中文摘要：

风险投资（VC）与政府、银行、券商和同业之间有着重要关联,且这些关联关系构成了其重要的社会资本,使其能够发挥增值的作用,而VC与券商的关系值得重点关注。文章对创业板市场上IPO公司背后的风险投资与IPO公司聘请的保荐机构之间的合作次数进行统计,将存在2次及以上合作的界定为联盟关系,并将新股首日折价率分解成一级市场的＂内在折价率＂和二级市场的＂市场反应率＂,进而研究了VC与承销券商之间的联盟关系是否对VC参股公司在IPO定价效率上产生了影响。研究发现：相比于其他有VC持股但与券商无多次合作关系的公司以及无VC持股的公司,存在＂VC与券商联盟＂关系的公司的IPO发行价格更接近于公司的内在价值,表现为内在折价率最低;且该类公司在上市首日具有更高的市场价格,表现为市场反应率最高。这说明风险投资兼具认证效应和市场力量,并且这两种作用可能都来自于VC与券商的长期而稳定的联盟关系。文章的结论对创业板市场上的各方参与者都具有借鉴意义。

英文摘要：

The venture capital（VC）has important relationship with governments,banks,underwriters and the interbank,which constitutes the important social capital for the VC and makes the VC play the role of value increment function.And the relationship between the VC and the underwriters is especially worthy of being focused on.This paper counts the number of cooperation between VC behind IPO companies and the underwriters employed by the ChiNext companies,and defines alliance relationship with equal or more than two times of cooperation between VC and the underwriters.Then it decomposes the first-day IPO underpricing rate into the ＂intrinsic underpricing rate＂and the ＂secondary market reaction rate＂,and studies the existence of the effect of alliance relationship between VC and the underwriters on the efficiency of IPO pricing in companies whose shares the VC holds.It arrives at the results as follows：firstly,compared with companies whose shares the VC holds but which do not have several times of cooperation with underwriters,and ones whose shares the VC does not hold,the issue prices of the companies with VCunderwriter alliance-backed relationship are closer to the intrinsic value of the companies,showing the lowest intrinsic underpricing rates;secondly,such firms have higher closed prices on the secondary market,showing the highest secondary market reaction rates.The evidence shows the VC has the certification effect and market power,and these two effects may come from the long-term and stable alliance relationship between VC and the underwriters.The research conclusions are of reference significance to all the participants on the ChiNext board market.