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Venture Capital Backing and Issuance of Seasoned Equity Offerings: Evidence from China
Juncheng Li,Songling Yang,Hemei Li,Qiuyue Zhang,Qianqian Shi 한국증권학회 2020 Asia-Pacific Journal of Financial Studies Vol.49 No.6
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.