风险投资特征对被投资企业 IP O抑价的影响

摘要

The propensity score matching method and the calculation method of abnormal control items are used to meas -ure the accrual earnings management level and the real earnings level of the enterprise by use of the propensity score matching method and the calculation method of the exception handling item .Then, the paper studies the impact of ven-ture capital on the enterprise IPO underpricing of the investment company from the perspective of VC characteristics by constructing multiple linear regression model with IPO enterprises as the research samples in 2008-2012 .The study finds that compared to listed companies with no venture capital participation , firm IPO underpricing is generally lower in the listed companies with private equity;from the perspective of VC background , compared to the venture capital with no for-eign background , having a foreign background will have more significant influence on the invested firm IPO underpricing , and state-controlled background venture capital of the invested enterprise IPO underpricing effect is more significant than private background;the higher of VC reputation , the higher of the VC share , the longer of its investment term , the more numbers of its agencies , will lower to the invested company′s firm IPO underpricing .%本文采用倾向评分配比法及异常操控性项目的计算方法，度量了企业应计盈余管理和真实盈余管理程度，并以2008－2012年IPO 企业为研究样本构建多元线性回归模型，从风险投资特征角度考察了风险投资对别投资企业IPO 抑价的影响，结果表明，风险投资参与的企业IPO抑价程度普遍低于无风险投资参与的企业；从背景特征角度看，外资风险投资较非外资风险投资对被投资企业IPO抑价的影响更为显著，国有风险投资较非国有风险投资对被投资企业IPO抑价的影响作用更为显著；风险投资声誉越好、持股比例越高、投资期限越长、联合投资机构数量越多，则被投资企业的IPO抑价程度越低。