An Empirical Study On The Impact Of Venture Capital On The External Financing Of NEEQ Listed Enterprises

Since the NEEQ(National equities exchange and quotations)is expanded in 2013,it has achieved rapid development in the number of listed enterprises and the legal system.The establishment of NEEQ make our multi-level capital market become more consummate and abundant,and it provides a new path for the financing of small and micro enterprises.Small and medium-sized enterprises have difficulties in financing,and the venture capital is the important force to solve the financing problem of small and medium-sized enterprises.Because the establishment of NEEQ broadens the exit channel of venture capitals,and the participation of venture capitals in the NEEQ becomes more generally.The enterprises in the NEEQ is different from other markets,so that the impact of venture capitals to the enterprises may be particular,and doing a research about the impact of venture capitals to the financing of enterprises has important significance.In this paper,based on the data after three years(2013-2015)of expansion of NEEQ,I analyzes the differences between VC-backed enterprises and non-VC-backed enterprises in the external financing in NEEQ.I come to the following conclusions:(1)VC-backed enterprises can raise more equity capital and more debt capital than non-VC-backed enterprises,and the debt cost of VC-backed enterprises is lower;however,VC-backed enterprises will maintain low debt ratio.(2)Government-sponsored venture capitals(GVCs)turn to make the enterprises to have more equity capital and more debt capital than non-GVCs,and GVCs-backed enterprises can also have lower cost of debt capital;besides,GVCs-backed enterprises will maintain high debt ratio.