文献类型：期刊文献

中文题名：风险投资、IPO后公司业绩与市场表现——来自中国创业板上市公司的经验证据

英文题名：Venture Capital,Post-IPO Corporate Performance and Market Performance——Empirical Evidence from Chinese Public Companies of GEM

作者：孙建华[1]

第一作者：孙建华

机构：[1]河南财经政法大学会计学院

第一机构：河南财经政法大学会计学院

年份：2015

卷号：0

期号：9

起止页码：90-100

中文期刊名：山西财经大学学报

外文期刊名：Journal of Shanxi University of Finance and Economics

收录：CSTPCD;;北大核心:【北大核心2014】；CSSCI:【CSSCI2014_2016】；

基金：国家自然科学基金项目"股票市场信息透明度;市场质量与信息不对称性研究"(71101044);河南省软科学研究计划项目"风险投资;IPO抑价与新股定价效率"(142400410979)的阶段性成果

语种：中文

中文关键词：风险投资异质性;公司业绩;市场表现

外文关键词：VC＇s heterogeneities; corporate performance; market performance

摘要：上市公司上市后"业绩变脸"现象十分常见,是目前影响我国资本市场健康发展的突出问题。本文利用横截面回归、倾向分数匹配等方法,研究风险投资的存在性、异质性对创业板公司IPO后公司绩效的影响及内在机理。结果显示:风险投资对受资企业IPO后第一年锁定期内的公司业绩有正面影响,对IPO后第一年的市场表现则有负面影响;风险投资对受资企业IPO后第二年的公司绩效、市场表现基本没有显著影响;风险投资异质性对公司业绩、市场表现的影响存在差异。本文还分析了风险投资影响IPO后公司绩效变化的内在机理,提出了健全风险投资体系、改善IPO后公司绩效、促进创业板市场健康发展的政策建议。
Companies have appeared ＂suddenly turn hostile＂ 、 ＂EPS continued to fall＂ after their IPO, this kind of phenomenon is very common and confused, which is a prominent problem that currently restricts the healthy development of capital market in China. This article selects the data of the GEM listed company from October 23, 2009 to December 31, 2011, by using the methods of descriptive statistics and cross section multiple regression, systematically studying the existence of the risk investment in the GEM listed company and the heterogeneity to the listed company performance and market performance after the IPO, which are based on the perspective of venture capital and its heterogeneity. Besides, unlike previous literature, this paper also studies whether the risk investment and its heterogeneity will have a difference to the influence of company＇s performance and market performance of different years after their IPO. Studies have found that venture capital（VC）has a positive impact on the companies＇ performance during their first lockup year after the IPO, on the contrary, having a negative impact on the market performance. Venture capital（VC）has no significant or weakened impact on both the corporate performance and market performance during their second lockup year after the IPO. Well, the influences of venture capital heterogeneity on company performance and market performance are different.