| Along with the launch of Shenzhen SME Board, the domestic SMEs have obtained a more effective financing channel. The interaction between VC and SME also becomes a hot issue. This article has analyzed the correlative datas from 136 listed companies on SME Board since June 25, 2004 to May 30, 2007. The result shows that VC-SMEs have obvious industrial and regional characteristics. VCs pay more attention on long-term development, and may not launch IPO when the revenue reaches the ceiling. VC-SMEs don't have remarkable better IPO price, PE and performance than those without VC, but in short term, their trading price are higher.These results are different from similar research of European, American, HK and Taiwan market. Domestic VC is still quite young, and its philosophy and operation capability need to be improved gradually. The experience of SME Board could be very useful for system design of the coming Growth Enterprise Board and the operational regulation of domestic VC. |
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