Study On The Impact Of Venture Capital On Financing Efficiency Of NEEQ Enterprises After Private Placement

Many innovative companies and small and medium-sized enterprises have played an important role in the development of China's national economy.National Equities Exchange and Quotations provides a platform for the growth and financing of these numerous innovative companies and small and medium-sized enterprises,and has become an important part of China's capital market.Private placement is the most special and common financing channel in the current market.However,financing difficulties and capital-used efficiency are still common problems faced by many small and medium-sized enterprises.In addition,the rapid development of the market has continuously attracted more participation of venture capital(VC).In this regard,this paper combines the three dimensions of private placement financing,financing efficiency and VC participation,and propose the following research questions based on the theory of financing efficiency and the theory of action mechanism of venture capital:First,will the participation of VC affect the financing efficiency of NEEQ enterprises?Second,how does the difference in the characteristics of VC affect the financing efficiency of NEEQ enterprises?This paper chooses the private placement of NEEQ enterprise from January 1st,2016 to December 31st,2018 as the research sample,and removes the samples that do not meet the requirements according to certain standards.The DEA model was used to calculate the financing efficiency of sample enterprises,which is taken as the explained variable of the regression model.And the participation of VC,the non-state-owned background,reputation and association of VC are taken as explanatory variables to conduct an empirical study on the impact of VC on the financing efficiency of NEEQ enterprises.The main conclusions in this study are as follows:(1)Enterprises supported by VC have relatively higher financing efficiency after private placement.(2)Enterprises supported by non-state-owned VC have relatively higher financing efficiency.(3)Enterprises supported by VC with high reputation have relatively higher efficiency after private placement.(4)Joint VC has no significant influence on the financing efficiency.This paper also has a certain degree of innovation:Firstly,previous studies on the financing efficiency tend to focus on the main board,growth enterprise market and small and medium-sized board market.This paper focuses on the NEEQ,which started and developed relatively late.Secondly,on the basis of previous studies on the financing efficiency,this paper introduces the venture capital as a main factor to consider the impact of VC on the financing efficiency of NEEQ enterprises.Finally,the Data Envelopment Analysis method is used to construct the explained variables.This paper combines DEA model and regression model in order to enrich the research content.