Venture Capital Investment And SME IPO Performance Studies

The establishment of the SME board in Shenzhen not only provides a reliable financing platform for China's small-and-middle-sized enterprises, but also promotes the rapid development of the venture capital industry in our country which is still in its infancy stage. The establishment of the SME board also contributes to the establishment of the GEM and the development of start-up high-tech enterprises laid Basis.This article focuses on the correlation between venture capital background and the IPO accounting performance of SMEs. Based on the summary of the results coming from the relevant theoretical and empirical research at home and abroad, I construct the theoretical framework of studying the relationship between the venture capital background and IPO operating performance, verifying the hypothesis that the venture capital investment improved the company's long-trem operating performance after the initial public offering by constructing an empirical model. This article also found that there is positive significant correlation between the degree of venture capital equity restriction and the company's long-term post-IPO operating performance which shows that the companies with more venture capital shares compared to the first shareholder will have better post-IPO operating performance. After that I found that the companies with venture capital investment has high IPO underpricing level and better long-term market performance compared to those without venture capital investment.This article is divided into eight parts. The first part is an introduction, a brief introduction of the SME board of the situation and the development of venture capital industry and an important role, leads to this topic and research ideas; The second part is a literature review, a detailed review of the venture capital industry for domestic and foreign scholars, IPO performance of venture capital and corporate venture capital relationship, as specified in the direction of this research building roads and provide the theoretical basis of the framework; The third part is the theoretical assumption, the system described ideas and framework for this study, the proposed study Assumptions; The fourth part is the sample matching; The fifth part is the empirical study of the relationship between the venture capital investment and the companies'long-term operating performance; The sixth part is the empirical study of the relationship between the venture capital investment and the companies'IPO underpricing level; The seventh part is the empirical study of the relationship between the venture capital investment and the companies' long-term market performance; The eighth part is the conclusion of the article, to review the work of the entire article, analysis of the inadequacies of the process, and some prospects for future research.