A Study Of The Impact Of Venture Capital On The IPO Underpricing Of Small And Medium Enterprise Board And Growth Enterprise Market

As an equity investment behavior,venture capital can solve the capital demand for the development of high-tech companies on the one hand,and provide various services and support for the development of the company by using its own management experience and rich resources.As one of the most important channels for venture capital to exit and realize profit,IPO is also an important means to optimize resource allocation in modern capital markets.At present,the problem of financing difficulties for SMEs in China is outstanding.The SME board and the GEM market not only provide financing platforms for SMEs,but also create conditions for the development of China's venture capital.This paper takes China's A-share listed companies from SME and GEM from 2009 to 2016 as the research object,and combines the actual situa tion of China's post-2014 new share issuance policy to empirically study the holdings of IPOs and IPOs in China's SME and GEM market.The contrast between price rates.Based on the main research results and classical theories at home and abroad,it is test ed whether venture capital participation,whether venture capital is the form of syndicated venture capital,and the extent to which VCs participate in the IPO underpricing.Combined with the introduction of the Probit model and the Heckman two-step method,the sample was subjected to endogenous processing and subsequent regression of whether the VC was entered,further ensuring reliable measurement results,and thus comparing the difference between the two measurement results.Finally,summarize the measurement results,verify the hypotheses,and draw conclusions.The research results show that: 1 Venture capital can have a significant impact on IPO underpricing rate,but it can't effectively reduce IPO underpricing in China's current market situation,it is difficult to play the role of certification supervision;2 The higher the proportion of venture capital shareholding,the lower the IPO Underpricing rate,but it can not be confirmed that the characteristics of syndicated VCs have an inhibitory effect on China's IPO underpricing;3 The risk investment of SMEs has a more significant positive effect than the IPO underpricing rate,while t he venture capital in the GEM instead will promote the upgrade of the underpricing phenomenon;4 Compared with SMEs,the IPO underpricing degree of GEM companies is more sensitive to the form of syndicated venture capital,and has a name-by-mover motive;5 In the proportion of VCs between small and medium-sized enterprises and entrepreneurship,there is no significant difference in the degree of board underpricing.