Are venture capitalists monitors or claptrap players in IPOs? New evidence from an emerging market

被引：0

作者：

Ye, Xiaojie ^{[1
]}

Yang, Dan ^{[2
]}

Zhong, Jiaqin ^{[3
]}

机构：

[1] Shanghai Natl Accounting Inst, Shanghai, Peoples R China

[2] Beijing Normal Univ, Business Sch, Beijing, Peoples R China

[3] Shanghai Jiao Tong Univ, Antai Coll Econ & Management, Shanghai, Peoples R China

来源：

FINANCE RESEARCH LETTERS | 2025年 / 71卷

关键词：

Venture capitalists; IPO; Sci-tech innovation board; China; PERFORMANCE; CHINA;

D O I：

10.1016/j.frl.2024.106430

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study investigates the role of venture capitalists (VCs) in initial public offerings (IPOs) in the Chinese Sci-Tech Innovation Board, where VCs are highly concentrated. We find that VC-backed firms are likelier to succeed in IPOs; however, they exhibit greater IPO underpricing and perform poorly post-IPO. Findings support the grandstanding model. We identify that VC-backed firms do not receive fewer IPO inquiries, and the young-VC group has greater effects on IPO underpricing and post-IPO performance. Further, we explore the well-known A-share Main Board situation but obtain different results.

引用

页数：7

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