Venture Capital Backing and Issuance of Seasoned Equity Offerings: Evidence from China*

被引：0

作者：

Yang, Songling ^{[1
]}

Li, Hemei ^{[2
]}

Li, Juncheng ^{[3
]}

Zhang, Qiuyue ^{[1
]}

Shi, Qianqian ^{[1
]}

机构：

[1] Beijing Univ Technol, Sch Econ & Management, Beijing, Peoples R China

[2] Renmin Univ China, Sch Finance, Beijing, Peoples R China

[3] Chinese Acad Social Sci, Inst Finance & Banking, Beijing 100028, Peoples R China

来源：

ASIA-PACIFIC JOURNAL OF FINANCIAL STUDIES | 2020年 / 49卷 / 06期

关键词：

Venture capital; Seasoned equity offering; SEO underpricing; Cash needs; Information asymmetry; INITIAL PUBLIC OFFERINGS; LONG-RUN PERFORMANCE; CERTIFICATION; DETERMINANTS; GOVERNANCE; FINANCE; ISSUES; INVESTMENT; REPUTATION; OWNERSHIP;

D O I：

10.1111/ajfs.12318

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We analyze how venture capital (VC) affects the timing of seasoned equity offering (SEO) issuance and the post-SEO performance of Chinese companies during the 2006-2018 period. Empirical analysis confirms that VC "accelerates" SEO issuance because of greater financing demands. Thus, VC-backed firms prefer to issue their first SEOs earlier than non-VC-backed firms. Moreover, quick SEOs promoted by venture capitalists are more underpriced because of information asymmetry.

引用

页码：884 / 910

页数：27

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