风投和私募持股是创业板IPO抑价之谜的幕后推手吗?——基于中国创业板IPO首日收益率的研究  

Whether or Not,VC/PE's Shareholding Lies Behind the IPO Underpricing Puzzle on the GEM Board? Based on the Research of the IPO First-day Yield on the GEM Board in China

作　　者：孙武军[1] 章睿 孙涵[1] 

机构地区：[1]南京大学商学院,江苏南京210093 [2]广发证券投资银行部,广东广州510075

出　　处：《南京审计学院学报》2015年第4期36-44,共9页journal of nanjing audit university

基　　金：国家社会科学基金重点项目(08AJY029);江苏高校优势学科建设工程项目(PAPD)

摘　　要：以创业板IPO首日收益率成因理论为基础,分析风投和私募持股对创业板上市公司IPO首日收益率的影响,结果显示:创业板上市公司中有风投和私募持股的企业新股发行首日收益率比无风投和私募持股的企业高,即风投和私募机构持股的创业板拟上市公司IPO抑价现象更为严重;风投和私募持股在创业板推出初期大幅推动了被持股创业板上市公司IPO首日收益率的上涨,而后期风投和私募持股则对被持股创业板上市公司IPO首日收益率影响不大,甚至有负向作用。这些结论在一定程度上验证了风投和私募持股是创业板IPO抑价之谜的幕后推手。Based on the causal theory of the IPO first-day yield on the GEM board,this essay focuses on how VC / PE＇s shareholding influences the IPO first-day yield on GEM,and makes the conjecture that VC / PE＇s shareholding influences the IPO first-day yield periodically. The results show that,VC / PE＇s shareholding results in higher IPO first-day yield on GEM,which means VC / PE＇s shareholding of GEM contributes to creating IPO underpricing; in the early period after GEM was founded,VC / PE＇s shareholding strongly pushes the IPO first-day yield up; and later this positive effect becomes insignificant and even turns to the opposite. To a certain extent,these conclusions validate that VC / PE＇s shareholding lies behind the IPO underpricing puzzle on the GEM board.

关 键 词：创业板 IPO首日收益率 IPO抑价 风险投资 私募股权投资 上市公司 风投持股 私募持股 

分 类 号：F830.91[经济管理—金融学]