7276 
7316作为与有效市场假说相悖的金融“异象”之一，IPO抑价成为资产定价与公司金融领域的热点问题。文章分离现有文献广为关注的风投监督甄别效应，重点研究风投机构在“投”阶段的甄别选择效应、“管”阶段的监督增值效应和“退”阶段的市场力量效应分别对企业IPO抑价的影响效果。文章通过采用具有风投背景的创业企业在中国沪深A股IPO的数据样本，研究发现：风投机构对中国创业企业IPO抑价发挥着监督增值效应，“好风投”更有利于降低企业IPO抑价率；风投机构也发挥着甄别选择效应，而更有利于提高企业IPO抑价率；风投机构的市场力量效应对企业IPO抑价并未发挥作用；最终对企业IPO抑价影响的结果是，风投机构的监督增值效应对企业IPO抑价发挥着主导作用，“好风投”确实更能降低企业IPO抑价率。文章深化和扩展了风投机构影响机制的研究，有助于理解和认识风投机构的监督增值职能，为IPO抑价的后续研究提供新思路。
“好风投”更能降低企业IPO抑价率吗？——基于“投、管、退”三部曲的视角
摘要
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付辉. “好风投”更能降低企业IPO抑价率吗？——基于“投、管、退”三部曲的视角[J]. 上海财经大学学报, 2018, 20(2): 73-88.
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