券商背景风险投资、机构声誉与IPO抑价

Venture Capital with a Broker Background, Institutional Reputation, and IPO Underpricing

中文关键词:  风险投资  券商  IPO抑价  机构声誉  利益冲突  认证效应

英文关键词:venture capital  broker  IPO underpricing  institutional reputation  conflict of interest  certification effect

中文摘要:

      券商背景风险投资机构兼具承销商和风险投资机构双重身份,在新股发行定价和资本市场运行中发挥了重要作用。选取2009—2020年我国A股市场创业板和科创板939家上市公司作为研究对象,检验了券商背景风险投资与IPO抑价之间的关系以及承销商和风险投资机构声誉对二者关系的调节作用。研究发现,券商背景风险投资会正向影响IPO抑价,但高声誉的承销商和风险投资机构对这种正向影响具有抑制作用。进一步研究表明:券商背景风险投资的投资强度越高,IPO抑价越严重；券商背景风险投资的进入阶段越早,IPO抑价越严重。因此,券商背景风险投资应注重长期声誉的积累,发挥双重认证作用；监管机构应加大对券商背景风险投资的监管力度,明确相关中介机构的连带责任,提高市场参与者的违法成本,进一步提高市场效率。

英文摘要:

      Venture capital institution with a broker background, which combines the dual roles of underwriter and venture capital institution, exerts a significant influence on new stock issuance, pricing, and capital market operations. This study selects 939 companies listed on the Growth Enterprise Market and the Science and Technology Innovation Board of China’s A-share market from 2009 to 2020 as the research objects and examines the relationship between venture capital with a broker background and IPO underpricing, as well as the moderating effects of the reputations of underwriters and venture capital institutions on this relationship. The study finds that venture capital with a broker background positively affects IPO underpricing, but highly reputable underwriters and venture capital institutions suppress this positive effect. Further study shows that the higher the investment intensity of venture capital with a broker background, the more severe the IPO underpricing; the earlier the entry stage of venture capital with a broker background, the more severe the IPO underpricing. Therefore, venture capital with a broker background should focus on accumulating long-term reputations, leveraging their dual certification roles. Regulatory authorities should strengthen the supervision of venture capital with a broker background, clarify the joint liability of relevant intermediary agencies, increase the illegal cost of market participants, and further enhance market efficiency. 