Research On The Impact Of Venture Capital On IPO Market Effect Based On The GEM Market

As a major start-up IPO market,the introduction of small and medium-sized board market and the GEM market,so that the exit of the venture capital channel has been greatly improved,venture capital into a period of rapid development.This paper attempts to analyze theoretically the mechanism of venture capital investment in the IPO process,and the influence of the secondary market underpricing brought by the venture capital participation.And then through the GEM data test,to explore the venture capital to the GEM IPO market brought about by the market effect.In this paper,by constructing the dynamic game model of the Quartet main body,this paper analyzes the mechanism of the venture investment to the enterprise IPO and analyzes the influence of the IPO underpricing rate.The theoretical analysis of the conclusions:(1)the reputation of venture capital will affect the IPO price when the IPO,compared to low reputation VC background enterprises,high reputation VC background enterprise pricing should be higher;(2)venture capital participation will affect(3)due to the supervision and certification of venture capital,the participation of venture capital can significantly reduce the underpricing rate of high-quality enterprises,and the risk of venture capital can be significantly lower than that of VC enterprises,Will not affect the inferiority companies underpricing rate.The empirical section selected 491 listed companies listed on the Growth Enterprise Market from October 2009 to December 2015 as a sample of the study.Based on the data of the IPO and the China Investment Annual Meeting,291 VC background enterprises and 200 VC background enterprises were identified.The difference between the IPO and the VC was verified by the difference analysis and multiple regression analysis.TheThe results show that,first,VC background enterprises will attract higher reputation of the intermediary agencies to verify the certification effect and market strength effect,venture capital participation on the issue rate is not significant,can be indirectly through the intermediary reputation The impact of the issuance rate;second,the reputation of venture capital can significantly affect the issuance of earnings,high reputation VC background enterprises can get higher pricing;third,VC background business before and after the IPO business performance better,but In the successful listing of enterprises,this advantage gradually lost,the gap gradually narrowed.Fourth,the IPO effect of venture capital in the secondary market is not obvious,the participation of venture capital on the institutional investors and the turnover of the turnover rate of the impact of the impact of venture capital investment,Are not significant,the participation of venture capital and can not significantly affect the IPO price of the IPO,indicating that China's high IPO underpricing is mainly due to the secondary market investors,the enthusiasm of the investment pulled up the first day of the closing price,The low price of the market is not the main reason for the phenomenon.On the basis of summarizing the research results of this paper,the author puts forward the development suggestions from three aspects: promoting the development of venture capital,investors' rational investment and the development of the GEM.