The Effects of Venture Capital Syndicate on the IPO Underpricing Phenomenon--Based on China Growth Enterprise Market from 2009-2015

DOI

10.2991/febm-16.2016.32How to use a DOI?

Keywords

IPO underpricing; growth enterprise market; venture capital; venture capital syndicate

Abstract

Venture capital is gaining more importance in Chinese economy with the passage of time. This study examines the effects of venture capital syndicate on the IPO underpricing of the China Growth Enterprise Market with 375 firms supported by venture capital. In this research study we focus on the data of the China Growth Enterprise Market from 2009 to 2015.we use linear regression analysis by SPSS 22 to show the relationship between venture capital syndicate and the adjusted IPO underpricing rate. Our findings show that the venture capital syndicate has a positive correlation with IPO underpricing in the wake of the latest policy for the reason of the "grandstanding Theory" and the "market power".

Copyright

© 2016, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - Yan-ran Ma
AU  - Hui-min Yu
AU  - Yuan Liu
PY  - 2016/11
DA  - 2016/11
TI  - The Effects of Venture Capital Syndicate on the IPO Underpricing Phenomenon--Based on China Growth Enterprise Market from 2009-2015
BT  - Proceedings of the First International Conference Economic and Business Management 2016
PB  - Atlantis Press
SP  - 206
EP  - 210
SN  - 2352-5428
UR  - https://doi.org/10.2991/febm-16.2016.32
DO  - 10.2991/febm-16.2016.32
ID  - Ma2016/11
ER  -