摘要
本文应用单因素分析和非参数检验方法对风险投资在企业IPO中的功效进行检验,包括"认证功能"、"发行抑价"和"IPO效应"三个方面,并以深圳中小企业板VC-backed企业为主,结合大陆主板、美国和香港资本市场的中资上市公司为研究样本进行多个市场的对比实证研究。实证结果表明:(1)风险投资的"认证功能"存在市场差异。在美国纽交所、NADAQ市场等上市的中资背景企业,VC具有部分认证功能,即在融资规模方面体现了认证功能,而在发行市盈率上并未显示认证功能。而深圳中小企业板VC-backed企业却不支持认证功能的假设。(2)风险投资支持的企业IPO普遍存在"发行抑价"。除了纽交所外,纳斯达克、香港市场和国内中小企业板均存在不同程度的发行抑价,并且VC-backed上市企业具有更高的发行抑价率。(3)风险投资支持的企业不存在"IPO效应"。美国、香港和中小企业板的VC-backed样本公司虽然都在IPO前经营业绩逐年增加,但是上市后的经营业绩并没有出现预期的下降趋势,即均不支持IPO效应假设。
This paper applied single factor analysis and non-parametric test to examine the function of venture capitals in a company＇ s IPO, including ＂certification function＂ , ＂underpricing＂ and ＂IPO effect＂ . It focus on the VC-backed companies listed in the SME Board of Shenzhen, compared with those listed in China＇ s main boards and NASDAQ, NYSE and HKEx to make empirical analysis. There are several findings： Firstly, Venture capital＇ s ＂certification function＂ exist differences among the capital markets. The sample companies listed in NASDAQ and NYSE exhibit partial ＂certification functions＂ , which means their capital raising scale is relatively small, but the P/E ratio didn＇ t significantly increase. And the VC-backed companies listed in Shenzhen SME Board do not support the hypothesis of ＂certification function＂ ; Secondly, Venture capital-backed IPOs exist ＂underpricing＂ . NASDAQ, HKEx and China＇ s SME board exhibit ＂underpricing＂ except NYSE, and the VC-backed listed companies exhibit higher ratio of underpricing than non-VC-backed IPOs; Thirdly, venture capital-backed companies don＇ t exist ＂IPO Effects＂ . Although VC-backed companies＇of all the sample capital markets exhibit increasing operating performances each year before IPOs, their operating performances do not significantly decreased after IPOs.
出处
《证券市场导报》
CSSCI
北大核心
2009年第5期19-25,共7页
Securities Market Herald
