Explaining the Variance in Underpricing among Venture Capital‐Backed IPOs : A Comparison Between Private and Corporate VC Firms
基于资源观和多重代理理论，研究了私人风险投资与公司风险投资对IPO抑价的不同影响，发现私人VC持股与抑价正相关，公司VC持股与抑价负相关。
In this study, we argue from the resource‐based view and multiple agency theory that private and corporate VC firms have different impacts on IPO underpricing among VC ‐backed IPOs due to their different interests, motivations, and resources. Private VC firms are primarily financial oriented, but corporate VC firms generally are strategic in orientation. Using a sample of 200 VC ‐backed IPOs from 2000 to 2007, we found support for the hypotheses that among VC ‐backed IPOs , private VC ownership is positively associated with underpricing, whereas corporate VC ownership is negatively associated with underpricing. Copyright © 2013 Strategic Management Society.