发行上市、声誉效应和我国风险投资机构的再融资研究.PDFVIP

发行上市、声誉效应和我国风险投资机构的再融资研究 田利辉 叶瑶 （南开大学金融发展研究院，天津300071 ） 摘 要：风险基金存在着有限存续期，风险投资机构不断需要再融资。再融资的成功与否有 赖于风投机构的声誉高低。由于市盈率高但核准不易，是否曾经成功推动所投资企业在我国 沪深股市上市是声誉的重要来源。我们分析 505 家具有风险投资背景的企业，发现声誉能够 抑制企业 IPO 抑价，有助于风投机构再融资。这种声誉效应对年轻的风投机构尤为重要。 为了提高声誉和顺利再融资，年轻风投机构更倾向于投资成熟企业、缩短投资期限和减少投 资轮次，以期所投资的企业早日上市。声誉效应带来了投资行为的异化，减少了对于企业长 期发展的关注。 关键词：风险投资；声誉；IPO 抑价；再融资 Initial Public Offerings, Reputation Effects and Re-financing of China’s Venture Capital Firms Abstract: The durations of venture capital funds are limited and the venture capital firms are subject to refinancing. The success of refinancing depends on the reputations of the venture capital firms. Given the high price-to-earnings ratios and the difficulty of authorizing, whether taking the invested to go for public offering in the Chinese stock markets is a key to achieving the good reputation for VC firms. Studying the 505 VC-backed companies listed in China between 1999 and 2012, we find that the reputation effects help to bring down the IPO underpricing and to re-finance the VC firms, particularly the young VC firms. In order to get the fame and succeed in refinancing, the young VC firms tend to invest in more mature companies, shorten the investment horizon and reduce the investment rounds, which help to get the invested to go for public offerings earlier. The reputation effect twists the behaviors of VC investment and harms the long-term development of the invested firms. Key Words: Venture Capital, Reputation, IPO Underpricing, Re-financing 中图分类号：F830.59 文献标识码：A 作者简介：田利辉，男，南开大学金融发展研究院教授，研究方向：公司金融、资本市场。 叶瑶，女，南开大学金融发展研究院博士生，研究方向：风险投资、公司治理。 基金项目：本文得到