Is Venture Capital Institutions' "Certification" Applicable In The NEEQ Market?

By December 31st,2016,the 10163th company has been listed on the National Equities Exchange and Quotations.Numerous start-ups and small companies,and some Internet companies included as well,can go public on the NEEQ market,gaining more equity investment and exposure thus to realize their value.However,there exist some unsolved questions in the NEEQ market,viz.1)do the "certification","referral","supervision" of the venture capital institutions still work?2)Can we believe the report issued by the analyst?3)Will the independence of analysts be affected by the venture capital(VC)?And 4)Can VC improve the corporate governance?This thesis is divided into five chapters.In the first chapter-Introduction,the background,significance,framework and innovation of the research are presented,after which in the second chapter the related mature theories is discussed and the relevant literature is summarized.Then in the third chapter,based on the combination of theoretical knowledge and factual requirements,the model hypothesis is put forward and the selection of sample and design of variables are carried out.The pertinent empirical analyses are followed up in the fourth chapter,including descriptive statistical analysis,correlation test,and regression analysis and robustness test.Finally,the present study is summarized in the fifth chapter.The main theses argued in this study are as follows:(1)venture capital investment will significantly increase the exposure of the invested companies for the research institution,realizing the role of "recommendation";(2)"influential"institutions and "star" analysts can select the stocks despite the impact of venture capital institutions;(3)the rating of the research report is excessively optimistic,while the impact of VC on the rating result is relatively small;(4)the independence of analysts' forecast of profit is significantly affected by VC,leading to the overestimation of the forecast;(5)invested companies are inclined to the market transactions or classified into the innovation layer,functioning as "certification" and"referral" in the NEEQ market.As a new capital market,the NEEQ market is still in the developing,owing to which plenty of unresolved puzzles can be explored,the combination of these traditional theories with the NEEQ samples is rare.