机"与"逐利动机"的共同作用下,其对于创业企业的认证作用尚不明显;另一方面,新兴资本市场催生的民营创投机构得到快速发展,其符合现代市场规律的投资管理模式和策略正逐渐在对创业企业的认证作用中得到体现。Taking GEM listed companies from 2009 to 2010 as the sample,this paper studies the nature of venture capital institutions and their impact on IPO underpricing.The results show that the venture capital organizations have limited certification capacity.In a word,the venture capital market of China is consistent with the general law of development of the Western capital markets,but also has speciality based on the emerging market.On the one hand,current development of China's venture capital organization lacks maturity.Influenced by 'motivation by name' and 'profit motive',their role for the business enterprise certification is not clear.On the other hand,the emerging capital markets bring rapid development to private venture capital organizations,and their investment management mode and strategy are increasingly important in the role of certification capacity.

关 键 词：创业投资机构 认证作用 投资特征 IPO抑价 

分 类 号：F270[经济管理—企业管理]