私募股权、天使资本对创业板市场IPO抑价的不同影响
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财经研究 2011 年 第 37 卷第 08 期, 页码：114 - 125
摘要
参考文献
摘要
文章对我国创业板市场的上市前股权投资者进行了界定和区分,然后采用手工整理数据考察了私募股权资本和天使资本对创业板公司的投资行为,重点研究了这两种资本对IPO抑价率的不同影响。研究发现,目前我国的私募股权资本往往投资于高估值行业且入股的企业资质较差,不能发挥认证作用,其持股的公司有更高的IPO抑价率;相反,天使资本往往投资于资质较好的企业,并且愿意投资负债率较高的企业,其持股对IPO抑价率无显著影响。在此基础上,文章对创业企业审慎选择融资来源、私募股权投资机构进行理性投资以及监管部门加强行业引导等方面提出了建议。
④(清科)中国创业投资年度排名是目前国内影响力较大的PE/VC机构排名系统,该排名从投资、管理、融资和退出等各方面进行全面考察,详见清科网站www.zero2ipo.com。
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[6]吕厚军.私募股权基金治理中的反向代理问题研究[J].现代管理科学,2007,(12):112-114.
[7]谈毅,陆海天,高大胜.风险投资参与对中小企业板上市公司的影响[J].证券市场导报,2009,(5):26-33.
[8]王晓津,佘坚.海外创业板市场发展状况及趋势研究[J].证券市场导报,2008,(7):21-25.
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[12]Gorman M,Sahlman W A.What do venture capitalists do?[J].Journal of Business Venturing,1989,4:231-248.
[13]Kaplan S,Stromberg P.Leveraged buyouts and private equity[J].Journal of Economic Perspectives,2009,23(1):121-146.
[14]Lee P M,Wahal S.Grandstanding,certification and the underpricing of venture capital backed IPOs[J].Journal of Financial Economics,2004,73:375-407.
[15]Lerner J.Venture capitalists and the decision to go public[J].Journal of Financial Economics,1994,35(3):293-316.
[16]Megginson W,Weiss K.Venture capitalist certification in initial public offerings[J].Journal of Finance,1991,46(3):879-903.
[17]Sohl J.Angel investing:Changing strategies during volatile times[J].Journal of Entrepreneurial Finance and Business Ventures,2006,11(2):27-47.
[1]曹凤岐,董秀良.我国IPO定价合理性的实证分析[J].财经研究,2006,(6):4-14.
[2]刘煜辉,熊鹏.股权分置、政府管制和中国IPO抑价[J].经济研究,2005,(5):85-95.
[3]寇祥河,潘岚,丁春乐.风险投资在中小企业IPO中的功效研究[J].证券市场导报,2009,(5):19-25.
[4]李曜,张子炜,司徒大年.发行制度变迁、承销商声誉与新股抑价——基于政策传导机制的研究[R].第十届中国经济学年会入选论文,2010.
[5]刘江会.可信性、价值认证和投资银行声誉机制[J].财经研究,2007,(9):124-143.
[6]吕厚军.私募股权基金治理中的反向代理问题研究[J].现代管理科学,2007,(12):112-114.
[7]谈毅,陆海天,高大胜.风险投资参与对中小企业板上市公司的影响[J].证券市场导报,2009,(5):26-33.
[8]王晓津,佘坚.海外创业板市场发展状况及趋势研究[J].证券市场导报,2008,(7):21-25.
[9]Aernoudt R,San JoséA,Roure J.Executive forum:Public support for the business angel market in Europe-A critical view[J].Venture Capital:An International Journal of Entrepreneurial Finance,2007,9(1):71-84.
[10]Brav A,Gompers P.Myth or reality?The long-run performance of initial public offerings:Evidence from venture and non-venture capital-backed companies[J].Journal of Finance,1997,52:1791-1821.
[11]Gompers Paul.Grandstanding in the venture capital industry[J].Journal of Financial Economics,1996,42(1):133-156.
[12]Gorman M,Sahlman W A.What do venture capitalists do?[J].Journal of Business Venturing,1989,4:231-248.
[13]Kaplan S,Stromberg P.Leveraged buyouts and private equity[J].Journal of Economic Perspectives,2009,23(1):121-146.
[14]Lee P M,Wahal S.Grandstanding,certification and the underpricing of venture capital backed IPOs[J].Journal of Financial Economics,2004,73:375-407.
[15]Lerner J.Venture capitalists and the decision to go public[J].Journal of Financial Economics,1994,35(3):293-316.
[16]Megginson W,Weiss K.Venture capitalist certification in initial public offerings[J].Journal of Finance,1991,46(3):879-903.
[17]Sohl J.Angel investing:Changing strategies during volatile times[J].Journal of Entrepreneurial Finance and Business Ventures,2006,11(2):27-47.
引用本文
李曜, 张子炜. 私募股权、天使资本对创业板市场IPO抑价的不同影响[J]. 财经研究, 2011, 37(8): 114–125.
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