风险投资对首次公开募股前后绩效的影响

以2014年至2015年我国中小板上市公司为研究对象，以资产收益率、总资产增长率和净利润增长率等三个指标建立中小板上市公司绩效评估分析指标体系，从风投公司行为特征视角分析首次公开募股（initial public offerings，以下称IPO）前后绩效变化。研究结果表明，风险投资的进入和参与程度能显著影响企业的IPO绩效，同时进一步加强市场监管、发挥风投企业认证功能和鼓励风投公司联合投资可以为中小企业成长发挥增值职能。

The impact of venture capital on the performance before and after IPO

Taking small and medium-sized enterprises(SME) listed from 2014 to 2015 in China as the research objects, a system of performance evaluation and analysis indicators was established on the basis of three indicators: asset yield, total asset growth rate and net profit growth rate. The performance changes before and after initial public offering (IPO) was analyzed from the perspective of behavioral characteristics of venture capitals(VC). The results show that the involvement of VC can significantly affect IPO performance. Intensification of market regulation, enforcement of authentication on VCs and encouragement of joint-investments are the key factors to ensure the long-term growth of SMEs.