IPO溢价和风险投资——来自科创板的实证研究

IPO Premiums and Venture Capital——An Empirical Study Based on the Science and Technology Innovation Board

本文以截至2021年3月31日的科创板公司为样本,以风险投资参与度、是否有国际背景和持股比例为主要解释变量,结合Heckman两步分析等计量方法,检验科创板上市公司的IPO溢价现象。首先,风险投资参与投资与IPO抑价没有显著相关性。其次,风险投资机构的国际背景与IPO抑价正向显著相关。再次,风险投资的持股股数与IPO抑价显著正相关。最后,针对一级市场的企业、投资者和监管当局,本文提出相应的对策建议,以供参考。

This paper examines the phenomenon of IPO premiums for companies listed on the Science and Technology Innovation Board by using the sample of companies on the Board as of March 31,2021,with venture capital participation,international background,and shareholding ratio as the main explanatory variables,combined with econometric methods such as Heckman two-step analysis.Firstly,venture capital participation investment is not significantly correlated with IPO underpricing.Secondly,the international background of venture capital institutions is positively and significantly correlated with IPO underpricing.The number of shares held by venture capital is significantly and positively correlated with IPO underpricing.Finally,the paper proposes countermeasures for firms,investors,and regulatory authorities in the primary markets,as a reference.