风险投资、IPO时机与经营绩效

200877:100026788(2008)0720017210IPO1,2(11,230009;21,200052):IPO,?.,,IPOIPO.IPO;IPO,.,IPO,.:IPO;;;:F830191:ATheimpactofventurecapitalonIPOtimingandoperationperformance:EvidencefromtheHKGEMTANGYun2shu1,TANYi2(11SchoolofManagement,HeifeiUniversityofTechnology,Heifei230009,China;21AntaiCollegeofEconomics&Management,ShanghaiJiaoTongUniversity,Shanghai200052,China)Abstract:IthasbeenmadesurethatVentureCapitalhavecertificationeffectindevelopedsecuritiesmarkets.ButtheconclusionhasnotbeenprovedinnewmarketinAsia.TakingHongKongGEMasthesamples,wefoundthatVentureCapitalexertedsignificantinfluenceonIPOtimingandperformance.TheinfluenceonIPOsperformancearepositivewhenthefactorssuchasearningmanagementetcareconsidered.ButVentureCapitalcouldntpreventtheIPOsfromaggrandizinginvestmentdemand.TherearealsoimmoderatefinancingandinefficientinvestmentintheVC2backedIPOs.Inaddition,wealsofoundthatunderwriter,CPAfirmsandVentureCapitalhaveajointeffectontheperformanceofIPOs.VentureCapitalmayhelpunderwriterandCPAfirmstoaffirmthefutureofIPOsandreducein2formationasymmetriesbetweenthemandIPOs.Keywords:initialpublicofferings;venturecapital;earningmanagement;operationperformance:2007202201:(06JC630018);(081101F):(1976-),,,,,:;(1974-),,,,:.1JainKini(1994)IPO,.IPO.IPO.IPO.,IPO,.IPO.,IPO;IPO.,,©1994-2009ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.(1994)Lin(1996)JainKini(1995),.,,,.,,.,,.,,.,,,,.:;;,.2IPO,,.JainKini(1995),(19761988),136,.IPO,IPO,,.IPO,IPO,,,IPOIPO.,,;,IPO,,,MorsfieldTan(2003),IPOIPO.BravGompers(1997)19751992,IPOIPO,.TykvovaMannheim(2005)19972002IPO,,IPO.IPO,IPO.,.Wong(2004)IPO,IPO,IPO,,JainKini(1995).Wong(2004),IPOIPO,.,,IPOIPO,.3311IPO.(CertificationPMonitoringModel)..,8120087©1994-2009ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.:1IPO.2,.,,.,,,.,,,,(,2002).,,,.IPO,,,.,,IPO.,:3.4IPO.31231211,,(EBITPA).(EBIT),.,(ROEBT)(EARN).,,.,,TMann2Whitney.IPOTWilcoxon.,JainKini(1994),,,,,.31212,,3.,.,,.,,.,,;,,.,,..,,,.:AARt=(ARt-ARt-1)PREVt917IPO©1994-2009ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.=(INVt-INVt-1)PREVt,INVtINVt-1REVttt-1t.()..,.:NCRt=tP.313,1:Dependent=+1VC+2Year+3Undwrite+4Audit+5Lnage+6Lncapi+7Undprc+8Hitech+9Inland+10HK+1AAR+2INV+3NCR+4EBITPA+5ROEBT+6EARN+7SALSPA+,Dependent,IPO,(EBITPA)(ROEBT)(EARN).VC,1,0;YearIPO,20021,0;Undw2riteAudit,1,0;LnageLncapiIPO;UndprcIPO,;Hitech,1,0;InlandHK,Inland1,0,,HK1,0;AARINVNCR;EBITPAROEBTEARNSALSPA..,2,21,,:Dependent=+1VCown+2VCNO+3VCstake+4Undwrite+6Audit+6Lnage+7Lncapi+8Undprc+9Hitech+1AAR+2INV+3NCR+4EBITPA+5ROEBT+6EARN+,Vcown,1,0;VCNO,1,0;Vc2stake;1,,,.31419912006.,,,220,49,22127%.IPO,IPO,,19912004,205.1.IPO,022008710%,10%.(35)(75).©1994-2009ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.:VC(%)VC(%)199912.0442.34520001734.692816.374520011530.613721.645220021020.414526.32552003510.212212.8627200400.002112.2821200512.0484.689200600.0063.5164922.2717177.73220:IPOsVCIPOsVCIPOsNo%No%No%510000.005100.0024100520.831979.1747100510.644289.3646100510.874189.133100133.33266.675100480.00120.00110000.001100.00871002933.335866.67210000.002100.002201004922.2717177.734411IPO2,IPO,,,.,,5%.3,IPO,1123,0187.IPO,(EBITPA)(ROEBT)P.5%.IPO,127IPO©1994-2009ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.(t2test)Z(Mann2Whitneytest):IPO1.591.091.170.781.701.24-0.73-0.61(Hk)0.950.551.230.600.870.531.9831.72(Hk)145710837.2460409090.91152580336.0482346938.78143718240.0454755709.470.192.3933(Hk)262564449.8676974214.09231896419.7684163833.64274244163.1176013593.57-0.321.37(Hk)272226452.45122314021.66278143879.86121794452.90270530815.35123202497.080.23-0.35(Hk)46729681.4613953734.674345865.401743469.3958782649.6717299357.40-2.4333-2.1933(Hk)0.20100.20230.14010.03740.21820.2085-0.45-1.01:(%)0.02550.0622-0.05020.01700.04720.0784-2.4933-1.9230.06620.1109-0.03510.04050.09590.1401-2.78333-2.54330.34580.35360.35690.35560.34460.33030.980.870.63200.51960.43030.41350.69320.5583-2.81333-2.67330.28990.24480.17840.14180.32220.2707-3.53333-3.06333P0.32580.26730.14670.14990.38780.3178-2.5633-2.2133:1)333,33,31%,5%10%.2),,1Hk,1.3),,.412IPO3,IPO22,,,,.,IPO,IPOIPO,.31,,2.2220087©1994-2009ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.:IPOs(%)(%)(%)0.09590.1381c0.0159a-0.0894a-0.11310.14060.14610.0579a0.0047a-0.03060.22880.2488b0.0338a-0.0574b-0.08970.19320.29070.0797a0.0189a-0.01120.40560.40020.38290.2790a0.34300.39080.36610.37040.2699a0.2869:VCIPOs(%)(%)(%)0.10040.16890.0359a-0.0975a-0.09910.12840.16850.0731a0.0082a-0.01180.26940.31810.0594a-0.0337a-0.0781c0.22250.29710.1056a0.0239a-0.0073c0.38700.4064b0.36340.2970a0.36190.34530.3619a0.34850.2673a0.3001:VCIPOs(%)(%)(%)0.08580.0395c-0.0496b-0.0643c-0.14660.15290.07690.0190b-0.0065b-0.07750.14430.0495-0.0475-0.1273a-0.1177