文档介绍：首届学术论坛优秀论文选
创业板公司IPO前后业绩变化及风险投资的影响
梁梁建敏建敏吴江吴江
((首创证券有限责任公司研发部,北京首创证券有限责任公司研发部,北京 100088)100088)
摘要:本文以创业板市场为样本,通过实证分析发现:风险投资在控制盈余管理方面有积极正面的影响;在上市时机选
择方面,由于我国上市仍采用审批制,有风险投资和无风险投资在这一点上没有明显差异;同等资本下有风险投资持股
的企业募集资金的金额少于无风险投资持股的企业,同时普通VC引入资金少于国有VC引入资金;有VC持股的企业发行后
经营业绩的情况好于无VC持股的企业,风险投资的介入对于企业经营业绩有明显的正向作用。此外研究发现由于多数项
目集中于政府手中,很多优质资源民间资本投资渠道不畅通,在这一点上具有国资背景的风险投资具备明显优势,容易
以较低的风险进入。
关键词:风险投资;IPO;创业板;经营绩效
Abstract: Taking China GEM as the sample, we found that VC exerted positive influence on IPO performance.
For the timing of listing, as China’s market is till with the examination and approval system, there is
no significant difference between with and without VC. With similar capital, companies with VC finance
less than panies without VC. Ordinary VCs introduce less capital than the state-owned VCs. VC-
panies’ operation performance is better than non-VC-owned enterprises. So there is significant
positive effect of the involvement of VC into performance. In addition, most of the projects are in the
hands of the government, the investment channel for good private capitals is narrow, therefore state-
owned VC has obvious advantages and easily enters the market with lower risk.
Keywords: venture capital, IPO, China GEM, operation performance
作者简介:梁建敏,首创证券有限公司研发部总经理。吴江,首创证券有限公司研发部研究人员。
创业板推出后,市场上针对VC、PE等风险投资在创发行时的投价比,公司普遍存在业绩不达标的情况。本
业板公司上市前“