创业投资管理对企业绩效表现的影响

发布时间：2018-06-30 07:31

本文选题：创业投资 + 上市　；参考：《南开管理评论》2011年01期

【摘要】：本文以2004-2008年深圳中小板的上市公司为样本,围绕企业首次公开发行这一重要的创业投资(以下简称"创投")退出方式,研究创投机构对其支持企业上市后经营业绩和股市表现的影响。结果表明,创投支持企业上市时的规模和年龄均显著低于非创投支持企业,且前者在上市首日的抑价水平显著高于后者。从长期表现来看,虽然在锁定期内创投支持企业和非创投支持企业的经营业绩和股市表现没有显著差异,但解禁后前者的业绩下滑幅度显著高于后者,且股票投资收益率更低。进一步研究发现,企业抑价水平和长期绩效下滑幅度与其创投机构的从业年限显著负相关;此外,国有创投机构支持企业的抑价水平及绩效下滑幅度显著低于非国有创投机构支持企业。这些结果验证了Gompers[1]提出的"逐名动机"假说,表明我国创投行业目前存在急功近利的倾向;创投机构为尽快实现投资收益、证明自己的实力会促使其投资企业过早上市,并且过度追求短期业绩而对企业的长期发展造成一定负面影响。
[Abstract]:Based on the sample of listed companies in Shenzhen small and medium-sized board from 2004 to 2008, this paper focuses on the exit of enterprise initial public offering, which is an important venture capital investment (hereinafter referred to as "venture capital"). This paper studies the influence of venture capital institutions on the performance of the listed enterprises and the stock market. The results show that the size and age of the VCs are significantly lower than that of the non-VCs, and the underpricing level of the former is significantly higher than that of the latter on the first day of listing. In the long run, although there is no significant difference between the operating performance and stock market performance of VCs and non-VCs, the former is significantly lower than the latter, and the return on stock investment is lower. Further study found that the level of underpricing and the decline in long-term performance were significantly negatively correlated with the number of years of employment of venture capital institutions. The underpricing level and performance decline of state-owned venture capital institutions are significantly lower than that of non-state-owned venture capital institutions. These results validate Gompers's hypothesis of "name by name motive", and indicate that the venture capital industry in our country has the tendency of quick success and quick profit. In order to realize the investment income as soon as possible, the venture capital institutions prove that their strength will prompt their investment enterprises to go public prematurely. And excessive pursuit of short-term performance has a negative impact on the long-term development of enterprises.
【作者单位】：清华大学经济与管理学院;
【基金】：国家自然科学基金项目(71002013)资助
【分类号】：F275;F832.48;F224

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