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本文以2004-2012年间在我国深圳中小企业板上市的625家公司为样本,考察创业风险投资机构是否具备监督筛选功能、认证功能和市场力量功能。本文构造“相对发行市盈率”指标,并采用回归模型对上述各假说进行实证检验,得到与前期大多数研究不一致的结论。研究发现,创投持股与否对我国中小企业的IPO定价影响不显著,但能够显著提高股票二级市场上市首日收盘价,从而增大IPO折价率。因此,在深圳中小企业板上,创投的监督筛选假说和认证功能假说不成立,但存在明显的市场力量功能。进一步研究还发现,参股创投个数越多、创投持股比例越高、创投参股时间越长,则其市场力量越强。
This article takes the 625 companies listed in Shenzhen SME Board in China from 2004 to 2012 as a sample to examine whether venture capital firms have the functions of supervision and screening, certification and market power. This article constructs the “relative issue price-earnings ratio” index, and uses the regression model to test the above hypotheses empirically, and obtains the conclusion that is inconsistent with most previous studies. The study found that whether the venture capital holdings or not has an insignificant impact on the IPO pricing of SMEs in China, but it can significantly increase the closing price of the first day of listing on the secondary market and increase the IPO discount rate. Therefore, the SME board in Shenzhen, venture capital supervision and screening hypothesis and certification function hypothesis does not hold, but there is a clear market power function. Further research also found that the more the number of venture capital investment, the higher the proportion of venture capital holdings, venture capital shares the longer the time, the stronger its market forces.