Can Venture Capital Affect The Investment And Financing Behavior Of NEEQ Listed Enterprises?

NEEQ is a special market in China's multi-level capital market,which has three main characteristics:first,NEEQ listing threshold is low,most of which are small and medium_sized enterprises;second,there are many innovative venture enterprises;third,most of the NEEQ listing enterprises are private enterprises.Small and medium-sized enterprises are an important part of China's economic development.It is of great practical significance to study the investment and financing behavior of these enterprises.In the NEEQ,venture capital involvement is more common,so how will venture capital affect the investment and financing behavior of these small and medium-sized enterprises?Considering that the previous studies mostly focused on mature listed companies in Shanghai and Shenzhen Stock Exchanges,and because of the particularity of the NEEQ listed companies,the impact of venture capital on their investment and financing behavior may be different from other stock markets,this paper attempts to analyze the role of venture capital in the NEEQ in order to provide guidance for practice.Based on the relevant data of the NEEQ listed companies from 2015 to 2017,this paper makes an empirical analysis,and draws the following conclusions:(1)With the intervention of venture capital,the inefficient investment behavior of the NEEQ enterprises decreases and the investment efficiency improves.(2)In the case of venture capital involvement,it can provide "certification effect" to the outside,improve business performance,strengthen the confidence of the outside investors in the invested enterprises,thereby enhancing the external equity financing ability of the NEEQ enterprises.(3)Although the state-owned background of venture capital or joint investment has both positive and negative effects,these characteristics will not significantly change the investment efficiency of the NEEQ enterprises.In addition,compared with non-state-owned venture capital,state-owned venture capital can not significantly enhance the external equity financing of NEEQ enterprises.When joint investment,it can help enterprises attract external investors and obtain more external equity financing to a certain extent.