| At present,China's economy is in a period of structural adjustment and transformation.In order to deepen reform and cultivate new economic growth points,the Chinese government has issued a series of policies to encourage and promote the development of innovation and entrepreneurship.Driven by these policies,the venture capital(VC)industry has been greatly encouraged,and the construction of the capital market has also entered a new stage of development.According to data,the amount of China's VC in 2019 was 763.094 billion yuan,and the number of VC cases was 8,234.China has developed into the world's second largest VC market.For the capital market,China has continuously improved the structure of the multi-level capital market,including upgrading the New Third Board(National Equities Exchange and Quotations,NEEQ),setting up the Science &Technology Innovation Board,and improving the Growth Enterprise Board.Among them,the promotion of the New Third Board(NEEQ)has a more direct and profound impact on supporting the development of SMEs and advancing the implementation of the ‘Double Innovation Strategy'.This is because that the New Third Board is a financing platform dedicated to serving innovative,entrepreneurial,and growing small,medium and micro enterprises.Companies listed on the NEEQ are really small,medium and micro enterprises.They cannot meet the listing conditions of the Main Board,Small and Medium Board,Growth Enterprise Board,and Science &Technology Innovation Board,but they have financing demands and development aspirations.The number of these enterprises is relatively large.The largest number of enterprises on the NEEQ was 11630 at the end of 2017.The author believes that there is a close relationship between Venture Capital and the New Third Board.They all belong to the important pillars of the ‘double innovation strategy' framework.They have a common policy goal,which is to cultivate the growth of SMEs and promote the development of innovation &entrepreneurship.However,it is regrettable that the previous scholars did not accumulate much research results on the topic about ‘Venture Capital and the New Third Board'.The previous scholars paid more attention to the impact of VC on listed companies,but less on VC and over-the-counter(OTC)market companies.The previous scholars paid more attention to the impact of VC on micro-enterprises,while ignoring the impact mechanism and macro spillover effects of VC.Considering the above realistic background and research deficiencies,this thesis takes the OTC market as the research object,and discusses the impact and mechanism of VC on invested companies from a micro level.In view of the role of VC is not limited to invested companies,it may have external effects on the entire industry or region.Therefore,discuss the spillover effect and spillover mechanism of VC from the macro level.Through theoretical and empirical research,this thesis obtains policy enlightenment,which provides a useful reference for giving full play to the mechanism of VC and fully releasing spillover effects of VC.With the international economic environment continues to deteriorate,the global epidemic has not yet been alleviated,and China's economy has entered a new normal period of medium-to-low growth.For China,in order to achieve transformationupgrading and high-quality development,the key lies in whether innovation and entrepreneurship can be popularized on a larger scale and promoted at a higher level.While the main entity of innovation and entrepreneurship is small,medium and micro enterprises(SMEs).The development of SMEs requires not only capital,but also a healthy capital market platform as a link to connect capital with SMEs.Undoubtedly,the New Third Board is this important link.Therefore,using SMEs as the starting point to discuss the impact of VC on the New Third Board and the spillover effects has important practical significance in theory and practice.This thesis focuses on the impact of VC on the value of the NEEQ and its spillover effects.The author systematically explored this topic by comprehensively using various methods such as empirical research method,mathematical model method,mechanism analysis method,and case analysis method.The logical context of this thesis is ‘Propose Questions ? Research Summary ? Theoretical Basis &Realistic Basis ? Theoretical Analysis & Mechanism Analysis ? Empirical Test ?Conclusion'.This thesis consists of three parts.The first part ‘Problem Posing' is divided into 4 chapters.Among them,Chapter 1 introduces the background and research design of this research;Chapter 2 is a review of relevant domestic and foreign literature;Chapter 3 defines the basic concepts involved in this research and sorts out related theories;Chapter 4 describes the evolution and current situation of China's VC and the New Third Board.The second part ‘Analyzing Problem' is the core of this thesis,and it includes 3 chapters.Chapter 5 is the theoretical analysis and mechanism discussion on the impact of VC on the value of NEEQ companies and spillover effects;Chapter 6 empirical analyzes the impact and effect mechanism of VC on NEEQ enterprises value from a micro perspective;Chapter 7 verifies the spillover mechanism and spillover effect of VC on the New Third Board from a macro perspective.According to the first two parts of the research,the third part focuses on ‘Problem Solving'.Chapter 8 summarizes the research conclusions,and extends the corresponding policy enlightenment and research prospects.The research conclusions are as follows:(1)Mechanism deduction shows that,(1)VC plays a positive role in the investment of NEEQ enterprises through the governance mechanism,certification mechanism,and support mechanism.The effective operation of the VC mechanism requires certain conditions.Such as startup companies have a corporate culture of trusting VC.Venture capitalists' reputation is expensive and hard to recover.VC and venture companies can establish a constructive interactive relationship.(2)VC invested in NEEQ companies exerts spillover effects through resource allocation mechanisms,competition &cooperation mechanisms,and collaboration link mechanisms.Among them,the competition & cooperation mechanism promotes the industrial structure advancement,and the collaboration link mechanism promotes the industrial structure rationalization.Currently,the amount of VC invested in the NEEQ companies is small and scattered.Therefore,the spillover effects of VC through the cooperative link mechanism may be weakened.The effective operation of the spillover mechanism of VC also requires certain conditions.Such as the government has appropriate guiding policies.The market environment has moderate competition.SMEs have absorptive capacity.The capital market system is sound and effective.(2)The empirical results at the micro level show that,(1)VC has significant positive effects on the value of the NEEQ enterprises,and this positive effect is not the result of the self-selection effect of VC;(2)VC can improve the value of the NEEQ enterprises by improving the corporate governance,stock liquidity and external financing ability,that is,in the process of VC affecting the value-added of NEEQ enterprises,there are mediating effects of governance,certification and support.Among them,stock liquidity(certified role)shows a complete mediating effect,indicating that the improvement of information efficiency plays an important role in the process of VC affecting the value-added of NEEQ enterprises.(3)Further explore the effects of VC investment on the NEEQ enterprises with different characteristics.It is found that the heterogeneity of the NEEQ enterprises in terms of income growth ability,intangible assets ratio,governance norm,stock liquidity,and equity financing has a positive impact on the value-added effect of VC.The heterogeneity of firm size and debt financing has a negative impact.(3)The empirical results at the macro level show that,(1)VC has a spillover effect by amplifying the impact to the macro level through micro-enterprise entities,which means the path of ‘Venture Capital ? NEEQ Enterprise Value ? Industrial Structure Advancement' exists(competition & cooperation mechanism exists).The path of ‘Venture Capital ? NEEQ Enterprise Value ? Industrial Structure Rationalization' also exists(the cooperation link mechanism exists).(2)VC in the New Third Board has significant spillover effects on the industrial structure advancement,but not significant spillover effects on the industrial structure rationalization.(3)The same conclusion is obtained when considering the space factor.VC on the NEEQ has a significant spatial spillover effect on the industrial structure advancement,and the spatial spillover effect exceeds the direct effect.The spatial spillover effect of VC on the industrial structure rationalization is not significant.(4)The above conclusions show that the support of VC on the NEEQ has indeed promoted the development of innovative and entrepreneurial SMEs,and to a certain extent promoted the evolution of innovation-led industries,which has a spillover effect on the industrial structure advancement.But the effect on industrial integration has not been reflected.This is because the amount of VC on the NEEQ is relatively small.The lack of liquidity in NEEQ and the limited price discovery function have also affected the realization of capital operations such as corporate mergers and acquisitions.Therefore,it is difficult for VC to guide the industry to integrate,associate,and gather.That is,at this stage,it is difficult for VC to support the NEEQ companies to exert the spillover effect of industrial structure rationalization.In view of this,it is necessary to further cultivate the development of VC and the NEEQ market.While forming a scale,it must have quality,so that while VC supports NEEQ enterprises,it will not only better exert the spillover effect of the industrial structure advancement,but also the spillover effect of the industrial structure rationalization is released.VC can better help SMEs grow and promote the optimization of industrial structure.Based on the above conclusions,the following policy implications are obtained:(1)Actively develop VC and promote its support to the NEEQ companies so as to give full play to the value-added effect and the spillover effect of industrial structure optimization(including advancement and rationalization).(2)VC institutions should improve their professional operation level,then actively participate in the supervision and management of NEEQ companies.NEEQ companies should abandon the cultural concept of family business that only wants financial support and is unwilling to accept the management of venture capitalists.(3)Promote the construction of the multi-level capital market,broaden the exit channels for VC,accelerate the reform of the capital market,and optimize the efficiency of resource allocation in the financial market.(4)Improve NEEQ enterprises' absorptive capacity & core competitiveness,and improve the market competition mechanism.The NEEQ enterprises should focus on the cultivation of core technologies,innovation capabilities and long-term competitiveness.(5)Improve the liquidity of the New Third Board,enhance enterprise value and promote resource integration.Further promote the spillover effects of industrial structure rationalization about VC.Possible innovations:(1)Expand the research boundary of Venture Capital.First of all,most of the previous scholars conducted research using listed company data as samples.This thesis takes the NEEQ companies in the OTC market as the research object.Secondly,the existing research results mostly focus on the impact of the heterogeneity of VC on companies.This thesis discusses the impact of the heterogeneity of NEEQ enterprises on VC.Last but not least,the impact of VC may not be limited to companies that accept investment.Based on the investment of VC in NEEQ companies,the spillover effect is further explored,and spatial spillover effects are tentatively analyzed.Supplement and expand research results in the field of Venture Capital.(2)Enriched the research results of the mechanism about VC on SMEs.At present,no scholar has explored the internal mechanism and function path of VC 's influence on enterprise value from the perspective of the intermediary effect model.This article puts the governance role,certification role,and support role into the same analytical framework,and explains the mechanism of the impact of VC on enterprise value from a quantitative perspective.At the same time,based on the unique scenario of the New Third Board,analyze the conditions for the effective operation of the VC mechanism.Evaluate the role of VC more objectively,enriching relevant research results.(3)Reveal the working principle of the VC spillover mechanism.The spillover mechanism is like a ‘black box'.It is a complex system.And it is the force or rule that drives the spillover effect of VC.Existing research results have seldom discussed the VC spillover mechanism.Enterprises are the main entities of the market and the cells making up the industry.From the perspective of the enterprise,explore the VC spillover mechanism.And draw on the classic biological mathematics Lotka-Volterra model to describe the spillover effect of VC.This tentative exploration has enriched the research results of spillover effect. |
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