陈国民,赵丽丽.风险投资参与程度、CEO特征与IPO业绩变脸——基于创业板上市企业的研究[J].,2021,22(2):66-77
风险投资参与程度、CEO特征与IPO业绩变脸——基于创业板上市企业的研究
Venture Capital Participation, CEO Characteristics and IPO Performance Deterioration
投稿时间:2021-02-02  
DOI:
中文关键词:  IPO业绩变脸  风险投资参与程度  CEO特征  调节作用
English Keywords:IPO performance change  degree of venture capital participation  CEO characteristics  regulating effect (
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作者单位
陈国民 南华大学 经济管理与法学学院,湖南 衡阳 421001 
赵丽丽 南华大学 经济管理与法学学院,湖南 衡阳 421001 
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中文摘要:
      IPO业绩变脸已被证实在我国普遍存在。文章以2014—2016年在创业板IPO上市的有风险投资参与的企业为样本,研究风险投资参与程度对IPO业绩变脸的影响,同时探究CEO特征对这两者关系的调节作用。研究发现:风险投资参与程度越深,即联合风险投资、风险投资持股比例越高的企业,IPO业绩变脸幅度越小;CEO特征对风险投资持股比例与IPO业绩变脸的关系有显著的调节作用,CEO年龄、学历弱化了风险投资持股比例,对企业IPO业绩变脸现象有改善作用,CEO有金融背景能加强风险投资持股比例,对企业IPO业绩变脸现象有改善作用。文章为改善我国IPO业绩变脸现象、规范风险投资的发展和选拔任用合适的CEO提供了经验借鉴。
English Summary:
      IPO performance deterioration has been proved to be widespread in China. Based on the sample of enterprises with venture capital participation listed on GEM during 2014-2016, this paper studies the impact of venture capital participation on IPO performance change, and explores the moderating effect of CEO characteristics on the relationship between the two. The results show that the deeper the degree of venture capital participation—the companies with joint venture capital and the higher the proportion of venture capital, the smaller the change of IPO performance. CEO characteristics have a significant moderating effect on the relationship between VC shareholding ratio and IPO performance change, which is manifested as the age and educational background of CEO weaken the improving effect of VC shareholding ratio on IPO performance change, and the financial background of CEO can strengthen the improving effect of VC shareholding ratio on IPO performance change. This study provides experience and reference for improving IPO performance changing phenomenon in China, standardizing the development of venture capital and selecting and appointing appropriate CEOs.
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