The effects of R&D, venture capital, and technology on the underpricing of IPOs in Taiwan

被引：7
|
作者：
Cheng Shou Lu
Lanfeng Kao
Anlin Chen
机构：
[1] National Kaohsiung University of Applied Sciences,Graduate Institute of Finance, Economics, and Business Decision
[2] National University of Kaohsiung,Department of Finance
[3] National Sun Yat-Sen University,Department of Business Management
来源：
Review of Quantitative Finance and Accounting | 2012年 / 39卷 / 4期
关键词：
High-tech firms; Initial public offerings; R&D expenditure; Technology; Venture capital; G24;
D O I：
10.1007/s11156-011-0259-7
中图分类号：
学科分类号：
摘要：
Information asymmetry and value uncertainty causes high -research and development (R&D) or high-tech Initial Public Offerings (IPOs) to become underpriced. Venture capital can serve as a moderator to mitigate the information asymmetry and value uncertainty to reduce IPO underpricing. High-tech industries significantly contribute to Taiwan’s economic growth. With the unique Taiwan data, we find that venture-backed IPOs are less underpriced. More importantly, IPO underpricing due to technology decreases with the use of venture capital and decreases with the interaction between R&D expenditure and technology. Technology requirement reduces the underpricing of high-R&D IPOs. Accordingly, R&D spending reduces the underpricing of high-tech IPOs.
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页码：423 / 445
页数：22
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