风险投资对我国创业板IPO泡沫的影响被引量：14

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摘要考察风险投资对创业板IPO泡沫的影响,研究发现:(1)有风险投资背景公司的IPO泡沫显著小于无风险投资背景公司,表明风险投资对创业板公司IPO泡沫具有一定的抑制作用,同时也表明风险投资能够缓解IPO过程的信息不对称问题,从而为认证理论和逐名理论提供了强有力的实证支持;(2)在对有风险投资背景公司做深入分析后发现,风险投资参与度与创业板公司IPO泡沫显著正相关,参与的风险投资机构越多,风险投资持股比例越大,则创业板公司的IPO泡沫越严重。分析表明,虽然风险投资具有一定的抑制创业板公司IPO泡沫的能力,但是这种能力的发挥有赖于风险投资者树立价值投资理念,也有赖于管理层对风险投资行业的引导和管理。

作者陈见丽

机构地区广东金融学院会计系

出处《经济学家》 CSSCI 北大核心 2012年第4期86-94,共9页 Economist

基金教育部人文社会科学研究一般项目"基于风险投资和公司特质视角的创业板IPO估值泡沫治理机制研究"(12YJC630008) 广东省哲学社会科学规划项目"我国创业板IPO估值泡沫的形成与治理研究"(GD11YGL02) 广东省软科学研究计划项目"公司特质创新行为与创业板市场泡沫"(2011B070300024)

关键词风险投资风险投资参与度创业板IPO泡沫泡沫影响机理创业板公司

分类号 F273.1 [经济管理—企业管理]

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二级参考文献14

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