Venture Capital Backing and Issuance of Seasoned Equity Offerings: Evidence from China* - 文章详情页

作者：

Yang, Songling (Yang, Songling.) | Li, Hemei (Li, Hemei.) | Li, Juncheng (Li, Juncheng.) | Zhang, Qiuyue (Zhang, Qiuyue.) | Shi, Qianqian (Shi, Qianqian.)

收录：

SSCI Scopus

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.

关键词：

Information asymmetry Venture capital Cash needs SEO underpricing Seasoned equity offering

作者机构：

[ 1 ] [Yang, Songling]Beijing Univ Technol, Sch Econ & Management, Beijing, Peoples R China
[ 2 ] [Zhang, Qiuyue]Beijing Univ Technol, Sch Econ & Management, Beijing, Peoples R China
[ 3 ] [Shi, Qianqian]Beijing Univ Technol, Sch Econ & Management, Beijing, Peoples R China
[ 4 ] [Li, Hemei]Renmin Univ China, Sch Finance, Beijing, Peoples R China
[ 5 ] [Li, Juncheng]Chinese Acad Social Sci, Inst Finance & Banking, Beijing 100028, Peoples R China

通讯作者信息：

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

电子邮件地址：

ljc_cufe@163.com

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