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首页> 外文会议>Proceedings of the sixth international symposium of corporate governance >The Role of Venture Capital in China's Listed Companies on the GEM:Certification or Grandstanding?
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The Role of Venture Capital in China's Listed Companies on the GEM:Certification or Grandstanding?

机译：创业板在创业板中在中国上市公司中的作用：认证还是卓越？

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The role of venture capital who invested in China's listed companies on the Growth Enterprise Market (GEM) has been widely discussed in finance literature. There has been a great debate over whether VCs play a role of certification or grandstanding. This paper investigates the role of VCs playing on IPOs by using the listed company data of GEM in China between October 2009 and April 2011. The empirical study shows that VCs who invested in the listed companies actually didn't played the role of certification but grandstanding. The further research shows as follows. First, the companies who are backed by VCs indicate significantly higher underpricing,which is consistent with the grandstanding hypothesis. Second, the more VCs invested in the companies, the less underpricing,or the lower the first-day return of IPO,which suggests that VC's motivation for grandstanding decreases. Third, the involvement of state-owned VCs in the companies, the less underpricing,or the lower firstday return of IPO,which also suggests that VC's motivation for grandstanding decreases. Fourth, the less experience of non-state-owned VCs for IPOs, the higher underpricing,or the higher first-day return of IPO, this actually implies that non-state-owned VCs have more motivation for grandstanding. Finally, according to the cost and benefit analysis of VCs' investment,we find that the reason behind VCs motivation for grandstanding is to pursue the "success myth" with huge gains,and this may result in VCs paying less attention on corporate governance, which in fact may lead to serious investment loss of the investors.
机译：金融文献广泛讨论了在创业板（GEM）中投资中国上市公司的风险资本的作用。关于风险投资公司是扮演认证还是杰出的角色，一直存在着激烈的争论。本文利用创业板在中国2009年10月至2011年4月之间的数据，研究了风投在IPO中的作用。实证研究表明，投资于上市公司的风投实际上没有起到认证的作用，但具有突出的作用。 。进一步的研究如下。首先，得到风投支持的公司的定价明显偏高，这与长期以来的假设是一致的。其次，风险投资人对公司的投资越多，定价就越少，或者首次公开募股的首日收益就越低，这表明风险投资人追求卓越的动机降低了。第三，国有风投公司的参与，定价不足或首次公开募股的首日收益较低，这也表明风投公司追求卓越的动机降低了。第四，非国有风险投资人的IPO经验越少，定价偏高或IPO首日收益就越高，这实际上意味着非国有风险投资人具有更大的立志动机。最后，根据风险投资的成本和收益分析，我们发现风险投资家追求成功的动机的原因在于追求“成功神话”并获得巨大收益，这可能导致风险投资家对公司治理的关注减少。实际上可能会导致投资者的严重投资损失。

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