风险投资及其参与程度对IPO抑价的影响--来自我国创业板的经验证据

Based on a sample of 153 start-ups listed in GEM in Shenzhen Stock Exchange during Oct. 2009 to Dec. 2010, this paper examines empirically the effects of Venture Capitalists (VCs) and the degree of their participation on the IPO underpricing. The results show that the VC-backed enterprises have a higher underpricing than non-VC-backed ones because of the grandstanding motivation and speculative behavior of venture capitalists in China. However, using a sub-sample of 86 VC-backed firms, our regression shows that the IPO underpricing decreases as an increase of the VCs' equity shares and investment duration, this finding indicates that the deeply involvement in the backed firm helps VCs play a certification role and then help listed firms cut down their IPO underpricing.