摘要
文章以2012-2019年创业板中具有风险投资背景的上市公司为样本,将风险投资机构介入时机划分为早期介入与后期介入,探究风险投资介入时机对创业企业IPO抑价的影响及其作用机制。研究发现,风险投资介入时机越早,IPO抑价越低,证实了早期介入的风险投资机构更能够为创业企业提供“春风化雨”般的帮助,对IPO定价产生积极作用。中介检验结果表明,上述作用主要归因于风险投资机构投资后所发挥的“增值服务机制”,而非投资前的“筛选机制”,表现为通过提升创业企业创新能力和公司治理水平降低IPO抑价。进一步研究发现,高声誉风险投资机构比低声誉风险投资机构更倾向于早期进入创业企业,但公司风险投资与独立风险投资在进入创业企业时机方面无明显差异。研究深化和扩展了风险投资机构介入时机对IPO抑价的影响机制,有助于理解风险投资机构的“增值服务机制”及“筛选机制”,为后续风险投资相关研究提供新思路。
Taking the listed enterprises with venture capital background on the GEM from 2012 to 2019 as research samples,this study divides the intervention time of venture capital institutions into early intervention and late intervention,and empirically tests the impact of venture capital intervention time on IPO underpricing of start-up enterprises and its mechanism.The research finds that the earlier the venture capital intervenes,the lower the IPO underpricing,which confirms that the venture capital institutions involved in the early stage are more inclined to give a hand like spring breeze and rain to the start-up enterprises,and play a more positive role in the IPO pricing.The mediating test results show that the effect above is mainly attributed to the value-added service mechanism played by venture capital institutions after investment rather than the screening mechanism before investment,reducing IPO underpricing by improving entrepreneurial innovation capacity and corporate governance.Further research shows that high reputable venture capital institutions are more inclined to enter venture enterprises in the early stage than low reputable venture capital institutions,but there is no significant difference between corporate venture capital and independent venture capital in the timing of entering venture enterprises.The research deepens and expands the influence mechanism of the timing of venture capital institutions’intervention on IPO underpricing,helps understand the screening and appreciation mechanism of venture capital institutions,and provides a new idea for the follow-up research of venture capital.
作者
徐虹
赵彤
Hong Xu;and Tong Zhao(School of Business,Anhui University of Technology,Ma’anshan Anhui 243032,China;Anhui Innovation-driven Development Institute,Anhui University of Technology,Ma’anshan Anhui 243032,China)
出处
《会计与经济研究》
CSSCI
北大核心
2022年第2期72-93,共22页
Accounting and Economics Research
基金
国家社会科学基金重点项目(19AJY006)
国家社会科学基金项目(18BJY225)
关键词
风险投资介入时机
IPO抑价
筛选机制
增值服务机制
早期介入偏好
timing of venture capital involvement
IPO underpricing
screening mechanism
value-added service mechanism
early intervention preference
