The Role of Venture Capital in Post-IPO Price Volatility in China

本文旨在衡量风险投资对中国上市企业估值的影响。以IPO初始回报率及其波动性为指标，通过时间序列分析方法，控制企业及市场变量，对此影响做了详细地衡量和分析。主要的结论有，中国的风险投资公司较为年轻，更注重声誉的建立以为其自身后续投资活动吸引资金，其对初始回报率的正影响大于风险投资对减少估值中的不信息对称的作用而体现在对初始回报率的负影响。进一步的分析显示，无风险投资支持的企业初始回报率总体上对市场宏观变量更为敏感，而自身企业变量对初始回报率，估值难度不产生影响。对于有风险投资支持的企业，其企业变量对初始回报率，估值难度产生影响，而其估值复杂性受宏观市场变量的影响较小。表明中国的风险投资公司也起到了估值导向的作用，减轻了估值中的信息不对称情况。最后，本文为投资者，政府部门提供了一些建议。This thesis attempts to measure the influence of venture capital (VC) on the complexity of valuation in China. Taking the initial return and its volatility as indices, firm- and market- specific factors were controlled for and a detailed time series analysis was conducted to concretely test such influence. The main findings suggest that VC firms in China are young and greatly value reputation. The effect of effective authentication agents that reduce information asymmetry is countered by firm’s desire to build up reputation. Further study shows that market-specific characteristics of non-VC backed firms are more closely correlated to their initial returns than that of VC-backed firms; that corporate fundamentals play a more important role in valuation for VC-backed firms than their counterparts. This indicates that, besides the eagerness to build reputation, VC firms in China still act as authentication agents and reduce the complexity of valuation. Suggestions are raised for investors and governments. Investors in the Chinese primary stock market should buy into IPOs without VC-backing to achieve a high initial return, whereas capitalists, who seek to fund startups, should choose startups with VC-backing as they are better-positioned for a potential IPO. Finally, governments should continue promoting the development of the VC industry to incentive economic growth.Wang, Luxia.Thesis M.Phil. Chinese University of Hong Kong 2016.Includes bibliographical references (leaves ).Abstracts also in Chinese.Title from PDF title page (viewed on …).Detailed summary in vernacular field only