Institute of Chinese Financial Research Studies of SWUFE, Southwestern University of Finance and Economics, Chengdu, China.
School of Finance, Sichuan Vocational College of Finance and Economics, Chengdu, China.
PLoS One. 2023 Apr 13;18(4):e0281255. doi: 10.1371/journal.pone.0281255. eCollection 2023.
Chinese traditional culture is characterized by "Quan Zi" culture with a "differential order pattern". As a special informal institutional arrangement, "Quan Zi" plays an important role in the capital market. This paper investigates how Venture Capital Quan Zi affects the stock mispricing of invested companies. Using the syndicate investment data of China's venture capital institutions from 2009 to 2019, this study documents that Venture Capital Quan Zi significantly increases the positive deviations of stock prices of Quan Zi-backed firms but has no obvious influence on the negative deviations, showing an asymmetric effect on stock mispricing. In addition, this effect is dynamic. Stock mispricing significantly increased in the lock-up period and the following year, but then gradually weakened. Mechanism tests suggest that, on the one hand, Venture Capital Quan Zi increases a company's earnings manipulation, thus raising investors' expectations to push up stock prices. On the other hand, Venture Capital Quan Zi boosts the stock price through market reaction channels, increasing institutional investors' shareholdings, positive media coverage and stock liquidity. This paper has high theoretical and applied value to guide the orderly competition of capital and the supervision of institutional investors.
中国传统文化的特点是以“关系”为核心的“差序格局”。作为一种特殊的非正式制度安排，“关系”在中国资本市场中发挥着重要作用。本文研究了创业投资“关系”如何影响被投资公司的股票错误定价。利用中国创业投资机构 2009-2019 年的联合投资数据，本文发现创业投资“关系”显著增加了“关系”支持企业股票价格的正向偏离，但对负向偏离没有明显影响，对股票错误定价表现出非对称效应。此外，这种效应具有动态性。股票错误定价在锁定期间和次年显著增加，但随后逐渐减弱。机制检验表明，一方面，创业投资“关系”增加了公司的盈余管理，从而提高了投资者的预期，推高了股价。另一方面，创业投资“关系”通过市场反应渠道提升股价，增加机构投资者持股、积极的媒体报道和股票流动性。本文对引导资本有序竞争和机构投资者监管具有较高的理论和应用价值。
