风险投资参与改变了科创板IPO抑价吗?

Did Venture Capital Participation Change IPO Underpricing of Science and Technology Innovation Board?

风险投资参与辅导是科创板IPO过程的重要特征之一,本文选取科创板2019年上市的70家公司为样本,实证检验了风险投资参与程度对IPO抑价的影响。研究结果显示:第一,VC参与总量、退出数量和早期参与VC机构数量均对首周IPO抑价存在显著的正向作用。第二,VC机构质量及进入时长特征对IPO抑价影响作用不显著。第三,交叉型特征指标对首周IPO抑价存在显著的正向作用。基于此,建议通过构建投资市场一体化、将VC机构纳入定价参与方、优化VC培育机制等进一步完善IPO制度,充分提升科创板市场的资源配置效率。

Venture capital participation and counseling is one of the important characteristics of the IPO process of STAR makert.This paper empirically tests the impact of venture capital participation on IPO underpricing by taking 70 companies listed on STAR makert in 2019 as samples. The research results show that: First, total VC participation, exit number and early participation number of VC institutions have significant positive effects on IPO underpricing in the first week. Second, the quality and entry duration characteristics of VC institutions have no significant impact on IPO underpricing. Third, cross-type characteristic indexes have a significant positive effect on IPO underpricing in the first week. Based on this, it is suggested to further improve IPO system by constructing investment market integration, including VC institutions into pricing participants, optimizing VC cultivation mechanism and so on, so as to fully improve the resource allocation efficiency of STAR market.