CAJ | 학술논문

本文以我国创业板2009年和2010年上市的153家公司作为研究样本，使用总资产收益率（ROA）、净资产收益率（ROE）和主营业务利润率（OPR）作为上市公司经营业绩的衡量指标，研究风险投资的参与对于企业IPO前后经营业绩变动的影响。结果表明，尽管有和没有风险投资参与的公司在IPO后都普遍出现了业绩下滑现象，但风险投资的参与能显著降低创业板上市公司首次公开募股（IPO）之后业绩下滑的幅度。并进一步分析了风险投资影响企业业绩指标的机理。
본문이아국창업판2009년화2010년상시적153가공사작위연구양본，사용총자산수익솔（ROA）、정자산수익솔（ROE）화주영업무리윤솔（OPR）작위상시공사경영업적적형량지표，연구풍험투자적삼여대우기업IPO전후경영업적변동적영향。결과표명，진관유화몰유풍험투자삼여적공사재IPO후도보편출현료업적하활현상，단풍험투자적삼여능현저강저창업판상시공사수차공개모고（IPO）지후업적하활적폭도。병진일보분석료풍험투자영향기업업적지표적궤리。
In this article, 153 companies which went pubhc in 2009 and 2010 on GEM are chosen as our sam- ple, and the total return on assets （ROA）, return on equity （ROE） and the operating profit rate （OPR） are se- lected as operating performance indicators of hsted companies. This article uses grouping sample analysis to do the difference test between companies with and without venture capital. While changes in operating performance before and after the IPO show that all the companies have a dechne both on ROA and ROE in terms of mean and median, but the VC - involved companies perfomls better than VC - free companies after the IPO. Then this ar- ticle builds the regression models to give a further analysis of the impact mechanism of venture capital on corpo- rate performance.