管理评论 ›› 2020, Vol. 32 ›› Issue (11): 3-18.

• 经济与金融管理 •    

IPO“热季”与风险投资周期波动——发生动因与经济后果

陈闯, 肖珉, 曹玉秀, 汶海   

  1. 厦门大学管理学院, 厦门 361005
  • 收稿日期:2019-09-02 发布日期:2020-12-05
  • 通讯作者: 汶海(通讯作者),厦门大学管理学院博士研究生
  • 作者简介:陈闯,厦门大学管理学院教授,博士;肖珉,厦门大学管理学院教授,博士;曹玉秀,厦门大学管理学院硕士研究生,注册会计师。
  • 基金资助:
    国家自然科学基金面上项目(71672158;71790601;71502154);福建省高校杰出青年科研人才计划项目(B201707801)。

IPO “Hot Issue” and Venture Capital Investment Cycles: Causes and Consequences

Chen Chuang, Xiao Min, Cao Yuxiu, Wen Hai   

  1. School of Management, Xiamen University, Xiamen 361005
  • Received:2019-09-02 Published:2020-12-05

摘要: 风险投资的周期波动与股票市场IPO的活跃程度高度相关是颇受关注的资本市场现象,本文利用我国制度背景下独特的准自然实验条件,研究其发生动因与经济后果。结果发现,风险投资波动与IPO冷热之间存在相关性;从发生动因看,能够稳定地解释二者相关性的机理在于风险投资感知到退出的流动性风险,而非风险投资追随公开权益市场所传递的投资机会信号;从经济后果看,伴随IPO活跃而发生的风险投资热潮并非更加青睐早期创业企业,也并未更好地促进创新。

关键词: IPO“热季”, 风险投资, 投资周期, 创业, 创新

Abstract: High correlation between venture capital investment cycles and the shifts of “hot” and “clod” IPO markets has received much attention. Taking the quasi-natural experiment provided by Chinese unique institution as research scenario, this study examines the causes and consequences of the association between venture capital and stock market. We find that there is a significantly positive association between IPO “hot issue” and venture capital investment cycles. The mechanism that consistently explains the correlation is VCs' perception about liquidity risk of IPO exit, rather than VCs' response to attractive investment opportunities signal provided by public market. In terms of consequences, we do not find evidence that the venture capital investments made during “hot” IPO market foster more early-stage firms or inspire innovation.

Key words: IPO “hot issue”, venture capital, investment cycles, entrepreneurship, innovation