创投参及对中小企业板上市公司IPO行为的影响分析研究.pdf

创投参与对中小企业板上市公司 IPO 行为的影响研究 摘 要 自2004年以来，随着深圳中小企业板的推出，国内中小企业获得了一个更有效 的融资渠道。在中小企业板蓬勃发展的背后，创业投资机构也开始越来越多地参与 到国内中小企业的上市活动之中，这让人们对接下来创业板的推出充满了期盼，创 投资金如何与中小起业板互动也成为颇有争议的热点问题。本文采用了从 2004 年 6 月25日至2007年5月30 日期间，在深圳中小企业板上市的136家中小企业的相关 数据进行了统计和分析。结果发现，创投资本参股企业有着明显的行业和地域特征， 其帮助企业运作 IPO 时更看重企业长远的发展潜力，而不一定会选择企业业绩最好 的时间上市；有创投参与的企业在 IPO 时的价格、市盈率、经营绩效等指标上并没 有显著优于没有创投参与的企业；有创投参与的企业在短期股价表现方面要显著优 于没有创投参与的企业。这些实证结果与欧美和港台资本市场的研究结果存在着一 定的差异，但并不能因此而否认创业资本的作用。国内的创投事业起步时间还比较 短，其理念和运作机制还需要不断的完善，中小板的运作为创业板提供了很多有用 的经验。希望本文的研究结果对创业板的制度设计、国内创投的规范运作等方面有 所助益。 关键词：深圳中小企业板，IPO，创投参与，经营绩效，股价表现 THE RESEARCH OF EFFECTS OF VC PARTICITATION ON LISTED COMPANIES’ IPO ON CHINA’S SMALL AND MEDIUM ENTERPRISE BOARD ABSTRACT Along with the launch of Shenzhen SME Board, the domestic SMEs have obtained a more effective financing channel. The interaction between VC and SME also becomes a hot issue. This article has analyzed the correlative datas from 136 listed companies on SME Board since June 25, 2004 to May 30, 2007. The result shows that VC-SMEs have obvious industrial and regional characteristics. VCs pay more attention on long-term development, and may not launch IPO when the revenue reaches the ceiling. VC-SMEs don’t have remarkable better IPO price, PE and performance than those without VC, but in short term, their trading price are higher.These results are different from similar research of European, American, HK and Taiwan market. Domestic VC is still quite young, and its philosophy and operation capability need to be improved gradually. The experience of SME Board could be very useful for system design of the coming Growth