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has been cited by the following article:

• TITLE: Technology, R & D and IPO Underpricing: The Moderator Effect of Venture Capital

  AUTHORS: Anqi Wang

  KEYWORDS: IPO Underpricing, Venture Capital, Technology, R & D, Moderator Effect

  JOURNAL NAME: Journal of Service Science and Management, Vol.11 No.6, December 20, 2018

  ABSTRACT: This paper draws up on the companies that completed IPO in GEM to investigate the influence of R & D and technology on IPO underpricing, and venture capital (VC)’s moderator effect on this influence. We find that information asymmetry causes high-R & D and high-tech IPOs to become underpriced. VC can play the certification role to mitigate the positive correlation between technology and IPO underpricing, while VC cannot serve as a supervisor and therefore strengthen the positive correlation between R & D and IPO underpricing. More importantly, IPO underpricing 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. Our result is more significant for the companies with VC background.