创业投资管理对企业绩效表现的影响

本文以2004-2008年深圳中小板的上市公司为样本,围绕企业首次公开发行这一重要的创业投资(以下简称"创投")退出方式,研究创投机构对其支持企业上市后经营业绩和股市表现的影响.结果表明,创投支持企业上市时的规模和年龄均显著低于非创投支持企业,且前者在上市首日的抑价水平显著高于后者.从长期表现来看,虽然在锁定期内创投支持企业和非创投支持企业的经营业绩和股市表现没有显著差异,但解禁后前者的业绩下滑幅度显著高于后者,且股票投资收益率更低.进一步研究发现,企业抑价水平和长期绩效下滑幅度与其创投机构的从业年限显著负相关;此外,国有创投机构支持企业的抑价水平及绩效下滑幅度显著低于非国有创投机构支持企业.这些结果验证了Gompers[1]提出的"逐名动机"假说,表明我国创投行业目前存在急功近利的倾向;创投机构为尽快实现投资收益、证明自己的实力会促使其投资企业过早上市,并且过度追求短期业绩而对企业的长期发展造成一定负面影响.

The Effect of Venture Capital on the Performance of IPO Companies

Venture capital(VC) has been playing an increasingly important role in the growth of early-stage companies around the globe.In addition to providing equity financing,venture capital-ists also involve heavily in the management of investee companies and provide a number of value-added services.However,Gompers(1996) notes that VCs have strong incentives to grandstand by tak-ing investee firms public prematurely in order to exit and realize investment returns early.Hence,the net impact of VC involvement on firm...