摘要
选取2009—2012年中小板与创业板的781家上市企业,分别从并购发生概率与并购发生频数视角研究风险资本对企业上市后三年内并购活动的影响,并利用投资期界考察风险资本异质性的调节作用。研究发现:风险资本会显著抑制企业上市后第一年,即锁定期内的并购活动,而显著促进上市后第二年与第三年的并购活动;具有短期投资期界的风险资本具有强烈的逐利性,更倾向于在锁定期内抑制并购活动,而具有长期投资期界的风险资本面对并购机会时表现得更为理性,不存在锁定期内抑制并购的行为。
Taking firms listed in SM E board and GEM from 2009 to 2012 as samples,this research first analyzes the influence of venture capital( VC) on new ly public firms' M &A occurrence and frequency during the three years follow ing IPO,then utilizes the investment horizon to measure the moderating effect of VC 's heterogeneity on this influence. This research finds that VC holds up new ly public firms' M &A activities for the first year w hile promotes firms' M &A activities for the second and the third year. The VCs w ith short-term investment horizon is strongly profit-driven,and holds up M &A activities in the lock-up period. The VCs w ith long-term investment horizon behaves more rationally w hen faced w ith the opportunity of M &A and inhibit firms' M &A to some extent.
出处
《财贸研究》
CSSCI
北大核心
2015年第6期122-131,共10页
Finance and Trade Research
关键词
风险资本
并购
投资期界
锁定期
venture capital
M &A
investment horizon
lock-up period
