R&D Investment, Venture Capital and IPO Underpricing——An Empirical Study of IPO Companies in GEM

Abstract

Abstract:

Introducing R&D information disclosure index, R&D market mispricing and venture capital moderating variable into the research of R&D investment and IPO underpricing can improve the external validity of IPO underpricing. This empirical research draws upon the companies that completed IPO in GEM during the period from 30 October 2009 to 31 December 2012 and finds that R&D information disclosure level and R&D market mispricing both have an important influence on IPO underpricing, while venture capital functions only as a signal, not as information, hence leading to higher degree of IPO underpricing. The results show that higher level of information disclosure and stricter requirement for intermediary agents to manage information can reduce IPO underpricing effectively.

Key words: R&D investment, venture capital, information disclosure, market mispricing, IPO underpricing

Han Peng, Shen Chunya. R&D Investment, Venture Capital and IPO Underpricing——An Empirical Study of IPO Companies in GEM[J]. , 2017, 29(4): 12-24.

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