Proceedings of the Fifth International Conference on Economic and Business Management (FEBM 2020)

Effect of Venture Capital on the Pass Rate of IPO Review

Authors
Wenrui Zhao, Yeli Liu, Jingyu Lu, Yucan Liu
Corresponding Author
Yucan Liu
Available Online 14 December 2020.
DOI
10.2991/aebmr.k.201211.055How to use a DOI?
Keywords
Venture capital, the pass rate of IPO review, SME board, GEM
Abstract

The effect of venture capital on the pass rate of IPO review is studied in this paper. First, we select the venture capital and financial data from 710 firms to be listed on the SME board and GEM from 2014 to 2018. Then, we use Logistic regression models for empirical analysis. We find that: (1) The average level of introduced venture capital of firms on GEM is higher than that of firms on SME board; (2) The introduction of venture capital can improve the pass rate of IPO review. Overall, Chinese venture capital has been fully utilized its pre-selection function. However, the supervision effect is not significant; (3) Venture capital raises the pass rate of IPO review of GEM firms mainly because of its pre-selection of invested firms. And the improvement of the pass rate of IPO review of SME board firms mainly lies in the supervision and help of invested firms.

Copyright
© 2020, the Authors. Published by Atlantis Press.
Open Access
This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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Volume Title
Proceedings of the Fifth International Conference on Economic and Business Management (FEBM 2020)
Series
Advances in Economics, Business and Management Research
Publication Date
14 December 2020
ISBN
10.2991/aebmr.k.201211.055
ISSN
2352-5428
DOI
10.2991/aebmr.k.201211.055How to use a DOI?
Copyright
© 2020, the Authors. Published by Atlantis Press.
Open Access
This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

Cite this article

TY  - CONF
AU  - Wenrui Zhao
AU  - Yeli Liu
AU  - Jingyu Lu
AU  - Yucan Liu
PY  - 2020
DA  - 2020/12/14
TI  - Effect of Venture Capital on the Pass Rate of IPO Review
BT  - Proceedings of the Fifth International Conference on Economic and Business Management (FEBM 2020)
PB  - Atlantis Press
SP  - 328
EP  - 332
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.201211.055
DO  - 10.2991/aebmr.k.201211.055
ID  - Zhao2020
ER  -