本文研究我国风险投资机构在企业IPO过程中的择时行为及其影响机理。研究发现,虽然风险投资机构整体上并未帮助提高企业通过发行审核和选择市场较好的时期进行IPO的概率,但是经验丰富以及外资背景的风险投资机构具备这样的择时能力。进一步的研究发现,风险投资及其特征并不影响样本企业在短期内的择时行为,这表明IPO择时更有可能是一个基于中长期预测的规划过程。综合本文研究结果,我们认为企业应该尽量选择经验丰富、外资背景的风险投资机构,从而有助于提高企业IPO成功率,并且在市场行情相对较好的时期上市。This paper investigates the timing behavior and its mechanism of venture capital backed IPOs.In order to examine whether there exist timing behavior in VC-backed IPOs,we analyze and discuss the following questions: Firstly,does venture capitals increase the probability of companies they back passing offering supervision and timing the hot market? Secondly,whether investment experiences of the venture capitals affect their timing behavior? Lastly,whether there exist differences in timing behaviors among venture capitals with different backgrounds(government,private and foreign).In order to solve these problems,we use 1007 companies proposing IPO applications to list in SMSE and GEM as the research sample.The results indicate: As a whole,VCs did not help portfolio companies increase the probability of passing the offering supervision or timing the hot market to issue the stock.However,while sorting VCs according to experience and background,we find that experienced VCs,as well as foreign VCs possess such timing ability.Furthermore,venture capitals and its characteristics do not affect the sample enterprises’ timing behavior within a short-period,this indicates that the IPO timing is more likely to be a medium-and long-term forecast-based planning process.In a word,we advise that start-ups should select experienced foreign-backed venture,it may help to increase IPO success rates,and time the hot market to list on the market.The contribution of this paper is mainly reflected in the following aspects: on the one hand,western literature generally believed that venture capitals possessing ability of timing IPOs.However,there lack theoretical and empirical research in China's institutional context.This paper systematically analyzes timing behavior of venture capital,providing new evidence for adaptability of timing theory in China institutions.On the other hand,this paper takes China's IPO approval system into account,and studies experience and background properties of venture capitals,enriching content and level of research in IPO timing problems.国家自然科学基金项目(71172052)资