我国创业板上市公司中风险投资的介入与退出动机研究

发布时间：2018-03-25 20:41

本文选题：风险投资　切入点：IPO　出处：《经济管理》2012年10期

【摘要】：迄今为止,风险投资(简称VC)在创业企业中的作用问题一直备受争议,国外学术界有两种截然不同的看法:一是"认证监督";二是"追求声誉"。本文通过收集我国创业板上市公司2009年10月～2011年12月的有关数据,运用实证分析方法探讨VC在我国创业企业中的作用与动机。研究结果表明,总体上VC介入创业板上市公司的主要目的并非是发挥认证监督作用,而是注重追求声誉,且强烈追逐声誉的动机实质上是"追逐利润"。本文研究的主要结论是:(1)有VC介入的上市公司其上市首日折价率显著高于没有VC介入的上市公司,可见VC在创业企业中注重"追求声誉";(2)通过减持,VC收益颇丰,获得了显著的正超额收益率和累计超额收益率;(3)VC减持之后,上市公司的创利和创现能力都显著下降,表明VC择机退出且并未发挥其强化公司治理的认证监督与提升公司价值的作用。总之,本文发现了我国VC的作用有别于国外的研究结论,在我国创业板上市公司的发展中,VC在介入时旨在"追求声誉",在退出时旨在"追逐利益",不仅赢得了"成功上市的神话",也获得了"高额的收益",可谓"名利双收",但却忽略了对上市公司的监督和治理,给投资者造成重大损失。
[Abstract]:So far, the role of venture capital (VCC) in startups has been controversial. There are two different views in foreign academic circles: one is "certification supervision"; the other is "seeking reputation". This paper collects the relevant data of listed companies in gem from October 2009 to December 2011. This paper discusses the role and motivation of VC in entrepreneurial enterprises in China by means of empirical analysis. The results show that the main purpose of VC involvement in gem listed companies is not to play the role of certification and supervision, but to focus on the pursuit of reputation. The main conclusion of this paper is that the discount rate of the listed companies with VC intervention on the first day of listing is significantly higher than that of the listed companies without VC intervention. It can be seen that VC pays attention to "pursuit of reputation" in startups.) by reducing its VC holdings, the VC gains a significant positive excess return and a cumulative excess return. After the reduction of VC holdings, the profit creation and creation ability of the listed companies are significantly reduced. It shows that VC chose to withdraw and did not play its role in strengthening corporate governance and enhancing corporate value. In a word, this paper finds that the role of VC in our country is different from that in foreign countries. In the development of listed companies on gem in China, VC aims to "pursue reputation" when intervening, and "pursue interests" when withdrawing from gem, which not only wins the myth of "successful listing", but also gains "high profit", which can be described as "fame and fortune". But neglected the supervision and governance of the listed companies. Causing heavy losses to investors.
【作者单位】：厦门大学管理学院;
【基金】：国家自然科学基金面上项目“污染型企业环境信息披露与融资动机及其后果”(71272081) 福建省社科一般项目“基于融资动机的企业环境信息披露研究”(2012B029)
【分类号】：F832.51;F224

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