TMT股权与人力资本对投资者估价的影响——基于创业企业IPO市场的实证检验

当前的创业企业通常具有一些特征,如股权较集中,管理者通常是创业者,具有高科技行业背景,创业者以团队形式出现。在这样的背景下,当创业企业在证券市场公开发行并上市时,其IPO后的公司价值,都深受资本拥有者、企业高层管理团队和高管人力资本的影响,也给高层管理团队(Top Management Team,TMT)对企业价值影响的研究带来了新的案例与新的数据。本文利用在深圳证券交易所上市的创业板公司的数据,对中国创业板上市公司IPO市场估价与其董事会构成、TMT股权分布以及高管人力资本的关系进行实证检验,最后证实了部分假设。

An Impact of TMT Ownership and Human Capital on Market Valuations:An examination based on IPO market of entrepreneurial firms

Generally,entrepreneurial firms have some characteristics,like ownership concentration,team of entrepreneur,manager also being entrepreneur and having background of high technology.When the entrepreneur firms went to IPO and to list,their valuation was affected by capital ownership,top management team and TMT human capital.It also offered new cases and data for doing research.In this paper we examine whether or not the IPO market valuation of the entrepreneur firms listed on Chinese Broad of Entrepreneur Co...