| Since the reform and opening up,the state attaches great importance to the development of hi-tech industry,focusing on improving the capability of independent innovation,on the one hand,the introduction of national preferential subsidies to support the development of new industries;the other face,the development of hi-tech industries also need the corresponding financial system Guide social capital flows.Venture capital as an important social capital,the development of high-tech industry plays an important guiding role.In order to respond to the country to build multi-level capital market call,while providing exit for venture capital institutions,October 30,2009,the Shenzhen Stock Exchange officially launched the GEM,the first listed on the GEM listed a total of 28 companies.However,since the beginning of the establishment of the Chinese GEM market,there have been serious IPO underpricing effects due to a series of problems such as imperfect system construction,concentrated market speculation,incomplete information disclosure and so on.GEM underpricing effect of the formation of many reasons,including venture capital is one of the key factors.Venture capital investment institutions are mostly high-risk,growing small and medium enterprises.These enterprises as a result of instability in business performance,small-scale enterprises,it is difficult to obtain financing from the banking market.But its high-growth and high-tech companies are destined to require more capital injection to maintain the company's operating and R&D expenditures.In addition,the development of business management experience,the need for comprehensive development guidance.Venture capital institutions to meet the needs of these modes of operation,on the one hand,venture capital institutions to provide financial support for investment enterprises to solve the problem of corporate finance,and venture capital institutions to their own reputation for corporate endorsement to attract more investors,And create a better investment and financing environment;the other hand,venture capital for enterprises to provide management talent and experience support,venture capital will often take the directors to intervene or directly involved in high-level investment enterprises and other means,the development of enterprises in all directions,To promote its continuous development.The GEM from its inception,it is positioned as the development of high-tech industry to provide financing platform,the GEM market conditions are more relaxed than the motherboard market,the company's growth is higher,suitable for the development of small and medium enterprises.Venture capital and the GEM are closely linked,the two continue to promote the mutual development.Since the resumption of IPO in 2014,under the guidance of the CSRC,both the Shanghai and Shenzhen stock markets have started listing the first day of the price limit system:the first trading day of IPO,the auction price can not exceed the issue price of 120%,after the opening Bid phase,the price fell to 10%of the opening price of the fuse mechanism into effect,the new shares to stop trading for 30 minutes;then rose again to 10%,new shares suspended until the end of the trading day.Overall,the day-to-day aggregate auction and the maximum price during the continuous auction period shall not exceed 144%of the issue price.Regulators to implement the first day of listing limit is intended to inhibit market speculation,to give the market capital of cooling space,thereby limiting speculation,but contrary to expectations,listed on the first day of price limits but increased the IPO underpricing effect.In the long run,GEM IPO underpricing effect means that IPO pricing is unreasonable,reflecting the GEM immature and unstable,on the one hand,this is not conducive to the rational allocation of capital,on the other hand,the phenomenon of severe underpricing affected entrepreneurship Board follow-up healthy development.Since the establishment of the GEM has been running for seven years,during the gradual development of the GEM market is perfect for China's multi-level capital market to make outstanding contributions to the development of many high-tech industries to provide financing platform in promoting China's science and technology Progress has contributed.At the same time,venture capital institutions also continue to grow and develop,emerged Sequoia,IDG,deep venture capital and a series of well-known domestic and foreign venture capital institutions and a large Fee of successful investment cases.However,the IPO underpricing effect of the GEM still exists and is becoming more and more serious.This paper attempts to explore the reasons behind it,and whether VC participation will have an impact on the IPO effect of the GEM listed companies,and the specific attributes of venture capital The Fee of investment institutions and the reputation of venture capital institutions)will explore the impact of GEM IPO IPO companies to try to find the impact of venture capital on IPO underpricing effect of the path,and then put forward corresponding policy recommendations,on the one hand optimize the venture capital Institutional investment model,on the other hand to promote the development of China's GEM market to improve and improve the operating efficiency of the GEM to improve the pricing efficiency of new shares and promote the healthy and stable development of multi-level capital market.The innovation of this paper lies in:(1)The first-day price-limiting limit has a great impact on IPO in China's securities market.Therefore,this paper takes 2014 as the key point to study the IPO underpricing effect before and after 2014 respectively.It is found that the first-day price-limiting system of listed companies exacerbates the IPO underpricing effect of GEM companies.(2)Considering the specific conditions of our country,the effective premise of market underpricing of the first day may not be established,which is not suitable as the reflection index of IPO underpricing effect.Therefore,this paper decomposes the first underpricing rate into " The internal repressive rate mainly reflects the error between the primary market price(the issue price)and the intrinsic value of the enterprise.The market reaction rate mainly reflects the secondary market closing price and the market price.The difference between the intrinsic value of the enterprise.In addition to exploring whether venture capital participation will have an impact on the IPO underpricing effect of the GEM,the paper also explores the impact of the specific attributes of venture capital(the Fee of venture capital institutions and the reputation of venture capital institutions)on the GEM IPO.Through the comparison of the mean of the grouped samples,and through the establishment of multiple regression equation to study the different attributes of the risk investment institutions on the impact of the invested enterprises.The results show that:(1)Compared with the single-risk institutional investment,joint investment by a Fee of risk institutions can significantly weaken the IPO underpricing effect of GEM companies,(2)high reputation venture capital institutions can be effective compared with low reputation risk institutional investment Reduce the GEM underpricing effect. |
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