Based on the data of companies that got ChiNext listed from 2009 to 2018, this paper empirically studies the relationship among R&D investment, venture capital (VC) syndication and IPO underpricing. It is found that there is a significant positive correlation between R&D investment and IPO underpricing, indicating that the higher the R&D investment is, the higher the IPO underpricing degree is; the intervention of VC syndication plays a role of “adverse selection” instead of giving play to its advantages of sharing information, which intensifies the positive correlation between R&D investment and IPO underpricing. Further analysis shows that the reputation of the leading VC in syndication can play a negative regulating role; the higher the reputation of the leading VC is, the more it can play the “certification effect”, reduce the information asymmetry caused by R&D investment, therefore alleviating the IPO underpricing caused by R&D investment.
The Public-Private Partnership (PPP mode) has been widely used in the field of transportation infrastructure. It can relieve the debt pressure of local governments and improve the efficiency of resource allocation. However, due to the long life cycle of urban rail transit PPP projects and numerous participants, the potential risks arising from the coordination of multi-party relations have become a major obstacle to the development of urban rail transit PPP mode. Based on the perspective of the PPP project company (SPV), this paper adopts the method of fuzzy analytic hierarchy process, takes Shenzhen Metro Line 4 project as the research object and constructs the risk index system from nine dimensions to evaluate the risks of PPP project. Political risk, legal risk and project promotion risk are the most important risk indicators, while relationship risk and force majeure risk take the lowest proportion. According to the above results, the risk management system, risk sharing scheme and countermeasures in key risk areas are proposed. The study not only applies the fuzzy analytic hierarchy process to the research of urban rail transit risks, but also provides a systematic risk assessment basis and prevention and control reference for the smooth implementation of PPP projects.
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