An Empirical Research Of The Effects Of Venture Capital On The Listed Companies On Chinext

ChiNext was founded in Shenzhen Stock Exchange on October30,2009.Up to March1,2014, ChiNext has helped379enterprises realized their financing dreams and it also has became an important part of our country’s multi-level capital markets.On the other hand, in recent years, with the gradual development of China’s venture capital industry’s growth, more and more venture capitals began to appear on our country’s security markets, especially on the IPO markets of the ChiNext. Naturally, from the perspective of venture capital to study the IPO issues has become a hot topic of IPO research of our country.We select the listed companies on the ChiNext from October30,2009to March1,2014as a research sample, on the VC theories of "screening/supervision effect","certification effect" and "adverse choice effect" etc. We study VC and its characters how influence the IPO by using the methods of comparing the mean and multiple regression analysis. The study of this paper mainly includes the following two parts: Firstly, we study the VC how influence the listed companies’financial ability and its performance of the first day by independent T test and non-parametric test; Secondly, we study the VC and some other control variables such as PE,turnover rate etc how influence the IPO undepricing by using the methods of multiple regression analysis.The paper mainly draws the following conclusions:firstly, Venture Capital will have a certain impact on the listed companies’financial ability of ChiNext; secondly,VC will have a significant influence on IPO’s PE,underpricing, online lottery rate and underwriter reputation while have no significant influence on IPO’s turnover rate, PB and the unit cost of issuing.Thidly,the reputation of VC also has a significant positive relationship with IPO underpricing while a negative relationship with the VC’s rearing periods.finally,by the multiple regression analysis, we found that VC’s supporting has a positive relationship with IPO underpricing, what’s more, some VC’s characters also have a significant effects on the IPO underpricing. Besides, the IPO underpricing of our ChiNext also can be affected by the following variables:PE, turnover rate, the issue scale, PB and so on.In the end, based on the paper’s conclusion, we pick some advices on how to develop VC’s positive effects on the ChiNext.