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本文通过对风险投资认证假设的分析发现,由于资本来源不同,导致不同的风险投资在出现动机、参与企业的管理程度以及为企业所提供的资源等方面存在着明显差异,而这些差异可能影响其改善投资者与IPO企业之间的信息不对称程度,从而证明风险企业价值真实性的可信性会有所不同。基于这些考量,本文提出风险投资的异质性可能影响其认证作用的假设。基于中小企业板的实证分析,本文发现风险投资的异质性对抑价产生影响,其中独立风险投资降低IPO抑价程度最高,其次是企业背景风险投资,而政府背景风险投资对抑价的影响不显著。因此本文的理论分析和实证研究的结果都表明风险投资的异质性会影响其认证功能。
Through the analysis of the hypothesis of risk investment certification, this paper finds that there are obvious differences in motivation, participation degree of management and resources provided for enterprises due to different sources of capital, which may affect the different venture capital Improve the degree of information asymmetry between investors and IPO firms, and prove the credibility of the venture firm’s value will be different. Based on these considerations, this paper proposes the hypothesis that the heterogeneity of venture capital may affect its certification role. Based on the empirical analysis of SME board, this paper finds that the heterogeneity of venture capital has an impact on underpricing, of which independent venture capital reduces IPO underpricing the highest degree, followed by enterprise background venture capital, and the influence of government background venture capital on underpricing Not obvious. Therefore, the theoretical analysis and empirical research results show that the heterogeneity of venture capital will affect its certification function.