本研究重新檢測創投對承銷價低估的影響，並引入投聲譽變數，探討高低聲譽創投對承銷價低估是否有不同之影響。與過去研究相同，本研究中有創投介入之IPO公司有較高的折價幅度，這是因為創投需透過推行IPO來建立聲譽，以便於日後進行籌資，故會出現承銷價低估以順利推行IPO的結果。在劃分為高低聲譽創投後，發現造成新股折價為低聲譽創投參與之IPO公司，主要原因是低聲譽創投為了更快速建立聲譽地位、累積經驗，增加從資本市場籌措資金的機會。

This paper examines the premarket underpricing within a group of venture-backed and a group of non-venture-backed initial public offerings （IPOs）. Consistent with recent research, we find that venture-backed IPOs are underpriced more than other IPOs. Besides, companies backed by lower reputation venture capital are more underpriced when they go public compared to those of reputable venture firms. This stems from lower reputation venture capital firms want to establish their reputation∕experience quickly by taking firms public in order to raise limited partnership.

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