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
收藏
页码：884 / 910
页数：27
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