中国工业经济
中國工業經濟
중국공업경제
China Industrial Economy
2014年
11期
90~101
,共null页
首次公开募股 风险投资 承销商 抑价率
首次公開募股 風險投資 承銷商 抑價率
수차공개모고 풍험투자 승소상 억개솔
initial public offerings（IPO）; venture capital; underwriter; under-pricing ratio
券商背景风险投资兼具承销商和风险投资双重身份，在中国资本市场上备受关注。已有研究表明承销商和风险投资机构在公司IPO过程中都能起到认证效应．表现为更低的IPO抑价率；另一方面。风险投资的高回报率会弱化券商背景风险投资的认证效应，导致更大的利益冲突，表现为更高的IPO抑价率。本文研究发现，整体而言中国风险投资持股的上市公司并不具备显著较低的IPO抑价率．如果将风险投资机构划分为普通风险投资机构和券商背景风险投资机构．则仅有券商背景风险投资持股的上市公司IPO抑价率显著较低．表明在中国券商背景风险投资对其所持股的公司具备认证效应．而非利益冲突。进一步研究发现，券商背景风险投资机构持股的公司在IPO之后股票收益率波动率较低，表明其风险不对称程度较低；相对于普通风险投资机构，券商背景风险投资机构的投资特征并无明显差异：声誉良好的券商背景风险投资机构的认证效应更加明显。
券商揹景風險投資兼具承銷商和風險投資雙重身份，在中國資本市場上備受關註。已有研究錶明承銷商和風險投資機構在公司IPO過程中都能起到認證效應．錶現為更低的IPO抑價率；另一方麵。風險投資的高迴報率會弱化券商揹景風險投資的認證效應，導緻更大的利益遲突，錶現為更高的IPO抑價率。本文研究髮現，整體而言中國風險投資持股的上市公司併不具備顯著較低的IPO抑價率．如果將風險投資機構劃分為普通風險投資機構和券商揹景風險投資機構．則僅有券商揹景風險投資持股的上市公司IPO抑價率顯著較低．錶明在中國券商揹景風險投資對其所持股的公司具備認證效應．而非利益遲突。進一步研究髮現，券商揹景風險投資機構持股的公司在IPO之後股票收益率波動率較低，錶明其風險不對稱程度較低；相對于普通風險投資機構，券商揹景風險投資機構的投資特徵併無明顯差異：聲譽良好的券商揹景風險投資機構的認證效應更加明顯。
권상배경풍험투자겸구승소상화풍험투자쌍중신빈，재중국자본시장상비수관주。이유연구표명승소상화풍험투자궤구재공사IPO과정중도능기도인증효응．표현위경저적IPO억개솔；령일방면。풍험투자적고회보솔회약화권상배경풍험투자적인증효응，도치경대적이익충돌，표현위경고적IPO억개솔。본문연구발현，정체이언중국풍험투자지고적상시공사병불구비현저교저적IPO억개솔．여과장풍험투자궤구화분위보통풍험투자궤구화권상배경풍험투자궤구．칙부유권상배경풍험투자지고적상시공사IPO억개솔현저교저．표명재중국권상배경풍험투자대기소지고적공사구비인증효응．이비이익충돌。진일보연구발현，권상배경풍험투자궤구지고적공사재IPO지후고표수익솔파동솔교저，표명기풍험불대칭정도교저；상대우보통풍험투자궤구，권상배경풍험투자궤구적투자특정병무명현차이：성예량호적권상배경풍험투자궤구적인증효응경가명현。
Venture capital of underwriters owns two aspects of venture capital and underwriter, and attracts more attention in China＇s capital market. Existing literature show that both underwriter and venture capital can play a certification role in firms＇ IPO process, which leads to low IPO underpficing. However, high return from venture capital may mitigate underwriter＇s certification effect, which induces to greater conflict of interests and higher IPO underpricing. The empirical results from this paper indicate that certification effect exits in China＇s market. Compared to firms backed by other type venture capital and firms without venture capital investment, the firms backed by venture capital of underwriters have lower under-pricing ratio, which adjusted by market and industry. Further study proves that, the stand deviation of stock return of firms backed up by venture capital of underwriters after IPO is lower, demonstrates less serious information asymmetry. What＇s more, we can not find significant difference of investment characteristics between venture capital of underwriters and other venture capital, which indicate that the certification effect is not originated from investment, just from the role of combination of venture capital and underwriter.
