风险投资与管理质量:上市公司IPO效应的经验证据

doi:10.3969/j.issn.1005-6378.2018.05.013

河北大学学报(哲学社会科学版) ›› 2018, Vol. 43 ›› Issue (5): 105-116.DOI: 10.3969/j.issn.1005-6378.2018.05.013

风险投资与管理质量:上市公司IPO效应的经验证据

刘霞,任驿佳

河北大学管理学院, 河北保定 071002

收稿日期:2018-06-20 出版日期:2018-09-25 发布日期:2018-09-25
作者简介:刘霞(1978—),女,河北抚宁人,博士,河北大学管理学院副教授,主要研究方向:公司治理与内部控制。
基金资助:
2017国家社科基金后期资助项目(17FJY015);2018河北省审计厅重点课题(201811);“一省一校”专项经费。

Venture Capital and Management Quality:Empirical Evidence for Listed Company Initial Public Offerings Effect

LIU Xia, REN Yi-jia

College of Management, Hebei University, Baoding, Hebei 071002, China

Received:2018-06-20 Online:2018-09-25 Published:2018-09-25

摘要/Abstract

摘要： 风险投资作为一种金融创新,对经济发展具有重要作用,但关于风险投资对IPO效应的研究却尚未得到一致的结论。基于管理质量的研究视角,运用2009—2015年A股上市公司数据,实证分析风险投资支持的公司在IPO当日和日后的市场表现,发现风险投资能够通过提升管理质量、缓解代理问题和信息不对称,进而促进公司经营行为的规范化和理性化。

关键词: 风险投资, 管理质量, 市场效应, IPO

Abstract: As a financial innovation, venture capital plays an important role in economic development, while there is no consistent conclusion about the IPO effect of venture capital. Based on management quality, this paper makes use of listed company data of 2009-2015 to study the effect of these two variables on a firm’s IPO and post-IPO effect. This paper finds that venture capital can improve management quality, alleviate agency problem and information asymmetry to promote the standardization and rationalization of companys management behavior.

Key words: venture capital, management quality, market effect, IPO

中图分类号:

F830

刘霞,任驿佳. 风险投资与管理质量:上市公司IPO效应的经验证据[J]. 河北大学学报(哲学社会科学版), 2018, 43(5): 105-116.

LIU Xia, REN Yi-jia. Venture Capital and Management Quality:Empirical Evidence for Listed Company Initial Public Offerings Effect[J]. JOURNAL OF HEBEI UNIVERSITY (Philosophy and Social Science), 2018, 43(5): 105-116.

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风险投资与管理质量:上市公司IPO效应的经验证据

Venture Capital and Management Quality:Empirical Evidence for Listed Company Initial Public Offerings Effect

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