The article investigates the impact of stage financing and syndication practices on the underpricing level of venture-backed firms (VBFs) undertaking their initial public offerings (IPOs). This empirical study uses a unique hand-collected data set concerning more than 260 VBFs that went public on Euronext Paris and Alternext between 1997 and 2013. Our findings suggest a lower level of underpricing for firms backed by syndicated venture capital investment. Additionally, we find that the syndicate size is negatively associated with the level of underpricing. However, there is no evidence that stage financing has a significant impact. Syndication thus appears to be the only relevant mechanism to improve IPO performance (measured by the underpricing level), as it reduces agency costs and information asymmetry between the different stakeholders in an IPO process.

中文翻译：

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风险投资公司IPO抑价中的阶段性融资和银团：风险投资和IPO抑价

本文调查了阶段融资和银团做法对风险投资支持公司 (VBF) 进行首次公开​​募股 (IPO) 的抑价水平的影响。这项实证研究使用了一个独特的手工收集数据集，涉及 1997 年至 2013 年间在巴黎泛欧交易所和 Alternext 上市的 260 多个 VBF。我们的研究结果表明，由银团风险投资支持的公司的定价偏低水平较低。此外，我们发现辛迪加规模与抑价水平呈负相关。然而，没有证据表明阶段融资有重大影响。因此，银团似乎是提高 IPO 表现（以抑价水平衡量）的唯一相关机制，