The Impact of Venture Capital Heterogeneity on IPO Underpricing:Base on Study of the Sci-Tech Innovation Board
This paper analyzes the impact of venture capital heterogeneity on IPO underpricing from the per-spective of information asymmetry by selecting the listed companies on the Science and Technology Board from 2019 to 2022 as samples,and the following results are found through empirical research:among the listed companies on the Science and Technology Board,the enterprises with the participation of venture capital institutions has higher IPO underpricing level;The different capital background of venture capital institutions has different influence on IPO underpricing rate.Venture capital institutions with government background have the most obvious influence,venture capital institutions with corporate background have a moderate influence,and the ones with independent background have the least impact on IPO underpricing.Based on the results,it can be concluded that in solving the problem of information asymmetry,venture Capital Institutions of different capital background have different influ-ence.
Heterogeneity of venture capitalIPO underpricingScience and Technology Innovation Board
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