股权转让与创业资本投资回报关系研究——基于产业关联性视角  

Return of Shares Transfer for Venture Capital Backed Firms: from the Perspective of Industrial Relationship

作　　者：赵袁军[1] 余红心[2] 刘正凯[3] 

机构地区：[1]东华大学旭日工商管理学院,上海200051 [2]上海财经大学国际工商管理学院,上海200433 [3]南伊利诺伊大学商学院,美国62901

出　　处：《证券市场导报》2017年第4期20-28,共9页Securities Market Herald

基　　金：国家留学基金委资助项目(201506630047);中央高校基本科研业务费专项资金资助(CUSF-DH-D-2015065)

摘　　要：本文基于产业关联性视角,研究股权转让与创业投资家得到的投资回报之间的关系,通过测算716笔股权转让的相关数据,分析单方股权转让和协同股权转让之间以及横向股权转让和纵向股权转让之间的回报差异。研究发现,创业投资家在单方股权转让中可以得到比协同股权转让更高的投资回报,而且两者的差异在具有严重信息不对称的初创公司尤其明显。并且,横向股权转让可以获得比纵向股权转让更高的回报。然而,在创业资本市场繁荣时期,这个结果却是相反的。此外,研究发现有经验的创业投资家可以克服自身在股权转让中所处的劣势地位,从而在两种股权转让类型中得到较高水平的回报。This paper investigates how the relation between acquirer and target during shares transfer of venture capital backed company affects acquirer＇s return. The relation is classifi ed based on the number of acquirers and whether the acquirer and target are in the same industry. Using a proprietary dataset of 716 cases of shares transfers, we fi rst provide evidence that cases with unique buyer generate higher returns for acquirers, relative to cases with multiple buyers. And this effect is more pronounced in cases with higher levels of asymmetry information. We then show that acquirers from related industry gain better performance during normal market period, while they earn lower return during boom market period. Moreover, we suggest that experienced acquirers outperform in all types of shares transfers.

关 键 词：股权转让 创业资本 资本退出 产业关联 投资回报率 

分 类 号：F224[经济管理—国民经济]