私募股权声誉、产权性质和IPO前持有期

›› 2015, Vol. 27 ›› Issue (12): 39-49.

私募股权声誉、产权性质和IPO前持有期

胡志颖¹, 吴先聪², 果建竹³

1. 北京科技大学东凌经济管理学院, 北京 100083;
2. 西南政法大学管理学院, 重庆 401120;
3. 北京科技大学财务处, 北京 100083

收稿日期:2013-11-07 出版日期:2015-12-30 发布日期:2015-12-25
通讯作者: 吴先聪,西南政法大学管理学院副教授,硕士生导师,博士;果建竹,北京科技大学财务处,硕士。
作者简介:胡志颖,北京科技大学东陵经济管理学院副教授,硕士生导师,博士。
基金资助:
教育部人文社会科学青年基金项目(13YJC630181);教育部人文社会科学项目(13YJA790026);中央高校基本科研业务费专项资金资助项目(FRF-TP-14-054A2)

The Private Equity Reputation, Ownership and IPO Equity Duration

Hu Zhiying¹, Wu Xiancong², Guo Jianzhu³

1. School of Economics and Management of Dongling, University of Science & Technology Beijing, Beijing 100083;
2. School of Management, Southwest University of Political Science and Law, Chongqing 401120;
3. Finance Department, University of Science & Technology Beijing, Beijing 100083

Received:2013-11-07 Online:2015-12-30 Published:2015-12-25

摘要/Abstract

摘要：

为了分析我国当期制度环境下私募股权参与IPO的行为动机及经济后果,本文选取IPO前股权持有期为私募股权参与IPO行为动机的代理变量,考察了不同私募股权特征对IPO前持有期的影响,研究发现,私募股权声誉越高,IPO前的持有期越长,国有背景会延长IPO前的持有期,但影响不显著。进一步的研究结论表明,持有期对被投资公司IPO后市场业绩呈正向影响,但正向影响随着私募股权锁定期的结束有所减弱。

关键词: 私募股权声誉, 产权性质, IPO前持有期, 公司业绩, 股权锁定期

Abstract:

Inorder to analyze the motivation of private equity participation in the IPO under the current institutional background, this paper selects the equity duration of private equity before IPO as the proxy of the behavior motive, investigates the characteristics of private equity on equity duration. We find that the lower private equity reputation leads to shorter equity duration before IPO, which is in conformity with grandstanding hypothesis, the government-backed private equity tend to have longer duration, but the effect is not significant. And further analysis shows that the longer equity duration before IPO, the better performance after IPO, but the positive effects of duration on the performance is weakened after the expiration of lockup period.

Key words: private equity reputation, ownership, equity duration, corporate performance, lockup period

胡志颖, 吴先聪, 果建竹. 私募股权声誉、产权性质和IPO前持有期[J]. , 2015, 27(12): 39-49.

Hu Zhiying, Wu Xiancong, Guo Jianzhu. The Private Equity Reputation, Ownership and IPO Equity Duration[J]. , 2015, 27(12): 39-49.

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