Dissertation/Thesis Abstract

The performance of venture capital funds and VC-backed IPOs: An evidence from China
by Lou Weng Hong, Stanley, M.Sc., Singapore Management University (Singapore), 2012, 52; 1510793
Abstract (Summary)

This study is divided into three parts based on the listed companies on the Small and Medium Enterprise Board on the Shenzhen Stock Exchange in China. The first part is to study the investment performance of Venture Capital Funds. I found that the investment return in terms of investment multiple and annual rate of return is better than those in the US market, and also the VC investment portfolios outperform the public equity market. Furthermore, I compare the performance of non VC-backed IPOs and non VC-backed IPOs by using the Buy-and Hold Abnormal Return and Wealth Relatives. Both measurements show that the VC-backed are better than non VC-backed. Moreover, I try to establish a link between the performance and a set of independent variables such as investment amount, duration and etc. In the second part, I try to compare the performance of VC-backed and non VC-backed companies listed on the Small and Medium Enterprise Board on the Shenzhen Stock Exchange in the two years following the public listing.

Indexing (document details)
Advisor: Cao, Xiaping Jerry
Commitee: Huang, Sheng, Wang, Rong
School: Singapore Management University (Singapore)
Department: Lee Kong Chian School of Business
School Location: Republic of Singapore
Source: MAI 50/06M, Masters Abstracts International
Subjects: Business administration, Finance
Keywords: Annual rate of return, China, Initial public offerings, Small and medium enterprises, Venture capital
Publication Number: 1510793
ISBN: 978-1-267-35330-6
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