Résumé
We study how IPO reforms transmit to venture capital (VC) markets using the introduction of China’s entrepreneurial boards, ChiNext and the registration-based STAR. We document that both boards attract younger, higher-growth firms with weaker fundamentals in levels, but postIPO growth persists for ChiNext firms while decelerating sharply for STAR firms. VC backing plays different roles across regimes: on ChiNext it aligns with valuation premia and long-run outperformance, whereas on STAR it mainly predicts higher first-day returns. To identify causal effects on VC allocation, we construct novel text-based regulatory exposure measures from listing documents using keyword matching and Sentence-BERT semantic similarity, and show that VC financing reallocates toward firms more aligned with "supported" activities.
Mots-clés
IPO Reforms; IPO Listing Requirements; Venture Capital; Business Description; BERT; China;
Codes JEL
- G24: Investment Banking • Venture Capital • Brokerage • Ratings and Ratings Agencies
- G28: Government Policy and Regulation
Référence
Yue Fei, Ulrich Hege et Xiao Jia, « IPO Reform and Venture Capital: Evidence from China” », TSE Working Paper, n° 26-1732, avril 2026.
Voir aussi
Publié dans
TSE Working Paper, n° 26-1732, avril 2026