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Empirical Study on the Impact of Venture Capital on the Post-IPO Performance of Chinext Listed Firms

Author: HuangZuo
Tutor: YanHong
School: Shanghai Jiaotong University
Course: Financial
Keywords: ChiNext Venture Capital Post-IPO Performance
CLC: F275
Type: Master's thesis
Year: 2013
Downloads: 29
Quote: 0
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It is known that venture capital plays an essential role on market, includingChiNext, one most important market in China. However, different opinions existregarding the impact of venture capital on listed companies and there is no convincingconclusion yet. In the present study, I will focus on the effect of venture capital onChiNext. Specifically, I will explore whether venture capital can improve thepost-IPO operational performance of companies or not, and if yes how the marketreact to the attendance of venture capital and reflect into the post-IPO marketperformance.The statistical analysis of the present study was based on the financial datacollected from153listed firms on ChiNext. The change of operating return on assets,change of operating cash flow/assets and change of sale growth one year after IPOwere selected as measurements of operational performance, and the effect of venturecapitalist on post-IPO operational performance was studied using t test,Mann-Whitney test. Furthermore, a cross-section regression model was employed forfurther verification of this effect and also elucidation of how the differentcharacteristics of venture capitalist contribute its influence. Moreover, for the marketperformance two years after IPO, a cross-sectional regression to estimate thedeterminants of wealth relatives using CSI300index as benchmark was employed toexplore the relationship between the venture capitalist and post-IPO marketperformance. Combing the post-IPO operational performance and marketperformance, the function of venture capitalist is revealed.Analysis results of operational performance and market performance togetherindicate that firms with venture capitalists backed have better profitability and stockreturn in long-run post-IPO period. The certification/monitoring effect does exist inChiNext.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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