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

TitleVenture Capital Investment and the Post-IPO Performance of Entrepreneurial Firms: Evidence from People’s Republic of China
Authors
Guo, DJiang, KMAI, X
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 n. 1, p. 113-141 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/10722/209349
ISSN
0116-1105
2023 Impact Factor: 1.0
2023 SCImago Journal Rankings: 0.525

 

DC FieldValueLanguage
dc.contributor.authorGuo, D-
dc.contributor.authorJiang, K-
dc.contributor.authorMAI, X-
dc.date.accessioned2015-04-17T05:09:06Z-
dc.date.available2015-04-17T05:09:06Z-
dc.date.issued2015-
dc.identifier.citationAsian Development Review, 2015, v. 32 n. 1, p. 113-141-
dc.identifier.issn0116-1105-
dc.identifier.urihttp://hdl.handle.net/10722/209349-
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.subjectVenture capital-
dc.subjectPost-IPO performance and growth-
dc.subjectCorporate governance-
dc.subjectSpecialization and experience-
dc.titleVenture Capital Investment and the Post-IPO Performance of Entrepreneurial Firms: Evidence from People’s Republic of China-
dc.typeArticle-
dc.identifier.emailGuo, D: diguo@hku.hk-
dc.identifier.authorityGuo, D=rp01065-
dc.description.naturelink_to_OA_fulltext-
dc.identifier.scopuseid_2-s2.0-85039884778-
dc.identifier.hkuros242884-
dc.identifier.volume32-
dc.identifier.issue1-
dc.identifier.spage113-
dc.identifier.epage141-
dc.publisher.placePhilippines-
dc.identifier.issnl0116-1105-

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