风险投资_IPO时机与经营绩效_来自香港创业板的经验证据_唐运舒.pdfVIP

　2008 7 7 　 :1000-6788(2008)07-0017-10 、IPO ——— 1 2 唐运舒 , 谈　毅 (1. , 230009;2. , 200052) :　IPO “”, ? ., , IPO IPO . IPO ;IPO , 、., 、 IPO , . :　IPO;;; :　F830.91　　　　　　　　:　A　　　 The impact of venture capital on IPO timing an operation performance:Evi ence from the HK GEM 1 2 TANG Yun-shu , TAN Yi (1.School of Management, Heifei University of Technology, Heifei 230009, China;2.Antai College of Economics Management, Shanghai Jiao Tong University, Shanghai 200052, China) Abstract:　It has been ma e sure that Venture Capital have certification effect in evelope securities markets.But the conclusion has not been prove in new market in Asia.Taking Hong Kong GEM as the samples, we foun that Venture Capital exerte significant influence on IPO timing an performance.The influence on IPOs performance are positive when the factors such as earning management etc are consi ere .But Venture Capital coul n t prevent the IPOs from aggran izing investment eman .There are also immo erate financing an inefficient investment in the VC- backe IPOs.In a ition, we also foun that un erwriter, CPA firms an Venture Capital have a joint effect on the performance of IPOs.Venture Capital may help un erwriter an CPA firms to affirm the future of IPOs an re uce in- formation asymmetries between them an IPOs. Key words:　initial public offerings;venture capital;earning management;operation performance 1 　 Jain Kini (1994)IPO , .“IPO ”.IPO .IPO . , IPO 、, . IPO ., IPO ;IPO ., , :2007-02-01 :(06JC630018);(081101F) 　　:(1976-), , , , , :;(1974-), , , , :. 18