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本文以2006-2012年我国沪深两市首次公开发行(IPO)的民营企业为样本,考察风险投资的介入对这些公司上市速度、上市机会和市场表现的影响。研究发现:(1)风险投资介入的民营企业具有更快的上市速度和更优的上市机会,并且风险投资的经验积累和社会关系能够进一步增强这种优势;(2)有风险投资参与的民营企业在IPO时存在盈余操纵,而且这种操纵能进一步降低民营企业的IPO折价率。研究结果表明,在我国股票市场IPO资源稀缺的情况下,风险投资的介入有助于民营企业实现IPO,因而可称得上是其“救星”。
This article takes the private-owned enterprises with initial public offering (IPO) in Shanghai and Shenzhen from 2006 to 2012 as samples to examine the influence of venture capital on their listing speed, market opportunity and market performance. The findings are as follows: (1) The private enterprises involved in venture capital have faster time to market and better listing opportunities, and the accumulation of venture capital experience and social relations can further enhance this advantage; (2) Private-owned venture capital firms The existence of earnings manipulation of enterprises in the IPO, and this manipulation can further reduce the IPO discount rate of private enterprises. The results show that in the case of the scarcity of IPO resources in the stock market of our country, the involvement of venture capital helps private enterprises to realize IPO, so it can be regarded as its “savior”.