Research on VC's Heterogeneities' Impact on IPO——Empirical Analysis of SME

This paper studies VC's heterogeneities' impact on China's SME's IPO underpricing and post-IPO return.The results indicate that heterogeneities of VC does affect underpricing,but VC backed by government have no impact on IPO underpricing of companies financed.The study also finds heterogeneities of VC does affect post-IPO return,of which independent and corporate backed VCs have positive significant influence on the post-IPO return of companies financed,but VC backed by government have no impact on post-IPO return of companies financed.Hence,the results show that heterogeneities of VC affects the IPO underprice and post-IPO return of companies financed and different background of venture capital in SME indicate their characters.