The role of venture capital in listed companies: evidence from Mainland China

被引：0
|
作者：
Sun, Ming [1 ]
Fang, Sihai [1 ]
机构：
[1] Univ Elect Sci & Technol China, Sch Management & Econ, Chengdu 610054, Peoples R China
来源：
PROCEEDINGS OF THE THIRD INTERNATIONAL CONFERENCE ON MANAGEMENT SCIENCE AND ENGINEERING MANAGEMENT | 2009年
关键词：
venture capital; IPO; Mainland China; risk analysis; risk assessment;
D O I：
暂无
中图分类号：
C93 [管理学];
学科分类号：
12 ; 1201 ; 1202 ; 120202 ;
摘要：
We empirically examine the role of venture capital in VC-backed listed firms in Mainland China. While previous studies have shown the VC.-backed firms are in lower underpricing and better post-IPO operating performance, we find the role of venture capital is complicated. VC-backed firms experience higher underpricing as the investors in the second market are over-optimistic about the prospect of the VC-backed firms but not lower pricing in the primary market. In addition, the pre- and post-IPO operating performance of VC-backed firms are found to be significantly better than that of non VC-backed firms. The finding supports the monitoring: hypothesis. Furthermore, consistent with the grandstanding hypothesis, we find high-reputation VC-backed firms have a better post-IPO operating and market performance compared to low-reputation VC-backed firms.
引用
收藏
页码：467 / 472
页数：6
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