Research On The Influence Of Venture Capital And Stock Liquidity On Company Value

Under the encouragement of the state's strong support for innovation and entrepreneurship,a large number of start-up SMEs have emerged in China.In order to better promote the development of SMEs and complete the reform of China's capital market as soon as possible,the National SME share transfer system(commonly known as the "new three board Market")has emerged.At the same time,under the encouragement of national policies,venture capital institutions have developed rapidly as "entrepreneurs behind entrepreneurs".Venture capital institutions also turn their investment attention to the new third board market with development potential.With its sufficient capital and rich development experience,they provide development funds and development guidance for enterprises listed on the new third board.However,the new third board market gradually shows a trend of "lack of Stamina"after experiencing "explosive" growth.The lack of stock liquidity and the weakening of corporate value are becoming more and more serious,which seriously restricts the sustainable development of the new third board market.How to give full play to the role of venture capital in promoting stock liquidity and company value,and how to realize the win-win situation of listed companies and venture capital institutions is of great significance.Therefore,this paper selects the new third board enterprises from 2015 to 2018,and selects venture capital index,stock liquidity index,company value index and other transaction data and financial data.Besides studying the impact of venture capital and company value,venture capital and stock liquidity,and the relationship between stock liquidity and company value,it also includes the three into the intermediary effect model,and in the process of return After the regression analysis and the verification of the intermediary effect,the following conclusions are drawn:(1)the risk investment received before or after the listing will have a positive effect on the company value,and the support effect of the risk investment received after the listing on the company value is more obvious;(2)the research results of this paper support the promotion effect of the risk investment on the stock liquidity,in which the risk investment will decrease The degree of low illiquidity index is slightly higher than that of increasing turnover rate.(3)Stock liquidity can play an intermediary role in the relationship between venture capital and company value,that is,the intervention of venture capital will first improve the stock liquidity of enterprises and then improve their company value.(4)Factors such as the proportion of tradable shares,trading volume and price earnings ratio will also promote the value of the company.The conclusion of this paper has certain guiding significance for the development decision-making of listed companies and the improvement of the market as a whole.It can not only expand the existing theoretical system,but also guide the selection of venture capital and the development decision-making of improving the value of listed companies.