风险投资、创新能力与企业IPO抑价  

Venture Capital, Innovation Capability and Enterprise IPO Underpricing

作　　者：范雪莹 

机构地区：[1]江南大学商学院,江苏无锡214122

出　　处：《中小企业管理与科技》2017年第17期127-133,共7页Management & Technology of SME

基　　金：国家自然科学青年基金资助项目(71602077);江苏高校哲学社会科学研究项目"风险投资协同创业企业创造性产出机理研究"(项目号:2016SJD790019);中央高校基本科研业务费专项基金(项目号:JUSRP11612)

摘　　要：现有文献对风险投资究竟是提高还是降低了企业IPO抑价,尚存在着一定争议,也鲜有文献从企业创新能力的视角分析风险投资对企业IPO抑价的影响机理。本文以中国创业板开通以来,在创业板成功上市的571家企业作为研究样本,实证分析了风险投资通过企业创新能力影响其IPO抑价的路径,研究发现:(1)风险投资的参与对被投资公司IPO抑价具有正向显著影响;(2)风险投资的参与能显著提高被投资公司的创新能力;(3)风险投资会强化创新能力对企业IPO抑价的抑制作用。The existing literature still has a debatable point on the issues that venture capitalists increase or decrease the IPO undcrpricing rate of the companies, and there are few literature analyzing the affects of venture capital on IPO undcrpricing from the perspective of innovation. This paper takes the 571 enterprises listed on the gem successfully since the opening of China＇s gem as a sample, and analyzes that the path of venture capital affecting IPO underpricing through enterprise innovation capability. The results show that： ①the participation of venture capital has a positive effect on the IPO underpricing of the invested companies, ②the participation of venture capital can also significantly improve the invested companies＇ innovative ability, ③ the companies＇ innovative ability can decease the IPO underpricing rate, and venture capitalists improve can strengthen the effect of firms＇ innovation.

关 键 词：风险投资 创新能力 IPO抑价 认证监督效应 市场力量效应 

分 类 号：F832.48[经济管理—金融学]