风险投资特征对企业IPO进程的影响研究  

Research on the Influence of Venture Capital Characteristics on Enterprises IPO Process

作　　者：陈伟[1] 胡俊 杨春辉 CHEN Wei;HU Jun;YANG Chunhui(School of Economics,Hefei University of Technology,Hefei 230601,China)

机构地区：[1]合肥工业大学经济学院,合肥230601

出　　处：《合肥工业大学学报（社会科学版）》2021年第1期18-26,共9页Journal of Hefei University of Technology(Social Sciences)

基　　金：国家社会科学基金项目(14BJY181)。

摘　　要：基于2006-2015年我国资本市场上具有风险投资背景的IPO事件,研究风险投资的背景及声誉对所投资的企业IPO进程的影响。通过理论分析和实证研究发现,相比外资背景的风险投资而言,本土风险投资更倾向于推进企业进行IPO;相比高声誉风险投资而言,低声誉风险投资更倾向于推进企业进行IPO。同时进一步发现,在背景对被投企业IPO进程的影响机制中,声誉发挥着部分的中介作用。Based on the IPO events with venture capital background in China’s capital market from 2006 to 2015,this paper studies the influence of venture capital background and reputation on the IPO process of the invested enterprises.Through theoretical analysis and empirical research,it is found that compared with foreign venture capital,local venture capital is more inclined to promote the IPO of the enterprises;compared with high-reputation venture capital,low-reputation venture capital is more inclined to promote the IPO of the enterprises.It is further found that reputation plays a partial intermediary role in the influence mechanism of background on the IPO process of the invested enterprises.

关 键 词：风险投资 背景 声誉 IPO进程 中介作用 

分 类 号：F832.48[经济管理—金融学]