The Influence Path Of Venture Capital Heterogeneity On The Value Of Small And Medium-sized Enterprises

At present,Venture Capital and Private Equity investment have become an important way of financing Small and Medium-sized Enterprises(SMEs)in China.When alleviating the problem of financing difficulties for SMEs,Venture Capital can increase corporate value by participating in corporate governance of SMEs and other methods.However,in the existing research,there are different degrees of proof and views on the "certification supervision hypothesis" and "name-by-name hypothesis" of Venture Capital.Whether Venture Capital can really create value for SMEs and how to create value for enterprises deserve further study.In view of this,based on the information asymmetry theory,social network theory,value creation theory,and stakeholder theory,this article studies the relationship between the heterogeneity of Venture Capital and the value of SMEs,and establish a theoretical analysis framework for the path of the heterogeneity of Venture Capital affecting the value of SMEs.The reaserch reveals the mechanism of heterogeneity of Venture Capital affecting the value of enterprises,in order to provide a useful reference for the behavioral decisions of government departments,Venture Capital institutions,and corporate.On the basis of theoretical analysis,this paper selects 878 companies from National Equities Exchange and Quotations(NEEQ)innovation layer in 2018 as the research object,and uses its data from 2015 to 2018 to conduct an empirical test and draw the following conclusions:Venture Capital can play a certain degree of certification supervision and value-added services.Venture Capital participation can directly help SMEs to increase value,and it can also indirectly create value for the enterprise by improving the internal control system of the enterprise and improving the innovation capabilities of the enterprise in various aspects,but it has no significant effect on corporate social responsibility.In terms of Venture Capital heterogeneity,Venture Capital joint investment can directly enhance corporate value through its social network relationships,and can also indirectly create value for the enterprise through three paths: internal control,innovation ability,and social responsibility;The duration of Venture Capital investment has a limited effect on the direct promotion of the value of SMEs.Its role is not as significant as joint investment and has a certain lag.It has a limited effect on corporate value through the pathof internal control.There is a lag in the promotion of the Venture Capital investment period on SMEs’ social responsibility.VC joint investment shareholding ratio and main VC shareholding ratio have significant or insignificant negative impacts on corporate value,internal control,innovation ability,and social responsibility,and they will more or less reduce the quality of internal control and inhibit innovation to indirectly reduce corporate value.The conclusion indicates that Venture Capital is more motivated by name and profit when deciding on the shareholding ratio.The conclusions of this study are helpful to deepen the research on the impact of Venture Capital heterogeneity on the value of SMEs.These can help companies to effectively use Venture Capital to enhance corporate value,so as to make better use of the value creation effect of Venture Capital;and help the scientific operation of Venture Capital institutions to better provide value-added services to SMEs;and help the government to strengthen the guidance and supervision of Venture Capital and achieve the optimal allocation of resources.