创业投资机构声誉与其ipo后减持行为相互作用机理-interaction mechanism between reputation of venture capital institutions and their selling behavior after ipo.docxVIP

重庆大学硕士学位论文英文摘要重庆大学硕士学位论文英文摘要 PAGE PAGE IVABSTRACTVenture capital is the innovation of investment and financing system of entrepreneurial activity external source ofequity capital requirements to all active venture capital institutions in Chinas main board, small board and gem. As a financial intermediary special, venture capital investment institutions a full range of cast enterprise capitalstructure optimization, improve the level of operation and decision-making behavior, is to enhance the value ofenterprises personal experts and emerging industries (business model) of the booster, but also has provided a safe harbor and wind vane for ordinary investors the function of investment choices. With the construction of the mechanism of the development of strategic emerging industries and market capital supplement, especially with thelisted enterprise high reduction typical cash get huge gains the exit channels, the venture capital industry ushered in the rapid development, since 2003, the number of venture capital the amount of fund-raising, fund investmentand venture capital institutions the number of investment cases showed growth spurt. But the problem with this is accompanied by extensive, brutal style development of venture capital industry, venture capital institutions becomemixed, gold rush mentality to earn quick money speculation concept, excessive preference to and take packing list, enlarge the market is not mature to take lightning cash crazy speculation model reduction to exit,wantonly to two market for unjust profits on investment risk. Due to the lack of the law of our country and not perfect, so as to ensure the reputation mechanism of contract responsibility of honest implementation of theshoulder restraint of venture capital institutions holdings of behavior. Therefore, the purpose of this paper is tostudy whether reputation mechanism of venture capital institutions holdings of behavior, but not the appropriatereduction behavior whether to venture inv