CAJ | 학술논문

以创业板上市公司为研究对象，从风险投资角度对创业板上市公司IPO抑价率和IPO后长期股价表现的影响因素进行分析。实证结果表明，中国创业板上市公司的风险投资表现出逆向选择效应而不是认证监督效应。有风险投资背景企业的抑价率高于无风险投资背景的企业，且风险投资占股比例越高，抑价率越低；无风险投资背景企业的长期股价表现优于有风险投资背景的企业，且风险投资占股比例越高，长期股价表现越差。
이창업판상시공사위연구대상，종풍험투자각도대창업판상시공사IPO억개솔화IPO후장기고개표현적영향인소진행분석。실증결과표명，중국창업판상시공사적풍험투자표현출역향선택효응이불시인증감독효응。유풍험투자배경기업적억개솔고우무풍험투자배경적기업，차풍험투자점고비례월고，억개솔월저；무풍험투자배경기업적장기고개표현우우유풍험투자배경적기업，차풍험투자점고비례월고，장기고개표현월차。
With the listed companies in GEM as research target, from the perspective of venture capital, this paper analyzes the IPO under-pricing rate in the listed companies in GEM and the factors to influence the long-term performance of stock prices after IPO. The empirical result indicates that the venture capital in the listed companies in China＇s GEM shows an adverse selection instead of certification supervision. The under-pricing rate is higher with venture capital than without venture capital in enterprises, the higher the ratio of venture capital, the lower the under-pricing rate. The long-term performance of stock prices is better in risk-free enterprises than in those without venture capital, the higher the ratio of venture capital, the worse the long-term performance of stock prices.