中文摘要：

实证分析发现，香港创业板市场有风险投资持股公司的发行价格要高于无风险投资持股的公司。风险投资持股显著影响着发行公司IPO时机的选择，无风险投资持股的公司会选择在其经营业绩最好的时间上市，有风险投资持股的公司则不然。研究还发现具有风险投资持股公司IPO后的经营业绩和市场表现并不好于无风险投资持股的公司。研究结论支持风险投资在香港创业板市场已初步具有西方发达证券市场那样的“认证”功能，有风险投资持股的公司被市场认为具有良好前途的信号，但风险投资并不具有为其持股公司提供增值服务的功能。

英文摘要：

Taking Hong Kong GEM as the samples, we find that VC-backed IPOs are involved in higher underpricing and offer price than non VC-backed IPOs.. There are significant impacts of Venture Capital on IPO timing. Non VC-backed IPOs carry out Initial Public Offerings when their operating performances are best, but VC-backed IPOs are different. In addition, we also find that VC-backed IPOs perform no better than non VC-backed IPOs after IPO. The finding partially supports Certification/Monitoring Model postulation that VCs have certification roles .That is, VCs certify the companies in which they invest as the most promising ones, but VCs don＇t add value to them in HK GEM.