联合风险投资、市场气氛与IPO抑价:来自创业板的经验证据  

Syndicate Venture Capital,Market Sentiment and IPO Underpricing:Empirical Evidence from Growth Enterprises Market

作　　者：曹麒麟 陶佳萍[1,3] 杨茵杰 Cao Qilin;Tao Jiaping;Yang Yinjie

机构地区：[1]四川大学商学院 [2]四川大学科技金融与数理金融四川省重点实验室 [3]四川大学上市公司发展与竞争力研究所 [4]四川大学中国科技金融研究中心

出　　处：《财经科学》2023年第2期15-27,共13页Finance & Economics

基　　金：国家自然科学基金青年科学基金项目“基于私人关系的风险投资家与创业企业家合谋行为研究:表现、机制与治理”(72002144);四川省自然科学基金项目“引导基金政府目标与市场化运作的相容机制与异化机制研究”(23NSFSC1348)的资助。

摘　　要：近年来,风险投资在我国方兴未艾,为创业企业提供大量资金的同时,还积极参与和影响企业的管理活动和决策,提供额外的增值服务,同时影响企业的IPO进程。本文以2014—2020年深交所创业板有风险投资参与的400家上市公司为研究样本,考察了联合风险投资对IPO抑价的影响以及市场气氛的调节效应。研究发现,联合风险投资支持的企业IPO抑价率显著低于单一风险投资支持的企业;市场气氛加强了联合风险投资对IPO抑价率的限制作用,市场气氛热烈的时候,联合风险投资更能有效降低IPO抑价率。进一步分析发现,联合风险投资支持的企业IPO首日换手率显著低于单一风险投资支持的企业;相较于CVC+IVC以及IVC+IVC的联合风险投资合作模式,CVC+CVC的合作模式更能显著降低IPO抑价率。In recent years,venture capital is booming in China.It can not only provide financial support for start-up enterprises,but also actively participate in the operation and management of enterprises,provide additional value-added services and influence the IPO process of enterprises.In this paper,400 startups listed on gem and supported by venture capital from 2014 to 2020 are selected as research samples to investigate the impact of joint venture capital on IPO underpricing and the moderating effect of market climate.The results show that the IPO underpricing rate of enterprises supported by syndicate venture capital is significantly lower than that of enterprises supported by single venture capital.The market sentiment strengthens the restriction effect of syndicate venture capital on IPO underpricing rate.When the market sentiment is high,syndicate venture capital can reduce IPO underpricing rate more effectively.Further analysis shows that the turnover rate of enterprises supported by syndicate venture capital is significantly lower than that supported by single venture capital.Compared with CVC+IVC and IVC+IVC joint venture investment cooperation mode,CVC+CVC cooperation mode can significantly reduce IPO underpricing rate.

关 键 词：联合风险投资 IPO抑价 市场气氛 信息不对称 创业板 

分 类 号：F832.5[经济管理—金融学]