风险投资、创新能力与公司IPO的市场表现
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| Title | Venture Capital，Innovation and Post-IPO Performance
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| 作者 | 张学勇 张叶青 |
| Author | Zhang Xueyong and Zhang Yeqing |
| 作者单位 | 中央财经大学；清华大学 |
| Organization | Central University of Finance and Economics；Tsinghua University School of Economics and Management |
| 作者Email | zxy_616@163.com；cufezyq@163.com |
| 中文关键词 | 风险投资创新能力 IPO市场表现 |
| Key Words | Venture Capital；Innovation；IPO；Performance |
| 内容提要 | 以往的研究已经证明，风险投资支持的公司在IPO之后会有更为出色的市场表现，但却鲜有学者对这一现象的原因进行深入的挖掘。本文以公司创新能力作为研究视角，基于2003—2012年的中国A股市场数据，实证分析了风险投资支持的公司在IPO时点的创新能力对公司上市之后市场表现的影响，进而印证了风险投资支持的公司较好的IPO市场表现是受内在创新能力所驱动。研究发现：（1）首先，在IPO之前风险投资会帮助公司提高创新能力；（2）同样接受了风险投资，在IPO之前拥有专利的公司相对于那些缺乏创新能力的公司，IPO的抑价率更低，长期回报率更高；（3）缺乏创新能力的公司与没有风险投资支持的公司相比，在市场表现方面并没有显著差异。总体而言，创新能力对风险投资支持的IPO公司的市场表现具有显著的驱动作用，创新能力的建立才是风险投资支持的公司获得更好的IPO市场表现的关键。 |
| Abstract | Though researchers have confirmed that VC-backed IPOs would exhibit outstanding performance, there is little in the extant literature about the in-depth reason of that phenomenon. From the view of firm innovation, we analyze the impact of VC-backed firms’ innovative ability on their post-IPO performance based on the data of China A-Share Market between 2003 and 2012. We have three baseline findings. First, VC can improve the innovation of firms before their IPOs. Second, within the class of VC-backed firms, firms which possessed granted patents before IPO would show lower underpricing level and higher long-term return compared with the ones without granted patents. Third, firms lacking in innovation perform similarly with non-venture capital-backed firms. In short, innovation has a strikingly positive influence on the performance of VC-backed IPOs and the establishment of innovation is actually the essence for venture capital-backed firms to obtain better performance. |
| 文章编号 | WP972 |
| 登载时间 | 2015-12-04 |
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