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Analysis on VC's Heterogeneities' Impact on SME's IPO

Chen Wei, Lijuan Cao

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Abstract

Among venture capital in China,funds from government occupy a large proportion.This paper studies the impact of VC backed by government on China's SME's IPO underpricing and post - IPO return.The results indicate:VC backed by government have little impact on IPO underpricing and post - IPO return of companies financed.Hence,the results suggest that the government should not invest too much on venture capital,but focus on improving the development of environment of venture capital.

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What this paper is about

Among venture capital in China,funds from government occupy a large proportion.This paper studies the impact of VC backed by government on China's SME's IPO underpricing and post - IPO return.The results indicate:VC backed by government have little impact on IPO underpricing and post - IPO return of companies financed.Hence,the results suggest that the government should not invest too much on venture capital,but focus on improving the development of environment of venture capital.

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Available abstract

Among venture capital in China,funds from government occupy a large proportion.This paper studies the impact of VC backed by government on China's SME's IPO underpricing and post - IPO return.The results indicate:VC backed by government have little impact on IPO underpricing and post - IPO return of companies financed.Hence,the results suggest that the government should not invest too much on venture capital,but focus on improving the development of environment of venture capital.

Key concepts: Initial public offering, Venture capital, Business, Government (linguistics), China, Capital (architecture), Investment (military), Finance

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