Effect of Venture Capital on the Pass Rate of IPO Review

DOI

10.2991/aebmr.k.201211.055How to use a DOI?

Keywords

Venture capital, the pass rate of IPO review, SME board, GEM

Abstract

The effect of venture capital on the pass rate of IPO review is studied in this paper. First, we select the venture capital and financial data from 710 firms to be listed on the SME board and GEM from 2014 to 2018. Then, we use Logistic regression models for empirical analysis. We find that: (1) The average level of introduced venture capital of firms on GEM is higher than that of firms on SME board; (2) The introduction of venture capital can improve the pass rate of IPO review. Overall, Chinese venture capital has been fully utilized its pre-selection function. However, the supervision effect is not significant; (3) Venture capital raises the pass rate of IPO review of GEM firms mainly because of its pre-selection of invested firms. And the improvement of the pass rate of IPO review of SME board firms mainly lies in the supervision and help of invested firms.

Copyright

© 2020, 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/).

Download article (PDF)

TY  - CONF
AU  - Wenrui Zhao
AU  - Yeli Liu
AU  - Jingyu Lu
AU  - Yucan Liu
PY  - 2020
DA  - 2020/12/14
TI  - Effect of Venture Capital on the Pass Rate of IPO Review
BT  - Proceedings of the Fifth International Conference on Economic and Business Management (FEBM 2020)
PB  - Atlantis Press
SP  - 328
EP  - 332
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.201211.055
DO  - 10.2991/aebmr.k.201211.055
ID  - Zhao2020
ER  -