首次公开发行与私募股权投资间关系研究

STUDY ON THE RELATIONSHIP BETWEEN INITIAL PUBLIC OFFERING AND PRIVATE EQUITY INVESTMENT

10.6338/JDA.201906_14(3).0002

俞盈克(Yingke Yu)；王钰斐(Ufei Wang)；戴稳胜(Wensheng Dai)

私募股权 ； 首次公开发行 ； 上市公司 ； private equity ； Initial public offering ； The listed company

Journal of Data Analysis

14卷3期（2019 / 06 / 01）

21 - 55

簡體中文

私募股权基金与企业公开发行关系的研究，有助于思考当下私募股权基金与企业的关系，有助于正确引导及加强监管私募股权基金与实体经济的关系，因此有较为重要的意义。本文整合了1092家总部在中国，且在2012－2016年间上市的公司的私募股权投资数据，研究了私募参与对公司首次公开发行的影响。研究发现，在控制了有无私募参与的公司间的异质性后，有无私募参与对公司上市时间没有显著影响。但有私募参与的公司首次公开发行的净融资额显著高于没有私募参与的公司，且这一现象主要体现在创业板和中小板中；而这种超额融资并不归因于公司为分担大额融资的费用，纳入了更多pre-IPO的私募投资。此外，有私募参与的公司首次公开发行价格低估现象显著要少，首次公开发行当日的收益显著要低，这一现象不存在于主板市场。从不同细分市场观察结果的差异来看，本人所观察到的IPO中私募对企业的影响，在主板市场中并不显著，这也在一定程度上反映政府规制的程度和在核准制下对私募行为的限制作用。

The study on the relationship between private equity fund and enterprise public offering helps to think about the current relationship between private equity fund and enterprise, and helps to guide and strengthen the relationship between private equity fund and real economy. This paper integrates the private equity investment data of 1092 companies headquartered in China and listed from 2012 to 2016, and studies the impact of private equity participation on the initial public offering of companies. It was found that after controlling the heterogeneity between companies with and without private participation, the time of company listing was not significantly affected by private equity participation. However, the net financing amount of the initial public offering of companies with private participation is significantly higher than that of companies without private participation, and this phenomenon is mainly reflected in the growth enterprise market and the SME market. The overfunding was not attributed to sharing the cost of large financing by inclusion of more pre-ipo private investment in the company. In addition, the underpricing of initial public offerings by companies with private equity participation is significantly lower, and the earnings on the day of initial public offerings are significantly lower. This phenomenon does not exist in the main board market. From the difference of observation results of different market segments, the influence of private equity on enterprises in IPO is not significant in the main board market, which also reflects to a certain extent the degree of government regulation and the restrictive effect on private equity behaviors under the approval system.

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