风险投资处置效应研究
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| Title | Research on Disposition Effect of Venture Capital
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| 作者 | 罗炜 余琰 周晓松 |
| Author | Luo Wei, Yu Yan and Zhou Xiaosong |
| 作者单位 | 北京大学光华管理学院;北京工商大学商学院;中国成套设备进出口（集团）总公司财务部 |
| Organization | Guanghua School of Management, Peking University;Business School, Beijing Technology and Business University;China National Complete Plant Import & Export Corporation (Group) |
| 作者Email | luowei@gsm.pku.edu.cn;yuyan@btbu.edu.cn;zhouxiaosong.01@163.com |
| 中文关键词 | 风险投资 处置效应 信息不对称 投资经验 |
| Key Words | Venture capital; disposition effect; information asymmetry; investment experience |
| 内容提要 | 本文分析了风险投资机构在企业IPO后减持过程是否存在处置效应。研究发现，当解禁期的股价相对参照点价格存在亏损时，风险投资机构减持意愿下降，更可能继续持有股票，表现出显著的处置效应。进一步分析表明，风险投资机构与被投公司总部在同一地区、上市前长时间的持有能够显著降低减持过程的处置效应，而投资经验的增加和外资背景也有助于缓解风险投资机构的处置效应。 |
| Abstract | This paper examines the existence of disposition effect in post-IPO exiting stage of venture capital. We find that if post-lockup stock price is lower than reference point price such as offer price and first-day price, venture capitalists tend to hold their shares in an IPO firm and are reluctant to sell off. Further analysis shows that locating in the same region with the IPO firm and long holding period before the IPO mitigate the influence of disposition effect. Experienced venture capitalists and foreign venture capitalists are affected less by the disposition effect. |
| 文章编号 | WP1026 |
| 登载时间 | 2016-02-02 |
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