Research On The Impact Of Venture Capital On IPO Of Small And Medium-sized Manufacturing Enterprises

With the opening of the GEM market in 2009,it has been eight years now.During this period,a total of 602 small and medium enterprises in the GEM market IPO,of which 418 for the manufacturing of small and medium enterprises,accounting for about 70%;At the same time,the choice of small and medium-sized board market IPO a total of 312 enterprises,of which 179 manufacturing SMEs,accounting for about 58%.Comparison of the GEM market and small and medium-sized board market,whether it is from the number or accounting for the GEM market is higher than the medium-sized board market.The GEM market has replaced the small and medium-sized board and the motherboard market has become the main venue for small and medium enterprises listed at the same time,with the China's capital market to further improve the rapid development of China's venture capital industry,the scale is also continuing to expand,and venture capital in the process of listing as an important role,so there are more and more scholars began to focus on research The Role and Impact of Venture Capital in the IPO Process.At present,China is focusing on the development of small and medium-sized manufacturing enterprises,hoping to develop small and medium-sized manufacturing enterprises to promote the overall recovery of China's manufacturing industry,so this paper on the venture capital market for small and medium manufacturing enterprises to study the impact.At present,the research of academia in related fields has formed the following two theories because of different market and different samples: Some of these theories believe that venture capital will play an active role in the process of IPO.The main theory is authentication function And the theory of supervision effect;some other theories that venture capital in the process of corporate IPO will have a negative effect,including the theory of one by one effect and adverse selection.This article based on the existing theories and research,this paper chooses 280 small and medium-sized manufacturing enterprises listed in the market from 2009 to 2014 as the research samples to analyzes the influence of venture capital on the managing performance of small and medium-sized manufacturing enterprises before and after the IPO,and the influence of venture capital on the IPO effect of small and medium-sized manufacturing enterprises by means of mean analysis.Then through the regression analysis,it is concluded that venture capital does not affect the managing performance of small and medium-sized manufacturing enterprises before and after IPO,but it can weaken the IPO effect of small and medium-sized manufacturing enterprises and the degree of IPO underpricing of small and medium-sized manufacturing enterprises,the applicability of the theory of certification and supervision to the small and medium-sized manufacturing enterprises in China's GEM is verified.