风险投资对企业首次公开发行前后绩效的影响  

The Performance Before and After IPO on Venture Capital Background Companies

作　　者：陈昌潍[1] 崔毅[1] 

机构地区：[1]华南理工大学工商管理学院,广州510640

出　　处：《河南科学》2015年第2期280-285,共6页Henan Science

基　　金：广东省科学技术厅软科学项目(2012B070300022)

摘　　要：在创业板和风险投资联系日趋紧密的背景下,从企业长期绩效变化的角度探讨风险投资对被投资企业的作用机理.研究发现,有风险投资持股的企业上市前后绩效下滑较大,下滑的显著性跟风险投资机构年龄、机构声誉呈显著负相关,跟风险投资持股比例呈显著正相关;非国有背景的风险投资机构支持的企业绩效下滑的显著性高于国有背景的.研究结果表明,风险投资机构为了建立良好的声誉和投资收益会促使被投资企业尽快上市,这支持了逐名假说.From the direction of long-term performance before and after IPO, we discussed how Venture Capital impact invested companies. We found that there is a greater decline in those companies which have VC background. Further study found that the age and reputation of VC have significantly negatively influence on performance decline, the proportion of VC holdings has positive, and those companies owned by non-state background VCs have significantly more obvious decline than state-owned. The results support the grandstanding hypothesis： VCs have strong incentive to take companies listed in order to establish a good reputation and realize investment return early.

关 键 词：风险投资 IPO 企业绩效 创业板 

分 类 号：F275[经济管理—企业管理]