风险投资持股对我国上市企业承销费用的影响研究

本文选取我国股权分置改革后2006—2007年A股市场上市公司的数据，检验了风险投资持股因素对于上市企业承销费用的影响。经过多因素线性回归，发现风险投资持股上市企业的承销费率要显著高于非风险投资持股上市企业，这表明风险投资的认证效应当前在我国并不成立；另一方面，剔除行业的影响，发现风险投资持股上市企业的年龄显著小于非风险投资持股上市企业，说明目前我国风险投资行业存在逐名动机。

Research on Effect of Being VC Backed on Underwriting Fee of Chinese Listed Companies

Using 2006-2007 data of listed companies after non-tradable-share reform in China,this paper studies the effect of being VC-backed on underwriting fee of Chinese listed companies,and finds that VC-backed IPO firms have higher percentage underwriting fees than non-VC-backed ones,which shows that Chinese VCs do not play a certification role in IPOs.Excluding the impact of industries,it finds that VC-backed firms go to IPO at an obviously younger age than non VC-backed firms,which is consistent with the grands...