创业投资的机构特征对企业IPO抑价的影响--来自中国中小板上市公司的经验证据  

The Impact of Venture Capital Institutions' Characteristics on IPO Underpricing:Empirical Evidence from China's Small Plates Listed Companies

作　　者：梁彤缨[1] 陈波[1] 杨志华[1] Zhihua Yang 

机构地区：[1]华南理工大学工商管理学院,广东广州510640 [2]School of Business Administration,South China University of Technology, Guangzhou Guangdong 510640,China

出　　处：《会计与经济研究》2014年第6期48-59,共12页Accounting and Economics Research

基　　金：教育部人文社会科学研究规划基金项目(11YJA630053)

摘　　要：现有关于创业投资对企业IPO抑价影响的研究主要分为监督理论和逐名理论两个学派,而考虑到创业投资机构特征的研究鲜有出现。选取2006-2010年在深交所中小板上市的463家IPO抑价企业为研究对象,考虑创投机构的参与、设立年限、背景等机构特征,考察创业投资对企业IPO抑价的影响,结果表明:创业投资的参与与企业IPO抑价程度呈现显著正相关关系;相较于年轻创投机构,我国成熟创投机构支持企业的IPO抑价水平显著更高;外资背景的创投机构所支持企业的IPO抑价水平最低,民营背景的创投机构次之,政府背景的创投机构最高。There are mainly two streams of existing research on the impact of venture capital on corporate IPO underpricing,namely the monitoring theory and the grandstanding theory.However,there are few studies examining the characteristics of venture capital. Using the sample of 463 companies listed on the Shenzhen Stock Exchange’s small plates in 2006-2010,we investigate how the impact of venture capital on companies’ IPO underpricing varies with the participation,the age,and the background of the venture capital institutions.The results show that the participation of venture capital institutions has a significant positive relation with IPO underpricing. The level of IPO underpricing supported by mature venture capital institutions is significantly 1IPO underpricing of companies supported by venture capital institutions with foreign background is the lowest,venture capital institutions with private background next,and government-backed venture capital institutions the highest.

关 键 词：创业投资 机构特征 IPO抑价 监督理论 逐名理论 

分 类 号：F830.91[经济管理—金融学]