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本文实证检验了中国风险投资行业是否存在逐名效应。对在中国和美国上市的中国公司的研究都发现:为了尽快建立声誉,年轻风险投资公司会比成熟风险投资公司更早地将所支持的公司带上市。年轻风险投资公司的持股时间会少于成熟风险投资公司的持股时间。年轻风险投资公司从支持的上一家公司IPO到下一轮资金募集完成的时间要少于成熟的风险投资公司。这些都和逐名假说一致。与逐名假说不一致的是:在中国上市的公司中,年轻与成熟风险投资公司所支持的公司在IPO时年龄没有显著差异。本文认为,这是因为在中国,风险投资公司和被投资公司间存在严重的信息不对称。为降低信息不对称带来的风险并更容易成功退出,风险投资公司都倾向于投资靠后期的公司。与逐名假说不一致的还有:年轻风险投资公司所支持的IPO折价率低于成熟风险投资公司所支持的IPO折价率。本文认为,这主要是由于年轻风险投资公司尚未建立起声誉,所以支持的IPO公司平均质量不如成熟风险投资公司所支持的IPO公司平均质量,因此IPO首日收益率(即折价率)也较低。在美国上市的中国公司中,风险投资公司的年龄与所支持公司的折价率没有显著关系。本文认为,这主要是由于外国投资者和中国公司间存在严重的信息不对称,使外国投资者难以对中国公司准确估值。本文的研究结果显示,风险投资公司在中国与在美国采取不同的策略,导致其被投资公司的特点也有所差异。随着中国资本市场的日益成熟以及国际化,中国资本市场上中国公司与中国投资人间的信息不对称是否会降低到美国市场上的水平,以及在美国资本市场上的中国公司与外国投资人间的信息不对称是否会显著降低,都是很有意义的未来研究课题。
This paper empirically tests whether there is a nominal effect in China’s venture capital industry. Studies of Chinese companies listed in China and the United States have found that in order to establish their reputation as quickly as possible, young venture capital firms will bring supported companies to market earlier than mature venture capital firms. Young venture capital firms will have fewer shareholdings than mature venture capital firms. Young Venture Capital companies from the last company supported IPO to the next round of fundraising completed less time than mature venture capital firms. These are consistent with the verbatim hypothesis. In disagreement with the verbatim hypothesis, among companies listed in China, there was no significant difference in the age at IPO between companies backed by young and mature venture capital firms. This article argues that this is because there is a serious asymmetry of information between venture capital firms and investee companies in China. To reduce the risk of asymmetric information and make it easier to exit successfully, venture capital firms tend to invest in later firms. Also inconsistent with the verbatim hypothesis: Young venture capital firms support the IPO discount rate lower than mature venture capital firms support the IPO discount rate. This paper argues that this is mainly due to the young and not yet established a venture capital firm reputation, so the support of the quality not as good as the average IPO companies mature venture capital firms supported by the company’s IPO average quality, so the first day IPO gains rate (ie, discount rate) is low . Among Chinese companies listed in the United States, the age of venture capital firms is not significantly related to the discount rate of the companies they support. This paper argues that this is mainly due to the serious asymmetric information between foreign investors and Chinese companies, making it hard for foreign investors to accurately value Chinese companies. The results of this study show that venture capital firms in China and in the United States adopt different strategies, resulting in the characteristics of their invested companies are also different. With the increasing maturity and internationalization of China’s capital market, China’s capital market, Chinese companies and Chinese investment in the world of information asymmetry will be reduced to whether or not the level of the US market, as well as in the US capital markets, Chinese companies and foreign investment in the world Whether information asymmetry will be significantly reduced, are very meaningful future research topics.