风险投资对IPO抑价的影响分析——以创业板为例
An Analysis of Impact on the IPO Underpricing for Venture Capital—Evidences from the Chinese GEM
DOI: 10.12677/FIN.2020.103025, PDF,    科研立项经费支持
作者: 陈奕帆, 龙顺波, 董环环：杭州电子科技大学经济学院，浙江 杭州
关键词: 风险投资；IPO抑价；创业板；回归分析；Venture Investment； IPO Underpricing； Chinese GEM； Regression Analysis
摘要: 以2014年到2016年创业板市场上的215家上市企业为样本，利用多元线性回归模型分析风险投资对IPO抑价的影响。研究结果发现，2014年IPO重启后风险投资对创业板上市公司IPO抑价没有显著影响。最后，对改善IPO抑价问题提出完善法律法规、规范资本市场制度等建议。
Abstract: Selecting a total number of 215 companies listed on the GEM from 2014 to 2016, multiple linear regression analysis was conducted to explore the impact of venture capital participation on the IPO underpricing of the GEM. The conclusion is drawn that venture capital participation has no impact on the IPO underpricing of the listed companies on GEM. Finally, the following suggestions are proposed such as improving laws and regulations, regulating the capital market system and so on.
文章引用：陈奕帆, 龙顺波, 董环环. 风险投资对IPO抑价的影响分析——以创业板为例[J]. 金融, 2020, 10(3): 251-257. https://doi.org/10.12677/FIN.2020.103025

参考文献

[1] Ibbotson, R.G. (1975) Price Performance of Common Stock New Issues. Journal of Financial Economics, 2, 235-272. [Google Scholar] [CrossRef] 
[2] Muscarella, C., Peavy, J.W., Vetsuypens, M. and Barry, C.B. (1990) The Role of Venture Capital in the Creation of Public Companies: Evidence from the Going-Public Process. Journal of Financial Economics, 27, 447-471. [Google Scholar] [CrossRef] 
[3] Gompers, P.A. (1996) Grandstanding in the Venture Capital In-dustry. Journal of Financial Economics, 42, 133-156. [Google Scholar] [CrossRef] 
[4] Wang, C.K., Wang, K.M. and Lu, Q. (2003) Effects of Venture Capitalists’ Participation in Listed Companies. Journal of Banking and Finance, 27. [Google Scholar] [CrossRef] 
[5] 谈毅, 陆海天, 高大胜. 风险投资参与对中小企业板上市公司的影响[J]. 证券市场导报, 2009(5): 27-34.
[6] 陈见丽. 风险投资对我国创业板公司业绩增长的影响[J]. 财经科学, 2012(3): 56-64.
[7] Amit, R., Glosten, L. and Muller, E. (1990) Entrepreneurial Ability, Venture Investments, and Risk Sharing. Management Science, 36, 1233-1246. [Google Scholar] [CrossRef] 
[8] 张丰, 张健. 风险投资家背景与创业企业经营绩效关系分析——基于沪深A股的实证研究[J]. 价值工程, 2009(4): 152-155.
[9] 曾雪丽. 风险投资对创业板上市公司IPO抑价的影响研究[J]. 广西财经学院学报, 2015, 28(1): 60-66.
[10] Manigart, S., Baeyens, K. and Verschueren, I. (2002) Financing and Investment Interdependencies in Unquoted Belgian Compagnies: The Role of Venture Capital. Working Paper Research. [Google Scholar] [CrossRef] 
[11] 崔毅, 张泽钦, 杨婧. 中小企业板风险企业与非风险企业的IPO绩效差异比较[J]. 现代商贸工业, 2008, 20(8): 177-178.
[12] 王澍雨. 风险投资能降低IPO抑价吗?——来自中国创业板的检验证据[J]. 东北财经大学学报, 2017(6): 45-51.

为你推荐