Venture Capital,R&D Investment And The Underprice Research Of GEM IPO

R&D investment is the necessary financial support for the enterprise to develop new technologies and new products.With the improvement of scientific research capabilities,the excellent results created can help enterprises expand their development space and increase their market competitiveness.However,the R&D process is full of unknowns,but generally speaking,investors do not directly participate in the R&D process,so the information asymmetry between the company and investors is reflected in this.What's worse,with the increase of R&D investment,the risk that investors need to bear also increases The establishment of China's Growth Enterprise Market is relatively short,mainly to support the development of high-tech enterprises.Compared with other enterprises,the proportion of high-tech enterprises in R&D investment is even higher,which increases the level of information asymmetry,even worse,IPO underpricing is often caused by asymmetric information.Based on information asymmetry theory and principal-agent theory,this article takes the GEM listed enterprises from 2009 to 2016 as the research object and constructs a multiple regression model and Heckman two-stage regression model to test the impact of R & D investment on IPO underpricing under the participation of venture capital.The research conclusions are as follows:(1)With the increase of R&D investment ratio,the IPO underpricing level will also increase;(2)The higher the proportion of shares held by venture capital institutions,the more severe the IPO underpricing;(3)Venture capital strengthens the positive correlation between investment and IPO underpricing,after further considering the impact of lagging investment in R&D,the original conclusion is established;(4)Compared with a single venture investment,joint venture investment strengthens the positive relationship between R&D investment and IPO underpricing;(5)Compared to the state-owned venture capital investment,the non-state-owned venture capital investment strengthens.The contribution and value of this paper mainly include two points: Firstly,from the perspective of the heterogeneity of venture capital,we explore the indirect role played by venture capital in GEM and provide reference for venture enterprises to introduce venture capital.Secondly,state-owned venture capital investment is subject to the government's supervision and can effectively alleviate the speculation,and should vigorously develop the state-owned venture capital institutions.