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	私募股权投资与企业家关于首发上市的四期博弈分析; On the Game Analysis of Private Equity Investment and IPO
	赖继红
	2012
关键词	私募股权投资 企业家 博弈 首发上市 创业板 private equity investment entrepreneur game IPO GEM
英文摘要	本文基于上市前、首发上市、锁定期与投资人退出的四个时间段,从理论上分析企业家与投资人之间的利益与博弈,以及其对企业首发上市股权比例与抑价率的影响。然后基于我国创业板上市公司的经验数据,在控制行业、上市年份、企业特征等变量之后,研究私募股权相关变量对企业首发上市的影响。研究结论表明,由于企业家控制企业的私人利益存在,企业家与投资人对上市比例存在分歧;经验结果表明,在我国,私募股权投资股权占比对上市股权比例有正向影响,企业家与投资人存在上市股权比例的分歧,以及投资人通过联合投资可以增加对企业的决策权力。; Enterprises of private equity investment needs considering the exit needs of investors and anti-takeover needs of enterprises,and it will form the game between entrepreneur and private equity investors.In this paper,based on the four periods prior to listing,IPO,lock-up period and investor's exit,I make a theoretical analysis on the interest and game between entrepreneur and investors,and its effect on the option proportion and underpricing of IPO.And then based on the empirical data of GEM listed companies,make an analysis on such variables as years of listing and enterprise characteristics,and the related private equity variables' effect on IPO.It shows that because there exists the private interest of entrepreneur,there is a difference of proportion of listing between entrepreneur and investors.And the result shows that in China,private equity variables ratio has a positive effect on the listed equity proportion,and the difference and investors can increase decision power of enterprise through joint investment.
语种	zh_CN
内容类型	期刊论文
源URL	[http://dspace.xmu.edu.cn/handle/2288/112415]
专题	经济学院－已发表论文
推荐引用方式 GB/T 7714	赖继红. 私募股权投资与企业家关于首发上市的四期博弈分析, On the Game Analysis of Private Equity Investment and IPO[J],2012.
APA	赖继红.(2012).私募股权投资与企业家关于首发上市的四期博弈分析..
MLA	赖继红."私募股权投资与企业家关于首发上市的四期博弈分析".(2012).

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