| The researchers give a high degree of attention on the effect of venture capital on the IPO in recent years, the factors of IPO market performance and its influence on IPO underpricing and IPO has been a hot issue of research at home and abroad. With the rapid development of international risk investment as well as its important exit channel IPO continues to improve, the effect of the risk of investment in company’s IPO has attracted more and more attention of scholars. The impact of the global risk investment to IPO can be divided into a positive effect of "certification/supervision model" hypothesis and the negative impact of the "adverse selection/grandstanding effect" hypothesis, with the different market data and the different system background, the conclusions are differences, because our country’s risk investment developed relatively late, has not yet mature, risk investment to our companies’ IPO need to do further study. This paper will be based on the GEM market as the research object, research on the influence of risk investment on companies’ performance before and after companies’IPO.The GEM in China started relatively late, its establishment provides a platform for the high-tech and high-tech small and medium-sized enterprises to raise funds, but the risk investment in China is only in recent years has developed rapidly, the development of GEM is consistent with risk investment, the IPO of GEM will become an important channel for the withdrawal of risk investment in China, there are more than50%companies have the participation of venture capital investment listing on the GEM companies each year, so the effects of risk investment on China’s IPO of GEM is a very worthy of study issue. Based on this, this paper chose the objet from October30,2009to December31,2011total261companies listed on the GEM in China. Using descriptive statistics, independent sample T test, paired samples T test, non parameter Mann-Whitney test, Wilcoxon test and cross section model for empirical analysis.The empirical results show that, the corporate performance within risk investment is worse than corporate performance without risk investment before companies’IPO; and performance of companies with venture capital’s participation failed to better than no venture capital participating companies when companies’ being IPO; compare the before to the after IPO, both of the operating performance of the companies with and without the participation of venture capital investment are decline, but the rapid of performance decline of the companies with the risk investment is obviously slower than that of no risk investment; after companies’IPO, the venture capital cannot have a significant impact on firm performance. Overall, the risk of investment in China’s GEM market cannot fully play its "certification/supervision" function, influence on the listing Corporation performance is not enough than the mature securities market, this may be due to the risk of investment in China started late, development is still not perfect, in addition, China has no specialized laws and regulations support for the development of risk investment, the development of risk investment is lack of legal protection; the development of intermediary agencies related to the operation of venture capital investment is not perfect either; and lacking of comprehensive talents with professional knowledge is another cause. Therefore, need to establish and improve laws and regulations on venture capital, and vigorously support the development of intermediary agencies, efforts to cultivate comprehensive talent who in accordance with the requirements of the development of the risk investment... |
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