VC/PE-BACKED对我国创业板上市公司IPO抑价度影响的实证研究

Effets of VC/PE-BACKED on the Degree of Underpricing in Initial Piblic of Offering of Listed Companips in China

VC/PE投资机构在我国创业板上市公司IPO中扮演着重要角色,风险投资机构通过协助企业在资本市场上市,实现企业和自身投资活动的增值。我国创业板市场刚成立不久,IPO抑价现象明显,并且在其上市的公司背后大都有VC/PE投资机构支持。因此本文就VC/PE-BACKED对我国创业板上市公司IPO抑价度影响问题进行实证分析,探究VC/PE-BACKED是否对IPO抑价度有影响,以及影响程度。在研究得出VC/PE-BACKED对创业板上市公司IPO抑价度具有一定影响的基础上,对影响VC/PE-BACKED上市公司IPO抑价度的解释变量进行回归分析,得出结论并提出相关建议。

VC/PE investment institutions play the important rides in the IPO. VC/PE investment institutions help the enterprises IPO in the capital market, and enhance the value of the enterprises and themselves. ChiNext has just established for a short time,and IPO underpricing phenomenon is obvious. And the most listed companies are VC,/PE-BACKED. So,in this paper, we will take on the empirical research on the IPO underpricing degree according to the listed companies on the Chinext. We will do the research to dicuss whether VC/PE-BACKED has the influence on the IPO underpricing degree. Bases on the conclusions＂ VC/PE-BACKED has the influence on the IPO underpricing degree＂,thie paper take the STEPLS method to analyze the problem about IPO underpricing degreee d VC/PE-BACKED listed cenpanies. Finally this paper summarizes research conchusion, and in the light of influencing factors ,this paper puts forward some corresponding proposals.