论文部分内容阅读
风险投资在持股公司IPO中的市场效应主要有认证效应和监督效应。资本来源和经营组织形式不同,使得风险投资的利益约束机制出现差异,从而影响认证效应和监督效应。以2009—2012年我国深圳创业板的207家有风险投资持股的上市公司为样本,对发行市盈率和抑价率进行实证检验,结果发现有政府背景的风险投资和有限合伙制的风险投资,具有显著的认证效应和监督效应。
The market effect of venture capital in the IPO of the holding company is mainly the certification effect and the supervisory effect. Different forms of capital sources and management organizations make the differences in interest restraint mechanism of venture capital, thus affecting the certification effect and supervision effect. Based on a sample of 207 venture capital listed companies in Shenzhen GEM in China from 2009 to 2012, this paper conducts an empirical test on the issue price-earnings ratio and the underpricing rate. As a result, it is found that there are risk investment with government background and venture capital with limited partnership, Has significant certification effect and supervisory effect.