论文部分内容阅读
本文以2010-2013年间在深圳中小板及创业板上市的公司为样本,分阶段定量分析在公司上市前两年至后两年的时间段内,创业投资支持和退出对其经营绩效变化的影响,以及创业投资持股比例和联合投资机构数量等微观因素是否在被投资公司的绩效变化中发挥作用。研究发现,有创业投资支持的被投资企业在上市之前的经营业绩趋于下滑,而这种影响在上市之后并不显著,创投的退出对公司经营绩效的影响不显著。联合投资的创投机构数量在一定阶段对被投资公司的经营绩效产生负向影响,而创投机构的持股比例和创业投资时间的影响不显著。
Based on the sample of companies listed in Shenzhen SME board and GEM in 2010-2013, this article quantitatively analyzes the impact of venture capital support and withdrawal on the changes of their business performance during the period of two years to two years before the listing of the company , And whether the micro-factors such as the proportion of venture capital holding and the number of joint investment institutions play a role in the performance change of the invested companies. The study found that the operating performance of invested enterprises supported by venture capital tended to decline before the listing, and this effect was not significant after the listing. The exit of venture capital had no significant effect on the operating performance of the company. The number of venture capital firms co-investing has a negative impact on the operating performance of the investee companies at a certain stage. However, the shareholding ratio of venture capital firms and venture capital investment time are not significant.