中文摘要：

本文通过对风险投资认证假设的分析发现，由于资本来源不同，导致不同的风险投资在出现动机、参与企业的管理程度以及为企业所提供的资源等方面存在着明显差异，而这些差异可能影响其改善投资者与IP0企业之间的信息不对称程度，从而证明风险企业价值真实性的可信性会有所不同。基于这些考量，本文提出风险投资的异质性可能影响其认证作用的假设。基于中小企业板的实证分析，本文发现风险投资的异质性对抑价产生影响，其中独立风险投资降低IPO抑价程度最高，其次是企业背景风险投资，而政府背景风险投资对抑价的影响不显著。因此本文的理论分析和实证研究的结果都表明风险投资的异质性会影响其认证功能。

英文摘要：

Based on the analysis of the venture capital certification hypothesis, this paper finds the heterogeneities in investment motivation, participation in the management and the resource providing among different venture capitals. As a consequence, this may induce differences in reducing information asymmetry between investors and venture enterprises, and it also gives dif- ferent credibility about the enterprise value. Based on the analysis above, this paper proposes the hypothesis that the heteroge- neities of venture capital will affect its role of certification. Besides, the empirical study based on SME finds that the heteroge- neities of venture capital have influence on underpricing. Among them, the independent VCs reduce the degree of underpricing most, the second is VCs backed by corporate, but VCs backed by government almost have no impact.