Analysis On The Existence And Influencing Factors Of The Disposition Effect Of Venture Capital Institutions

With the development of financial market,since 1980's,some scholars have questioned the hypothesis of Rational Man.On the theoretical level,the behavioral finance school representatives Tversky,A.and Kahneman,D conducted a large number of psychological experiments to directly deny the rational assumptions of market investors;in practical practice,many scholars have shown through a large number of empirical studies that there are many visions in the market that cannot be explained by the rational assumptions of market investors.As one of the typical financial heteromorphism in the market,the disposal effect has been widely concerned.By arranging a large amount of research literature,it is found that domestic research on the disposal effect of institutional investors is still not comprehensive,and the research perspective of such special institutional investors as venture capital institutions is even rarer.Many theoretical frontiers and empirical methods have not yet been applied to the research of China's market.Some literatures are directly applied when drawing on the more advanced empirical methods of survival analysis abroad,ignoring the premise assumptions of the corresponding models.On this basis,this paper uses 3,509 quarterly observations of 196 companies with venture capital institutions listed in 2011-2015,combined with key indicators that can affect the disposal effect,such as the indicator of stock price volatility,the indicator of asset-liability ratio,and the indicators of the nature of the investment company,the indicator of the difference between the PE and the industry average PE,to check the existence of the disposal effect of the venture capital institution based on the COX model with time-dependent covariates;At the same time,based on the experimental data,this paper further analyzes the nature of the external factor investment target company,the difference between the PE and the industry average PE when the stock price is issued to check the impact on the disposaleffect of the venture capital institution.The study found that whether it is based on the first-day closing price of the listing or the closing price of the listing on the 50 th,the disposal effect of the venture capital institution is significant;Besides,it find that the difference between the PE and the industry average PE and the state-owned background of the investment target have an enhanced effect on the disposal effect of venture capital institutions.