{"title":"Are venture capitalists monitors or claptrap players in IPOs? New evidence from an emerging market","authors":"Xiaojie Ye , Dan Yang , Jiaqin Zhong","doi":"10.1016/j.frl.2024.106430","DOIUrl":null,"url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106430"},"PeriodicalIF":7.4000,"publicationDate":"2024-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Finance Research Letters","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1544612324014594","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
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.
本研究探讨了风险投资（VC）在风险投资高度集中的中国科技创新板首次公开发行（IPO）中的作用。我们发现，风险投资支持的企业更有可能在首次公开募股中取得成功；然而，它们表现出更大的首次公开募股定价不足，并且在首次公开募股后表现不佳。研究结果支持哗众取宠模型。我们发现，风险投资支持的公司收到的首次公开募股询价并没有减少，而年轻的风险投资群体对首次公开募股定价偏低和上市后表现的影响更大。此外，我们还探讨了众所周知的 A 股主板情况，但得到了不同的结果。
期刊介绍：
Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies.
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