An Empirical Study On The Impact Of Ownership Structure And VC/PE On The Performance Of Neeq Companies

During the new economic normal,more and more people are encouraged to start their own businesses and to make innovations,small and medium-sized enterprises are playing a more and more important role.But they are still not able to find the effective way to solve the encountered financing problems.The strict examination of bank and the high threshold of IPO have made the small and micro enterprises feel so difficult to raise money,but the well"inclusive" and the relatively low threshold of the New OTC Market brought hope for high-tech enterprises especially the small and micro enterprises.In addition,the Qing Branch data shows that the listing of New OTC Market has become the main way to exit VC/PE and angel investment,all kinds of phenomena have shown that the New OTC Market is playing an increasingly important role in the capital market.Although the research on the ownership characteristics is very popular,but research for the New OTC Market in this area is very few.Based on the characteristics of the New OTC Market listed companies,this paper analyzes the impact of ownership concentration,ownership balance and VC/PE background on corporate performance from two aspects of theory and empirical analysis.Through extensive literature research,I finally puts forward three hypotheses of this article and select the appropriate indicators to construct the model for empirical analysis.The result shows that ownership concentration and equity balance degree all have a positive impact on enterprise performance,however VC/PE background and enterprise performance have a not significant positive correlation.After the revision of the model,I found that ownership concentration would limits the performance improvement of enterprises in turn since it reaches a certain height.Meanwhile the VC/PE background would strengthen the positive correlation between ownership concentration and corporate performance,and it will also weaken the positive relationship between equity balance degree and corporate performance.According to the conclusion of research,I also put forward relevant enlightenment and suggestions about the characteristics of ownership structure,the background of VC/PE,the advantages and disadvantages of the New OTC Market listed and what kind of enterprises are suitable to be listed on New OTC Market in the end of this paper.