The role of venture capitalists in small and medium-sized enterprise initial public offerings : evidence from China.
作者： Ping Jiang , Charlie X. Cai , Kevin Keasey , Mike Wright , Qi Zhang
关键词:
摘要: Despite the rapid growth and importance of small medium-sized enterprises venture capital (VC) industry in China, this is first article to examine comprehensively role VCs public firms listed on Small Medium Enterprise Board Growth Board. Supporting monitoring certification hypotheses, study finds that VC-backed initial offerings have higher premiums, lower underpricing subsequent market reaction. The grandstanding motive documented for younger which offer levels enhance their positions industry, but no evidence found support by foreign VCs.
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