创业板上市公司中的风险投资对其发行市盈率的影响分析  

Analysis of the Impact of Venture Capital on IPO in GEM Companies

作　　者：苏怡[1] Su Yi(School of Economics,Kunming University,Kunming 650214,China)

机构地区：[1]昆明学院经济学院,昆明650214

出　　处：《工业技术经济》2018年第8期154-160,共7页Journal of Industrial Technological Economics

摘　　要：本文选取我国创业板上市公司为研究样本,采用多元回归估计方法,针对创业板上市公司中的风险投资对其发行市盈率的影响进行实证研究,研究结果表明:(1)风险投资的董事会席位比例、风险投资向公司派出的高管人数、派出的董事、监事或高管是否具有相关行业的经验、风险投资持有股份的锁定期4个变量均与创业板上市公司发行市盈率之前存在正相关关系;(2)当前我国风险投资行业整体发展还不成熟,不能有效挖掘企业价值。This paper selects the GEM listed companies in China as the research sample and uses multiple regression estimation methods to study the impact of venture investment on the price earnings ratio of the GEM listed companies. The results show that： first,the four variables such as the proportion of the board of directors and venture investment to the company（ XN4）,the number of senior executives（ XN5）,the directors,the supervisors or executives who have the related industry experience（ XN6）,the lock up period of the venture capital holding shares（ XN7） and so on are all positively related to the price earnings ratio of the GEM listed companies; second,the overall development of the former venture investment industry in our country is not mature and can not effectively excavate the value of the enterprise.

关 键 词：风险投资 市盈率 创业板上市公司 相关性分析 多元回归估计 信息披露 

分 类 号：F175[经济管理—世界经济] F832.5