VC/PE的增值效应及其对IPO的影响
摘要
近年来,随着我国创业板的逐步推出,风险投资在资本市场上尤其是创业板市场上的表现愈来愈活跃。在如此背景下,风险投资对企业的增值服务以及对IPO抑价的影响成为了学者们研究的热点。
首先,学术界一致认为风险投资在其投资存续期间会为企业提供各种形式的增值服务。其次,对于IPO抑价产生了两种主流理论。认证/监管理论认为风险投资机构消除了发行过程中的信息不对称,使得定价更接近于实际价值,因此风险投资支持的企业IPO抑价率更低。逆向选择/哗众取宠理论认为不成熟的风险投资机构迫于声誉以及筹资压力而将企业过早上市,因此IPO抑价率会更高。这些理论在创业板市场上的表现都有待于研究和论证。
本文以截至2011年4月30日成功登入中国创业板的全部209家企业(其中有VC/PE机构投资支持的企业为188家)为样本,主要研究分析三方面的内容：(1)分析我国当前风险投资的主要特点及其增值效应,并结合企业上市前的各项财务指标,考察风险资本对投资对象盈利性,成长性和高科技性的实际影响情况。(2)基于风险投资的角度,研究风险投资对IPO抑价的影响。(3)考察在企业IPO后,风险投资对于企业财务绩效的影响作用。
研究发现在创业板上市样本中,VC/PE所支持的企业在上市前的盈利性要显著低于无VC/PE支持的企业,但是在成长性和高科技性方面并不存在显著差别。VC/PE支持的企业IPO抑价率较低。IPO后,所有的企业业绩都发生了大幅度地降低,但其中曾经有风险投资背景企业的降低幅度要略小于没有风险投资背景的企业。对于这样的结果,作者认为我国VC/PE在一定程度上起到了认证／监管的作用,但是这种认证／监管作用是不完善的,这主要和我国资本市场的宏观环境有关。随着民营资本、券商的积极介入,我国私募股权投资异常活跃,使得风险投资短期化特征明显。VC/PE的欠成熟性导致了其本该具有的企业增值服务效能有所丧失。
With the development of Chinext Stock Market, VC/PE has played a more and more important role in Chinese capital market. The most dominant theories in foreign countries related with these topics insist that VC/PE do provided value-added service to its invested companies. There're been generated 2 main kinds of theories conferring to the underpricing level of VC/PE backed companies compared to Non-VC/PE backed ones. The certificate/monitor model suggests that VC/PE could eliminate the information asymmetry during the IPO process so that its underpricing level would be lower. The grandstanding model insists that the underpricing level of VC/PE backed companies is higher as the reason that some VC/PEs, especially the immature, would like to push companies go to public as early as possible in order to build its reputation and gain more capital for further venture capital fund.
Based on the total samples of 209 companies listed on Chinext Stock Market and its VC/PE shareholders, this paper examined the relationship between VC/PE and its invested company's performances on profit, growth and High-tech through empirical analysis. Moreover, we examine the relationship between VC/PE and IPO under-pricing issue. Finally, we exam that do VC/PE still have effect on the companies even after IPO.
Study shows that:(1) there is a significant correlation between VC/PE ownership and the profit ability of invested company, but not high growth and high-tech. (2) the underpricing level of VC/PE backed companies would be lower than Non-VC/PE ones. (3) All companies perform worse in financial aspects after IPO, however the reduction scale of VC/PE backed companies could be smaller than Non-VC/PE ones. We could get the conclusion that although VC/PE has played part role as same as certification/monitor model, Most of VC/PE's investment behavior mainly aims to get high payment after IPO and do not provide much value-added services to improve the invested company's corporate governance.
首先,学术界一致认为风险投资在其投资存续期间会为企业提供各种形式的增值服务。其次,对于IPO抑价产生了两种主流理论。认证/监管理论认为风险投资机构消除了发行过程中的信息不对称,使得定价更接近于实际价值,因此风险投资支持的企业IPO抑价率更低。逆向选择/哗众取宠理论认为不成熟的风险投资机构迫于声誉以及筹资压力而将企业过早上市,因此IPO抑价率会更高。这些理论在创业板市场上的表现都有待于研究和论证。
本文以截至2011年4月30日成功登入中国创业板的全部209家企业(其中有VC/PE机构投资支持的企业为188家)为样本,主要研究分析三方面的内容：(1)分析我国当前风险投资的主要特点及其增值效应,并结合企业上市前的各项财务指标,考察风险资本对投资对象盈利性,成长性和高科技性的实际影响情况。(2)基于风险投资的角度,研究风险投资对IPO抑价的影响。(3)考察在企业IPO后,风险投资对于企业财务绩效的影响作用。
研究发现在创业板上市样本中,VC/PE所支持的企业在上市前的盈利性要显著低于无VC/PE支持的企业,但是在成长性和高科技性方面并不存在显著差别。VC/PE支持的企业IPO抑价率较低。IPO后,所有的企业业绩都发生了大幅度地降低,但其中曾经有风险投资背景企业的降低幅度要略小于没有风险投资背景的企业。对于这样的结果,作者认为我国VC/PE在一定程度上起到了认证／监管的作用,但是这种认证／监管作用是不完善的,这主要和我国资本市场的宏观环境有关。随着民营资本、券商的积极介入,我国私募股权投资异常活跃,使得风险投资短期化特征明显。VC/PE的欠成熟性导致了其本该具有的企业增值服务效能有所丧失。
With the development of Chinext Stock Market, VC/PE has played a more and more important role in Chinese capital market. The most dominant theories in foreign countries related with these topics insist that VC/PE do provided value-added service to its invested companies. There're been generated 2 main kinds of theories conferring to the underpricing level of VC/PE backed companies compared to Non-VC/PE backed ones. The certificate/monitor model suggests that VC/PE could eliminate the information asymmetry during the IPO process so that its underpricing level would be lower. The grandstanding model insists that the underpricing level of VC/PE backed companies is higher as the reason that some VC/PEs, especially the immature, would like to push companies go to public as early as possible in order to build its reputation and gain more capital for further venture capital fund.
Based on the total samples of 209 companies listed on Chinext Stock Market and its VC/PE shareholders, this paper examined the relationship between VC/PE and its invested company's performances on profit, growth and High-tech through empirical analysis. Moreover, we examine the relationship between VC/PE and IPO under-pricing issue. Finally, we exam that do VC/PE still have effect on the companies even after IPO.
Study shows that:(1) there is a significant correlation between VC/PE ownership and the profit ability of invested company, but not high growth and high-tech. (2) the underpricing level of VC/PE backed companies would be lower than Non-VC/PE ones. (3) All companies perform worse in financial aspects after IPO, however the reduction scale of VC/PE backed companies could be smaller than Non-VC/PE ones. We could get the conclusion that although VC/PE has played part role as same as certification/monitor model, Most of VC/PE's investment behavior mainly aims to get high payment after IPO and do not provide much value-added services to improve the invested company's corporate governance.
引文
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[2]Arikawaa, Y.,& Imad'eddine, G. Venture capital affiliation with underwriters and the underpricing of initial public offerings in Japan. Journal of Economics and Business,2010,62,502-516.
[3]Barry, B.C.,& Muscarella, C.J.,& Peavy Ⅲ, J.W.,& Vetsuypens, M.R. The role of venture capital in the creation of public companies:Evidence from the going-public process. Journal of Financial Economics,1990,27,447-471.
[4]Batjargal,B.,& Liu M. Entrepreneurs'Access to Private Equity in China:The Role of Social Capital, Organization Science,2004,15(2),159-172.
[5]Beatty, R.P.,& Ritter, J.R. Investment Banking, Reputation, and the underpricing of the Initial Public Offerings. Journal of Financial Economics,1986,15,213-232.
[6]Booth, J.R.,& Smith, R.L. Capital raising, Underwriting and the Certification hypothesis. Journal of Financial Economics,1986,15,261-281.
[7]Campbell Ⅱ, T.L.,& Frye, M.B. Venture capitalist monitoring:Evidence from governance structures. The Quarterly Review of Economics and Finance,2009,49, 265-282.
[8]Chahine, S.,& Filatotchev, I. The effects of venture capitalist affiliation to underwriters on short-and long-term performance in French IPOs. Global Finance Journal,2008,18,351-372.
[9]Engel, D.,& Keilbach, M. Firm-level implications of early stage venture capital investment:An empirical investigation. Journal of Empirical Finance,2007,14 (2),150-167.
[10]Francis, B.B.,& Hasan, I. The Underpricing of Venture and Non Venture Capital IPOs:An Empirical Investigation. Journal of Finance services Research,19(2/3), 99-113.
[11]Gompers, P.A. Optimal investment, Monitoring, and the Staging of venture capital. Journal of Finance,1995,50,1461-1489.
[12]Gompers, P. A. Grandstanding in the venture capital industry. Journal of Financial Economics,1996,42,133-156.
[13]Gompers, P.A.,& Brav, A. Myth or reality? The long-run under-performance of initial public offerings:Evidence from venture and nonventure capital-backed companies. Journal of Finance,1997,52,1791-1822.
[14]Hamao,Y.,& Packer, F.,& Ritter, J.R. Institutional affiliation and the role of venture capital:Evidence from initial public offerings in Japan. Pacific-Basin Finance Journal,2000,8,529-558.
[15]Hellmann, T.,& Puri, M. The interaction between product market and financing strategy:The role of venture capital. Review of Financial Studies,2000,13 (4), 959-984.
[16]Hellmann, T.,& Puri, M. Venture capital and the professionalization of start-up firms:Emirical evidence. Journal of Finance,2002,57 (1),169-197.
[17]Jain, B.,& Kini, O. The post-issue operating performance of IPO firms. Journal of Finance,1994,49(5),1699-1726.
[18]Lee, P.M.,& Wahal, S. Grandstanding, certification and the underpricing of venture capital backed IPOs. Journal of Financial Economics,2004,73,375-407.
[19]Lerner, J. The government as venture capitalist:The long-run impact of the SBIR program. Journal of business,1999,72 (3),285-318.
[20]Lin, T.,& Smith, R.L. Insider reputation and selling decisions:the unwinding of venture capital investments during equity IPOs. Journal of Corporate Finance, 1998,4,241-263.
[21]Manigart, S.,& Baeyens, K.,& HyfteW, V. The survival of venture capital backed companies. Venture Capital,2002,4 (2),103-124.
[22]Megginson, W.L.,& Weiss, K. A. Venture Capitalist Certification in Initial Public Offerings. Journal of Finance,1991,46(3),879-903.
[23]Ritter, J.R. The Long-Run Performance of Initial Public Offerings, The Journal of Finance,1991,46(1),3-27.
[24]Rosaa, R.S.,& Velayuthenb,G.,& Walter, T. The sharemarket performance of Australian venture capital-backed and non-venture capital-backed IPOs. Pacific-Basin Finance Journal,2003,11,197-213.
[25]Wang, L.& Wang, S. Cross-border venture capital performance:Evidence from China. Pacific-Basin Finance Journal,2011,19,71-97.
[26]Wang, S.,& Wang K.,& Lu, Q. Effects of venture capitalists'Participation in listed companies. Journal of Banking & Finance,2003,27,2015-2034.
[27]Stubner, S.,& Wulf, T.,& Hungenberg, H. Management support and the performance of entrepreneurial start-ups:An empirical analysis of newly founded companies in Germany. Schm alenbach Business Review,2007,59, 138-159.
[28]Venture Impact -The Economic Importance of Venture Capital-Backed Companies to the U.S. Economy. http://www.nvca.org/index.php?option=com_content&view=article&id=255&It emid=103
[29]车婷婷.基于风险资本家声誉的高技术企业风险投资IPO研究.硕士学位论文,南京航空航天大学,2007.
[30]陈今.风险投资参与对中国境内企业IPO影响的实证研究.硕士学位论文,浙江大学,2011.
[31]陈工孟,高宁.中国股票一级市场发行抑价的程度与原因.金融研究,2000,8,1-12.
[32]陈玉罡,王苏生.风险投资IPO偏低定价与退出绩效实证研究.证券市场导报,2007,10,60-64.
[33]陈治,张所地.中国风险投资分布现状及发展研究,发展研究,2010,3,11-15.
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