摘要：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.
