风险投资参与对深市中小企业板ipo影响的实证研究iword格式论文.docxVIP

优秀毕业论文 精品参考文献资料 ABSTRACT Underpricing in IPO is one of hot spots in modern finance study research, scholars both at home and abroad had made a series of researches about the factors which influence underpricing in IPO .Venture capital also gradually is integrated in recent years by more and more scholars,but there has not formed the unified conclusion about the venture capital participation, there are two conclusions which are widely accepted by scholars:certification/supervision effect and adverse selection/grandstanding effect. Demestic empirical study about the venture capital’s influence to the IPO is quite few. This study purposes to examine the effect which venture capital to IPO underpricing in small and medium-sized enterprises (smes) board. Using samples of small and medium-sized enterprises board of listed companies between June 1, 2004 and December 31, 2009, we find that the involvement of venture capital do not reduce the unit issuing expenses, on the contray, the unit issuing expenses is higher than the companies which is not backed by venture capital. Moreover, our results shows that companies backed by venture capital have higher underpricing in IPO. In the market of small and medium-sized enterprises board, venture capital’s participation has manifested adverse selection/grandstanding effect but not played the certification/supervision role. Based on the conclusion, we put forward some suggestions about the development of venture capital and listed companies on small and medium enterprises board and GEM. Key Words: Venture Capital; Unit Issuing Expenses; Underpricing in IPO  PAGE 4 目 录 摘 要I ABSTRACT II 目 录 III 第 1 章 引言 1 1.1 选题背景和意义 1 1.1.1 选题背景 1 1.1.2 研究意义 3 1.2 研究框架 3 第 2 章 文献综述及述评 5 2.1 相关概念 5 2.1.1 风险投资 5  HYPERLINK \l _TOC_250002 首次公开发行股票（IPO，Initial Public Offering） 6 IPO 抑价 7 2.2 国外文献综述 7  HYPERLINK \l _TOC_250001 “认证/监督”（Certification/Supervision）理论 7  HYPERLINK \l _TOC_250000 “逆向选择/逐名”（Adverse select