Research On Influencing Factors Of Private Capital Participating In Venture Capital About Small-medium Enterprise

In recent years, our government has been encouraging and guiding the development of small and medium enterprises(SMEs). However, in the development of SMEs, there is a very obvious constraint-shortage of funds. Therefore, it’s realistic and necessary to analyze how to guide private capital into Venture Capital and support the development of SMEs. Analyzing and guiding private capital to Venture Capital, not only enrich the investment channel of private capital, infuse into new blood of Venture Capital but also lower the risk of financing cost of SMEs. Therefore, this thesis will do some analysis on influencing factors of private capital participating to Venture Capital about SMEs. It has certain theoretical and practice meaning.This thesis uses survey research, analytical hierarchy process(AHP) and other methods to deeply analyze influencing factors of private capital participating to Venture Capital about SMEs. Based on the full investigation and study, expert research, this thesis makes an empirical analysis. The core content of this thesis consists of three aspects. The first aspect(3rd section of this thesis) analyzes the development status of private capital participating to Venture Capital about SMEs. The second aspect(4th section of this thesis) analyzes the influence factors of private capital investing in Venture Capital about SMEs. Firstly,discourse the functional localization of principal factors. Secondly, analyze the problems in private capital participating to Venture Capital about SMEs. Then use AHP to determine the factors weights by constructing the index system of factors: Policy environment is the foremost factor whose proportion is 49.44%. For policy environment, tax policy is the most important factor. The third aspect(5th section of this thesis) gives some suggestions on guiding private capital into the Venture Capital about SMEs.The innovation of this thesis concludes two aspects. Firstly, using AHP to analyze and quantify the qualitative indicators of environmental law and policy factors, the macroeconomic environment factors, and social environment factors and so on. Secondly,constructs Venture Capital Reputation Index. Since the restrictions of expert survey sample size, this thesis has some lack in data collection and quantitative analysis. There may be some defects in factors index selection. These should be concerned and improved in the future academic research.