股票发行制度、风险投资机构特征对初创企业发行抑价的影响——基于2009

摘要随着风险投资机构大量参与初创企业并通过首次股票公开发行方式退出,风险投资对初创企业股票发行抑价的影响越来越受到关注。以股票发行制度变革为依据, 以2009年10月30日至2015年12月31日创业板上市的初创企业为样本数据,分阶段对IPO抑价进行研究,旨在揭示风险投资及其参与形式对初创企业股票发行抑价的影响。实证结果表明:风险投资参与有利于降低初创企业抑价水平,在核准制阶段联合风险投资更有利于降低股票发行抑价水平,在联合风险投资机构中存在民营风险投资机构更有利于降低IPO抑价水平。

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	马嫣然
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关键词： IPO制度 IPO抑价创业板风险投资联合风险投资民营背景

Abstract： Nowadays more venture capital institutions participate in newly established firms and exit in the form of IPO. Based on the institutional changes in IPO, this paper adopts as sample data of newly-established firms in Growth Enterprise Market from October 30, 2009 to November 31, 2015. It then examines IPO underpricing in stages in an attempt to reveal the influence of venture investment and its form of involvement on IPO under pricing in newly-established firms. The result shows that the participation of venture capital helps to reduce the start-up underpricing of newly established firms. Joint venture investment is more effective in reducing the level of underpricing in the verification stage while the private background of venture capital is most effective to reduce the IPO underpricing.

Keywords： IPO System IPO Underpricing Growth Enterprise Market Venture Investment Joint Venture Investment Private Background

收稿日期 2017-03-20; 接受日期 2018-05-10;

基金资助:国家社会科学基金项目(10JY061);陕西省社会科学基金重大项目(2016ZDA15)

作者简介: 马嫣然(1986— ),女,陕西西安人,博士研究生,主要从事风险投研究;蔡建峰(1964— ),男,山东平原人,教授,博士生导师,主要从事创新管理研究。

引用本文:

马嫣然, 蔡建峰.股票发行制度、风险投资机构特征对初创企业发行抑价的影响——基于2009—2015年中国创业板数据的分析[J]. 经济经纬, 2018,3: 160-164

MA Yan-ran, CAI Jian-feng.The Effects of the IPO Policy and Venture Capital Characteristics on the IPO Underpricing Phenomenon of Newly-Established Firms——Based on Data of China’s Growth Enterprise Market from 2009 to 2015[J] Economic Survey, 2018,V35(3): 160-164

链接本文:

http://www.jjjw.org.cn/CN/ 或 http://www.jjjw.org.cn/CN/Y2018/V35/I3/160