风险投资、行为特征与IPO抑价关系:来自中国创业板市场的经验证据

发布时间：2018-03-15 01:25

本文选题：风险投资　切入点：行为特征　出处：《现代财经(天津财经大学学报)》2017年05期 　论文类型：期刊论文

【摘要】：以往的研究虽已证明风险投资对公司IPO表现有一定的影响,但却少有学者从其行为特征的视角对这一现象的原因进行深入的挖掘。本文基于2010-2012年的中国创业板数据,依次运用了主成分分析法、多元线性回归和两阶段回归模型,实证分析了风险投资对IPO抑价率的影响,进而检验了我国风险投资会通过不同的行为特征对IPO抑价率呈现出截然不同的表现。研究发现:(1)IPO抑价率主要由二级市场的热度引起,与风险投资无稳定相关关系;(2)群体性行为风险投资与IPO抑价率呈负相关;(3)个体性行为风险投资与IPO抑价率呈正相关。由此,对我国创业IPO公司来说合理选择符合自身特征的风险投资,一方面风险投资才能得到公司相对优势,另一方面以此规避风险投资对其造成的不良影响。
[Abstract]:Although the previous studies have proved that venture capital has a certain impact on the performance of IPO, few scholars have explored the causes of this phenomenon from the perspective of their behavioral characteristics. This paper is based on the data of China growth Enterprise Market (gem) from 2010-2012. In turn, principal component analysis, multivariate linear regression and two-stage regression model are used to analyze the effect of venture capital on IPO underpricing rate. Furthermore, it is tested that venture capital in China will show a different performance on IPO underpricing rate through different behavior characteristics. The research shows that the underpricing rate of IPO is mainly caused by the heat in the secondary market. There is a negative correlation between group behavior venture capital and IPO underpricing rate. (3) individual behavior venture capital has positive correlation with IPO underpricing rate. On the one hand, the venture capital can obtain the relative advantage of the company, on the other hand, it can avoid the adverse influence of the venture capital on the other hand.
【作者单位】：中国人民大学财政金融学院;重庆大学经济与工商管理学院;
【分类号】：F832.51

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