The Impact of R&D Investment on IPO Underpricing of GEM

Abstract

Abstract: Based on information asymmetry theory, certification supervision effect and signal transmission theory, a theoretical framework is constructed between R&D investment, IPO underpricing and venture capital. A total of 380 companies listed on China’s growth enterprise market (GEM) from 2014 to 2018 are selected to empirically test the impact of R&D investment on IPO underpricing, and analyze the moderating effect of venture capital on R&D investment and IPO underpricing from four aspects: risk-free investment, shareholding ratio, state-owned background and joint shareholding. The results show that the higher the R&D investment intensity of the first three periods of GEM listing, the more serious IPO underpricing will be. The involvement of venture capital intensifies the correlation between R&D investment intensity and IPO underpricing. Venture capital may be opportunistic. The high shareholding ratio of venture capital, state-owned background and joint shareholding of two or more venture capital can reduce the speculative nature of venture capital through IPO, give full play to the effect of certification supervision, weaken the positive correlation between R&D investment and IPO underpricing, and produce significant negative moderating effect.

Key words: R&D investment, GEM, IPO underpricing, venture capital, moderating effect

Yang Yanping, Wang Linxin. The Impact of R&D Investment on IPO Underpricing of GEM[J]. Management Review, 2021, 33(6): 85-97.

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