风险投资、IPO抑价与上市公司发行成本——来自我国创业板的经验数据

Venture Capital, IPO Underpricing and Issue Costs: Evidence from Chinese GEM

本文以2009—2012年上市的355家创业板公司为研究对象,实证考察了风险投资对企业IPO抑价及发行成本的影响。研究发现,在创业板市场上,有风险投资参与的企业的IPO抑价显著高于无风险投资参与的企业,支持声誉效应假说,即我国资本市场上较为年轻的风险投资机构为尽快建立声誉,不惜以较大的抑价来保证上市成功,获得资本市场认可。进一步的研究发现,风险投资声誉一旦建立,对于缩短创业板公司的上市年限、降低发行成本等都具有积极的影响。

This paper investigates the effects of venture capital on the IPO underpricing and issue costs of 355 firms during 2009-2012 on the Growth Enterprise Market（GEM）. The results show that the IPOs of VC-backed firms are significantly underpriced than those of Non VC-backed firms, supporting the Grandstanding Hypothesis that the younger VC firms in China utilize more IPO underpricing to establish the good reputation and obtain the recognition by the capital market, and therefore attract more capital flows. The paper also finds that the higher reputation has positive effects on the shortening the listing period and reducing the issue costs.