| At present,the efficiency of capital allocation in China’s capital market needs to be improved.It is manifested in the phenomenon of "three highs" of high fund-raising,high PE ratio and high issue price,but high underpricing after IPO.This double pricing distortion reflects the low efficiency of equity financing in China’s capital market.With the liberalization of IPO price management and the implementation of inquiry system,the price bubble of Initial public offering(IPO)market becomes more and more serious,and IPO pricing efficiency is low.In recent years,the venture capital industry has developed rapidly and its influence on China’s stock market has been paid more and more attention.Through equity financing,venture enterprises obtain the funds needed for early development from venture capital institutions.After the venture enterprise is listed successfully,the venture capital exits the venture enterprise by transferring the equity in order to obtain high investment return.As a community of interests,venture capital will participate in the whole process of IPO operation of start-up enterprises.The impact of venture capital on IPO pricing efficiency has attracted extensive attention in academic circles.This paper takes gem listed companies from 2016 to 2020 as research samples to explore the impact of venture capital on IPO pricing efficiency,and further studies the role of venture capital in the operation process of venture enterprises.This paper consists of five chapters.The first chapter is the introduction,which firstly introduces the research background,research content,research significance and research methods.Then it expounds the possible contributions and shortcomings of the paper.The second chapter is a literature review,which defines the concept of the research object and expounds the research status at home and abroad.The third chapter,the research hypothesis is proposed based on the literature review,and the explanatory variables,explained variables and control variables are determined,and the corresponding research model is established.The fourth chapter is empirical analysis,this chapter adopts empirical analysis method to prove whether the hypothesis proposed above is tenable.The fifth chapter : Conclusions and suggestions.This chapter summarizes the relationship between venture capital and IPO pricing efficiency,and puts forward relevant suggestions from the perspectives of government,venture enterprises and venture capital.At the same time,the shortcomings of the present are expounded and the future research direction is prospected.The research findings of this paper are as follows :(1)venture capital does not play a supervisory and certification role on gem,but shows the reputation effect,that is,in order to accumulate reputation and recover funds,venture capital promotes the investee enterprises to be listed prematurely at the expense of the business performance and long-term development of the investee enterprises;(2)Secondly,Chinese investors are not rational and do not choose high-quality stocks from the perspective of value investment.Therefore,on the GEM,there is no significant difference in the IPO pricing efficiency between new start-ups and venture capital support.The government needs to play a regulatory role and guide venture capital to play a supervisory and certification role to reduce the reputation effect.Secondly,investors should strengthen rational thinking and select high-quality stocks from the perspective of corporate value.The innovation of this paper may lie in distinguishing IPO pricing efficiency of the primary and secondary markets and discussing the impact of venture capital on IPO pricing efficiency of the primary and secondary markets respectively.At the same time,from the perspective of whether investors are rational,it explains the reason why venture capital has no significant difference in IPO pricing efficiency although it plays the reputaion effect on GEM. |
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