风投介入、风投声誉与创业板公司的成长性  

Impacts of Venture Capital on the Growth of GEM Companies

作　　者：陈见丽[1] 

机构地区：[1]广东金融学院会计系

出　　处：《财贸经济》2012年第6期57-64,共8页Finance & Trade Economics

基　　金：教育部人文社会科学研究青年基金项目(编号:12YJC630008);广东省哲学社会科学规划项目(编号:GD11YGL02)的资助

摘　　要：本文以2010年12月31日前在深交所创业板上市的153家公司为研究样本,重点考察风险投资介入与风险投资声誉对创业板公司成长性的影响。研究发现:(1)风投背景公司的短期成长性显著高于无风投背景公司,而两类公司的长期成长性无显著差异,表明风投的介入,主要促进了创业板公司的短期成长性;(2)风投参与度的高低,对创业板公司的短期成长性和长期成长性均不构成显著影响,提高风投的参与度,并不能提升创业板公司的成长性;(3)高声誉风投支持公司的短期成长性显著高于低声誉风投支持公司,而两类公司的长期成长性无显著差异,表明风投声誉只对创业板公司的短期成长性起到促进作用。本文的结果表明,我国风险投资片面重视创业板公司的短期成长性,而对其长期成长性缺乏关注和推动。Taking 153 companies listed on Shenzhen Growth Enterprises Market （GEM） as samples, this study examines the influences of the involvement as well as reputation of the Venture Capitals （VCs） on the performance growth of GEM listed companies. The results show that： （1） The performance growth of VC-funded companies was significantly higher than those of the non-VC-funded ones in the short term. （2） The participation level of VCs has no significant influences on either short-term or long-term growth of GEM companies. （3） GEM companies funded by VCs with good reputation enjoyed significantly higher growth than those funded by general VCs in the short term, but this advantage diminished in the long term. Those results show that the involvement and reputation of VCs can only boost short term growth of GEM companies. It suggests that VCs still pay no attention to the long-term growth of GEM companies.

关 键 词：风险投资 风险投资声誉 创业板公司成长性 创业板制度 

分 类 号：F832.48[经济管理—金融学] F224