风险投资与IPO抑价——基于创业板上市公司的实证分析

Risk Investment and IPO underpricing:Empirical Analysis of the GEM Listed Companies

自创业板设立以来,创业板市场定价效率未能充分体现,创业板上市企业IPO抑价率较高,风险资本支持的企业IPO抑价率高于非风险资本支持的企业,风险资本的持股比例、介入时间及持股机构数量都和IPO抑价有一定的关系。

Since the opening of GEM, GEM market pricing efficiency is not fully reflected. The GEM listed companies IPO under pricing rate was very high. The IPO under pricing rates of venture-backed companies were higher than which companies were non venture- backed companies. Shareholding proportion, the venture capital Venture capital holding time and the number of venture capital institutions have some effect on the IPO under pricing.