The Role Of Venture Capital In Subsequent Financing Capital Of Listing Of Small And Medium-Sized Enterprises

With the election of the new Administration,An expanded in-depth reform have been push on the agenda.At the standing meeting of the State Council in the last year,The Prime Minister Li Ke Qiang has repeatedly to ease the financing of small and medium enterprises,financing difficulties in the meeting.From this,we can find that financing difficulties,financing expensive of small and medium enterprises and rural areas are one of the new government's most concerned about the livelihood of the people.The correct choice of financing methods can play a role in the treatment of the problem of solving the financing problem.Stocks listed on the stock exchange are considered to be the most ideal way to exit the venture capital,the main reasons:The venture capital can get high profit returns from the IPO of enterprise.Therefore,the domestic and foreign scholars studied the impact of venture capital on IPO.It is precisely because of this withdrawal mechanism part of the risk of investment,the choice of the subsequent financing preference,most of the scholars believe that Venture capital is not the main influencing factor of the subsequent financing preference.Therefore,to explore the impact of venture capital on the subsequent financing preference of listed companies,to a certain extent,enrich and improve the theoretical research on the role of venture capital in the whole process of enterprise.With the growth of venture capital and its excellent performance in the securities market of our country,the research on the role of venture capital is increasing.But,There are some disadvantages in these studies,1.there are not many articles focus on this theory,using empirical methods especially combined with the actual situation of China's capital market especially the gem research.2.there are not many articles focus on the study of risk investment institutions in the company is not listed on the stage,but very little to its research in the company after the listing of the subsequent financing preference.Therefore,it is important to study the affect of the investment risk of enterprises of small and medium-sized enterprises financing preference follow-up research.This has important theoretical and practical significance for small and medium sized enterprises to solve the financing problems of listed follow-up and the healthy development of the investment and financing market.This article selects the GEM listed companies as the initial sample,and In accordance with the following standards of screening:1.The annual financial data and market transaction data to calculate the majority of variables in the model are needed in a year ago,so this article excludes the year after listing of sample;2.Excluding ST,the financial industry and incomplete data company.Get the final sample:The effective sample size is 150,the participation of venture capital institutions sample of 86 enterprises,do not participate in the risk investment institutions sample of 62 enterprises.This article selects four dimensions of risk investment:risk investment or not;risk investment institutions stake in the invested enterprise;the background of risk investment institution;the members of venture capital institutions whether to serve as corporate executives.The ratio of debt financing and the ratio of equity financing are dependent variable.The research results show that venture capital can promote the listing and financing of small and medium-sized enterprises,and tend to choose debt financing.Thus the risk investment has a major impact on the subsequent listing and financing of small and medium-sized enterprises,small and medium-sized enterrprises will impel the listed companies tend to choose debt financing.