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风险投资是将资金与增值服务投向具有高风险性、高成长性的企业,并能通过一定方式获得高额回报的专业投资行为。为降低投资风险,在风险企业上市过程中,风险投资机构会积极参与企业管理及承销商、承销时机的选择,这对上市企业IPO将产生实质性影响。这一结论虽然在美国、欧洲等证券市场得到证实,但在我国还需做进一步考察。本文选取2004年至2008年在深市中小板上市的具有明确风险投资背景的44家中小企业为研究对象,并按照相关标准选取了相关对照组,对我国风险投资于中小企业IPO的影响进行了实证检验,并得到了相关结论。
Venture capital investment is a way of investing funds and value-added services in high-risk and high-growth enterprises, and can obtain professional investors with high returns in a certain way. In order to reduce the investment risk, venture capital firms will actively participate in the selection of business management, underwriters and underwriting opportunities during the listing of venture companies, which will have a material impact on the IPO of listed companies. Although this conclusion has been confirmed in the securities markets such as the United States and Europe, it needs to be further investigated in our country. This article selects 44 small and medium-sized enterprises with clear risk investment background listed on the Shenzhen Small and Medium Plate from 2004 to 2008 as the research object, and selects the relevant control group according to relevant standards, and makes an analysis of the impact of venture capital on the IPO of SMEs in China Empirical test, and got the relevant conclusions.