TITLE:
An Empirical Research on IPO Exit Performance of ChiNext
AUTHORS:
Yan Ding
KEYWORDS:
Venture Capital, IPO, ChiNext, Exit Performance
JOURNAL NAME:
Journal of Financial Risk Management,
Vol.7 No.1,
March
29,
2018
ABSTRACT: By
virtue of correlation analysis and regression analysis, this paper empirically
studies influencing factors of venture capital exit return based on IPO through
Shenzhen ChiNext Market over the 2015 to 2016 period, and combines the empirical
findings with the development status of venture capital industry in China to
present some suggestions and countermeasures. The research results show: The rate
of return is significantly positively correlated with operation period,
investment industry and issuance price, and significantly negatively correlated
with investment cycle. In addition, there is no significant correlation between
rate of return and remaining variables (average price-earnings ratio of ChiNext,
stock cycle, amount of management capital, investment scale and location of
venture capital institutions). Based on the fresh data of the ChiNext, this
paper presents the investment environment of small and medium-sized enterprises
in China, which can provide good references and advices for the development and
investment of the venture capital institutions. However, there may be some deviation
in the conclusion of this paper due to certain subjectivity in the sample
selection.