Research On The Influence Of The Property Right Of Venture Capital On The Corporate Governance Of The NEEQ-listed Companies

With the country's attention and policy support,the entrepreneurial threshold in China has been continuously reduced,and the entrepreneurial environment has been constantly optimized,which makes a large number of new start-ups emerge in recent years.Most start-ups will seek venture capital as an important source of financing due to their own financing channels.Venture capital institutions not only provide financial support for enterprises,but also bring additional service to them because of their professional advantages in social resources and management.Venture capital institutions can be divided into governmental investment institutions and private investment institutions according to their different property.Venture capital institutions with different property rights are different in terms of market positioning,investment style,financing channels,and managers' incentive compensation mechanisms.There are also differences in risk tolerance and investment decision-making mechanisms.Such difference will be reflected in the post-investment management,which also leads to different aspects and different degrees of influence on the corporate governance.Based on the above background,this article takes JD Capital and SCGC Capital as examples to analyze the impact of government-background venture capital institutions and private venture capital on the governance methods and governance effectiveness of participating companies.The research has two main meanings.From a theoretical perspective,the existing research usually selects a venture capital institution,and conducts research on the invested enterprises of the institution,or carries out an empirical research on the companies it invests in.Few current academic achievements compare the venture capital institutions with different backgrounds in the way of case study.Therefore,this study helps to deepen people's understanding of the impact of venture capital institutions with different property rights on corporate governance.From the perspective of practical significance,this article starts from the nature of property rights,researches the characteristics of Sample Firms' equity structure,equity checks and balances,etc.,as well as the impact of risk investment interventions on the change of corporate governance methods of participating companies,and makes relevant recommendations.It is hoped that it can be a reference for regulatory authorities to reasonably guide and standardize the development of venture capital industry,promote the marketization of venture capital and reform of government background venture capital institutions.In this paper,case study and comparative analysis are both used as the research method.The NEEQ-listed companies of JD Capital and SCGC Capital are listed as the research samples to make the analysis of the influence of the property of venture capital on the corporate governance of the NEEQ-listed companies and analyzes the reasons.Descriptive statistics method is used to analyze the impact of venture capital property on corporate governance characteristics of the invested company.T test analysis method is used to explore the impact of venture capital background on the companies' governance.Then,we use principal component analysis method to analyze relevant indicators,and construct a comprehensive evaluation index of corporate governance to measure the comprehensive level of corporate governance of sample firms.Finally,the paper also uses qualitative analysis method to study the reasons for the similarities and differences of the impact of venture capital on investment companies under different property rights.The study found that,compared with JD Capital,state-owned enterprises like SCGC Capital has better corporate governance for the companies they invest.This paper also analyzes the causes of the research results,and puts forward some suggestions such as the reform of risk investment industry should be alert to the drawbacks of full market;establishing post investment management and supervision system and exploring diversified investment management modes for venture capital institutions.