P. Jiang
The role of venture capitalists in small and medium-sized enterprise initial public offerings: Evidence from China
Jiang, P.; Cai, C.X.; Keasey, K.; Wright, M.; Zhang, Q.
Authors
C.X. Cai
K. Keasey
M. Wright
Q. Zhang
Abstract
Despite the rapid growth and importance of small and medium-sized enterprises and the venture capital (VC) industry in China, this is the first article to examine comprehensively the role of VCs in public firms listed on the Small and Medium Enterprise Board and the Growth Enterprise Board. Supporting monitoring and certification hypotheses, the study finds that VC-backed initial public offerings have higher premiums, lower initial underpricing and higher subsequent market reaction. The grandstanding motive is documented for younger VCs which offer higher levels of initial underpricing to enhance their positions in the industry, but no evidence is found to support grandstanding by foreign VCs.
Citation
Jiang, P., Cai, C., Keasey, K., Wright, M., & Zhang, Q. (2014). The role of venture capitalists in small and medium-sized enterprise initial public offerings: Evidence from China. International Small Business Journal, 32(6), 619-643. https://doi.org/10.1177/0266242613496262
Journal Article Type | Article |
---|---|
Acceptance Date | Jun 3, 2013 |
Online Publication Date | Jul 30, 2014 |
Publication Date | Sep 1, 2014 |
Deposit Date | Dec 3, 2015 |
Publicly Available Date | Dec 4, 2015 |
Journal | International Small Business Journal |
Print ISSN | 0266-2426 |
Electronic ISSN | 1741-2870 |
Publisher | SAGE Publications |
Peer Reviewed | Peer Reviewed |
Volume | 32 |
Issue | 6 |
Pages | 619-643 |
DOI | https://doi.org/10.1177/0266242613496262 |
Keywords | China, Small and medium-sized enterprises financing, Underpricing, VC-backed IPO. |
Public URL | https://durham-repository.worktribe.com/output/1417313 |
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Copyright Statement
Jiang, P. and Cai, C. X. and Keasey, K. and Wright, M. and Zhang, Q. (2014) 'The role of venture capitalists in small and medium-sized enterprise initial public offerings : evidence from China.', International small business journal., 32 (6). pp. 619-643. Copyright © 2014 The Author(s). Reprinted by permission of SAGE Publications.
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