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Based on the data of companies that got ChiNext listed from 2009 to 2018, this paper empirically studies the relationship among R&amp;D investment, venture capital (VC) syndication and IPO underpricing. It is found that there is a significant positive correlation between R&amp;D investment and IPO underpricing, indicating that the higher the R&amp;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&amp;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&amp;D investment, therefore alleviating the IPO underpricing caused by R&amp;D investment.

Enterprises’ R&D Investment, Venture Capital Syndication and IPO Underpricing