| In the stock market, IPO has great significance, on the one hand, it can make some quality enterprises in the capital market to raise the funds required to enterprise operation, solving the financing problem of some enterprises in the growth period in our country, the financing difficulties are no longer a problem enterprises faced, so it can make the high growth of enterprises growing up as soon as possible; On the other hand, IPO can also prompted the company’s stock in the secondary market liquidity for the majority of investors with more investment opportunities, which will make them to share the development of the company brought to the achievements of beneficial sharing. By this way it can better optimize the allocation of social resources.The IPO underpricing rate of listed companies has always been the hot spot of the domestic and foreign scholars research, especially on the company’s IPO underpricing rate and its influencing factors. It is one of the highlights in the modern finance research. In recent years, with the rapid development of the venture capital industry on a global scale and the continuous improvement of the IPO exit channel, supported by the VC industry in the process of IPO efficiency gradually cause the attention of many scholars. Risk investment has been hailed as a booster to promote the development of hi-tech industry, venture capital industry can promote the healthy development of high and new technology industry development in our country, It has very important significance to accelerate the upgrading of industrial structure in our country. As the IPO is one of the most important way of exit of venture capital, venture capitalists therefore in the process of its holding company’s IPO, is bound to be deeply involved in holding company’s IPO process, including listed timing choice, choose the way to the underwriters and the underwriting, etc., and this will be the holding company substantial impact on the process of IPO.Since the gem market in China has established on Oct.30,2009, it opens up the capital to have a lot of innovative enterprises, business development requirements at the same time to raise funds, some phenomena also deserving of our careful study and attention, as in the secondary market, many investors are quite keen to study the issue of IPO underpricing "speculation shares" behind the meaning. Foreign scholars research on the issue of IPO underpricing is relatively broad, and puts forward the theory of principal-agent theory, signal display, avoid litigation hypothesis, underwriter reputation hypothesis, winners curse theory,"owners equity scattered" hypothesis and behavioral finance. The effects of venture capital to the enterprise IPO underpricing, there is a certification theory, screening theory, the adverse selection effect theory and the theory of grandstanding.This article selects the deadline on June30,2014of Gem listed companies as research samples, In this paper,"Filter/supervision effects","certification effect" and "adverse selection effect" theory as the theoretical foundation to study the relationship between venture capital and IPO underpricing using a variety of mathematical analysis methods of descriptive statistics, parametric tests, and multiple regression.In this paper, the conclusion is that the size of the initial public offering to raise funds of listed companies, the underwriter reputation, lot winning rate have no significant influence, the company turnover rate, age, its debut release price, asset-liability ratio and cost have impact on listed companies underpricing rate significantly. The participation of risk investment does not decrease in the gem IPO underpricing rate of listed companies. The participation of risk investment to improve the enterprise’s IPO underpricing rate, suggesting that the participation of risk investment institutions do not have the effect of certification, for the sake of its reputation, It will enterprise to the public early. |
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