CAJ | 학술논문

文章以2009—2011年公布招股说明书（申报稿）的创业板申请上市公司为研究对象，从股权融资角度考察了政治关系对企业获得风险投资和IPO机会的影响。研究发现：（1）政治关系对企业获得风险投资和IPo机会具有显著的正向影响，与没有政治关系的企业相比，有政治关系的企业获得风险投资和IP0机会的可能性更大；（2）政治关系对企业获得IPO机会的正向影响在有风险投资的企业样本中更加显著。文章研究结论对创业企业、风险投资机构、有关决策部门均具有重要的启发意义。
문장이2009—2011년공포초고설명서（신보고）적창업판신청상시공사위연구대상，종고권융자각도고찰료정치관계대기업획득풍험투자화IPO궤회적영향。연구발현：（1）정치관계대기업획득풍험투자화IPo궤회구유현저적정향영향，여몰유정치관계적기업상비，유정치관계적기업획득풍험투자화IP0궤회적가능성경대；（2）정치관계대기업획득IPO궤회적정향영향재유풍험투자적기업양본중경가현저。문장연구결론대창업기업、풍험투자궤구、유관결책부문균구유중요적계발의의。
Taking start-ups which published the prospectus between 2009 and 2011 as an example, this paper analyzes the effects of political con- nections on venture capital investments and IPO opportunities from the per- spective of equity financing. It arrives at the following conclusions： firstly, political connections have significantly positive effects on venture capital in- vestments and IPO opportunities; compared to enterprises without political connections, enterprises with political connections are more likely to obtain venture capital investments and IPO opportunities~ secondly, the positive effect of political connections on IPO opportunities is more significant in the sample of enterprises with venture capital investments. The conclusions pro- vide start-ups, venture capital institutions and related decision-making au- thorities with important enlightenment.