Empirical Study On The Influence Of The Risk Investment To The Gem IPO Underpricing Of Our Country Enterprise

In September 2009, as the first batch of 28 companies got approval IPO, officially being the list on the board in October 30, The growth enterprise market(GEM) as the main market, promote the construction of multi-level capital market in China, widen the capital market for small and mid-sized enterprise financing channels. After more than five years of development, the growth enterprise market of listed companies are up to more than 400, not only provides support for Chinese manufacturing industry transformation, but also the new opportunities for the development of venture capital industry.When listings in the gem market, first-day increase is always too large, there will have a serious phenomenon of IPO underpricing. A lot of money from the secondary market into the primary market, this phenomenon exists for a long time that can affect the capital market allocation efficiency of funds. The scholars make a deep research for IPO under pricing phenomenon, the research on venture capital and the relationship between IPO underpricing from a new perspective in the field is attracted much attention. A large number of venture capital participate in the growth enterprise market listed companies that influence degree of IPO underpricing, already have a complete theory system abroad, a list of foreign theory relating to this article that can verify which one effect play the roles in the risk investment in IPO underpricing in China: certification effect" or "reputation effect"?This article selects the gem that set up a total of 400 listed companies in five years as the research object. Firstly by compared with the the motherboard and small and medium-size board in the same period, the underpricing level of GEM and small and medium-size board are very close, But higher than the motherboard.; Secondly, by compared with the difference of china and America GEM form risk investment perspective, it is easily for us to explore the roles of the risk investment in the listed companies; Thirdly,,It is true that the gem IPO underpricing play an important roles in the empirical analysis of venture investment in our country, the study shows that the participation of risk investment have increased the degree of IPO underpricing and support "reputation effect" hypothesis, and also illustrates the risk investment institutions of our country is relatively young and short view of investment indirectly; Finally, the article mainly locate in the gem market in China in terms of countermeasures and Suggestions of reform and specification development, encourage and regulate the development of risk investment, to guide enterprises to set up long-term development philosophy and set up the value investment idea.