风险投资会降低IPO抑价吗?——基于创业板的实证分析

Does Venture Capital Impede IPO Underpricing?——Empirical Analysis Based on Chinext

本文利用创业板风险投资持股数据,研究了异质性风险投资、承销商声誉和IPO抑价之间的关系,并结合倾向得分匹配和Heckman两步法处理了风险投资进驻的内生性。研究发现:长期风险投资机构具有认证监督作用,其持股比例和机构数目均能降低IPO抑价;短期风险投资机构具有逐名动机,其持股比例和机构数目提高了IPO抑价,且持股比例对IPO抑价的促进作用随着机构数目的增加而减弱;高声誉的承销商会增强长期风险投资对IPO抑价的抑制作用,并缓解短期风险投资对IPO抑价的提升作用。据此,提出完善我国资本市场的相关建议。

By studying the length of holding period of venture capital （VC） institutions, this paper studies the relationship among Pre-IPO heterogeneous venture capital, underwriter reputation and IPO underpricing of Chinext. Dealing with the endogeneity problem by using Propensity Score Matching （PSM） and Heckman two-step process, this paper has carried on an empirical study, and the results indicate： long-term VC＇s stock share will decrease the IPO underpricing which means a certification and supervision function, so will the number; short-term VC stock share and VC number both are positively related to the IPO underpricing, which means a grandstanding and reputaion motive, and the positive impact of stock share on IPO underpricing is weakened by the increase of the number of VC; the existence of a high reputation underwriter could suppress negative impact of long-term on the IPO underprieing, and also ease the positive relationship between IPO underpricing and short-term VC. According to the conclusion, some policy suggestions is given in the end.