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Article: Venture Capital Investment and Post-IPO Performance of Entrepreneurial Firms: Evidence from the People's Republic China

TitleVenture Capital Investment and Post-IPO Performance of Entrepreneurial Firms: Evidence from the People's Republic China
Authors
KeywordsVenture capital
Post-IPO performance and growth
Corporate governance
Specialization and experience
Issue Date2015
PublisherAsian Development Bank. The Journal's web site is located at http://www.adb.org/publications/series/asian-development-review
Citation
Asian Development Review, 2015, v. 32, p. 1-29 How to Cite?
AbstractWe examine the effects of venture capital (VC) investment on the performance (measured by return on assets, return on equity, and Tobin’s Q) and growth (measured by growth of total sales and total number of employees) of entrepreneurial firms in the People’s Republic of China (PRC) after an initial public offering (IPO). Firm-level panel data analysis shows that VC investment contributes to the long-term performance and growth of entrepreneurial firms after an IPO. Meanwhile,we observe a significant and positive relationship between corporate governance of firms and VC investment. However, we do not find that experience or specialization of VC firms influences the effects of venture investment on post-IPO performance or growth of entrepreneurial firms in the PRC.
Persistent Identifierhttp://hdl.handle.net/10722/208296
ISSN
2015 SCImago Journal Rankings: 0.178

 

DC FieldValueLanguage
dc.contributor.authorGuo, D-
dc.contributor.authorJiang, K-
dc.contributor.authorMai, X-
dc.date.accessioned2015-02-23T08:20:02Z-
dc.date.available2015-02-23T08:20:02Z-
dc.date.issued2015-
dc.identifier.citationAsian Development Review, 2015, v. 32, p. 1-29-
dc.identifier.issn0116-1105-
dc.identifier.urihttp://hdl.handle.net/10722/208296-
dc.description.abstractWe examine the effects of venture capital (VC) investment on the performance (measured by return on assets, return on equity, and Tobin’s Q) and growth (measured by growth of total sales and total number of employees) of entrepreneurial firms in the People’s Republic of China (PRC) after an initial public offering (IPO). Firm-level panel data analysis shows that VC investment contributes to the long-term performance and growth of entrepreneurial firms after an IPO. Meanwhile,we observe a significant and positive relationship between corporate governance of firms and VC investment. However, we do not find that experience or specialization of VC firms influences the effects of venture investment on post-IPO performance or growth of entrepreneurial firms in the PRC.-
dc.languageeng-
dc.publisherAsian Development Bank. The Journal's web site is located at http://www.adb.org/publications/series/asian-development-review-
dc.relation.ispartofAsian Development Review-
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.subjectVenture capital-
dc.subjectPost-IPO performance and growth-
dc.subjectCorporate governance-
dc.subjectSpecialization and experience-
dc.titleVenture Capital Investment and Post-IPO Performance of Entrepreneurial Firms: Evidence from the People's Republic China-
dc.typeArticle-
dc.description.naturepublished_or_final_version-
dc.identifier.hkuros242384-
dc.identifier.volume32-
dc.identifier.spage1-
dc.identifier.epage29-
dc.publisher.placePhilippines-

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