Studing The Shareholding Effects Of The Venture-capital Outfit On IPO Underpricing

With the first 28 collective companies being listed on the 30 th October in 2010, Chinese enterprise board market which has been prepared for almost ten years, is opened formally. The exit of the GEM greatly improves the problem of blocking of the Risk Investment Institutes’ exit channel. The risk investment institutes can obtain high profits by the lists of invested companies in GEM. As s result, it certainly stimulates the forcefully development of risk investment institutes in China. In order to obtain high profits, IPO, as the best way to exit the holding companies, will surely focus on the process of IPO. However, in the process of IPO, there is common under-pricing phenomenon in IPO. This essay attempts to research the influence of IPO under-pricing phenomenon by risk investment institutes.Firstly, by reviewing the research data at home and on broad, it will be explained in the fallowing three ways :(1) the positive influence of IPO market effect by risk investment institutes;(2) the passive influence of IPO market effect by risk investment institutes;(3) the fuzzy influence of IPO market effect by risk investment institutes. Secondly, the analys is of the theory of relationships between the IPO market and risk investment institutes. The theory contains the authentication function hypothesis, the screening and supervis ion hypothesis, the effect by name hypothesis and the market force hypothesis. Then on the basis of theoretical analysis the function of risk investment institutions have certification for IPO, the concrete from the IPO underpricing rate, a share offering costs and lead underwriter reputation three aspects to design assumptions. Secondly, the paper puts forward risk investment institutions hold ing to IPO underpric ing rate has a significant effect; Mainly from the risk investment institutions every one, the main risk investment institutions aggregate sharehold ing percentage ownership and risk investment institutions for three Angle design assumptions. Finally from the perspective of risk investment institutions relevant number of targeting design assumptions.Then, carries on the empirical research, the first IPO underpricing rate on the company, holding the VC number distribution, holding the VC number, main VC aggregate sharehold ing percentage ownership, all the VC and total Numbers of VC related targeting the descriptive statistics analys is; Then use independent sample T test and the Mann- Whitney U test samples and the VCownership holding subsample of VC’s IPO underpric ing rate, a share offering cost analysis and lead underwriter reputation; Then using Pearson test of sharehold ing VC number respectively, the main VC aggregate shareho lding percentage ownership, VC and VC related targeting and IPO underpricing rate analyze the correlation between; The last of the various factors affecting the IPO underpric ing multivariate regression analysis.Lastly,The research results indicate that: first, the certification theory hypothesis does not apply the growth enterprise market in our country. Second, the basic characteristics of risk investment ho ldings has significant influence on IPO underpricing rate. Third, choose monitor hypothesis basic confirmed in our country, but to be risk to vote for the management and supervis ion of the listed company behavior brought about by the positive effect on the main factors of investment decision is not investors. Fourth, the underwriter reputation hypothesis in the gem market in China has not been confirmed. But, the investor sentiment hypothesis and heterogeneous expectations hypothesis in the growth enterprise market exists in our country.