Research On The Impact Of Venture Capital On The Discount Rate Of Corporate Private Issuance

The importance of innovation and entrepreneurship has become increasingly prominent in recent year.The economy in China has entered a new normal of innovation-oriented medium and high-speed development.Venture capital,as an important carrier serving the national innovation strategy,continuously cultivates innovative small and medium-sized enterprises,while venture capital and small and medium-sized enterprises serve as venture capital replenishers and innovation and entrepreneurial capital demanders respectively,which jointly increase scientific and technological productivity and stimulate my country’s economic development.Foreign academic circles have two mainstream theories on the impact of venture capital on enterprises:certification supervision theory and information display theory.Due to the different maturity of capital markets in different countries,and China as an emerging capital market,the development and performance of venture capital needs to be studied.With the multi-level development of the capital market,the NEEQ has rapidly expanded as a soil for SME financing,becoming the third national securities trading market after the Shanghai and Shenzhen Stock Exchanges.There are many relevant studies on the discount rate of private placement,but most of them explain the influencing factors of the discount rate of private placement by focusing on the purpose of the placement,the types of shareholders who subscribe for the placement,the difference in individual stock sentiment and the difference in the pricing base date.Based on the theory of information asymmetry,corporate governance and commissioned generation theory,this paper studies the discount issue of private placement from the perspective of venture capital,expands the relevant research in the field of corporate private placement and provides a new perspective for the study of this issue.Through systematic theoretical analysis and empirical research,based on the sample data of private placement of small and medium-sized enterprises in the new third board market from 2016 to 2020,this paper conducts related research on the issue of "the impact of private placement discount rate.This article starts from the tiered system of venture capital participation and shareholding ratio,and the new third board market,and explores the mechanism of its influence on the discount rate of private placement.First of all,a descriptive analysis and independent sample T test are carried out on the discount rate of private placement and various financial indicators on the NEEQ.Then,under this premise,empirically analyze the hypotheses mentioned in the article one by one and compare the regression results of the mixed effects,fixed effects and random effects models.Finally,it adopts PSM propensity matching and then returns and replaces explanatory variables to conduct a robustness test to explore the influence of venture capital,shareholding ratio,and enterprise level on the discount rate of the company’s private placement.The main conclusions are as follows:First,the discount rate of private placement of venture capitalbacked companies on the NEEQ market is significantly lower than that of non-risk-backed companies,which validates the role of venture capital in information disclosure and supervision functions;Second,companies with a high proportion of venture capital holdings mean that part of the shareholders’ equity is diluted,and the behavior of shareholders’interest transfer is supervised,so they exhibit a lower discount rate for additional issuance in the market.However,the degree of influence of the shareholding ratio is relatively weak,indicating that the reason for the influence of the discount rate is more the quality of the venture capital rather than the quantity;Third,considering the special stratification system in the NEEQ,with the participation of venture capital,the discount rate of private placement of companies entering the innovation layer is significantly lower than that of enterprises at the basic level.Finally,in the influence of venture capital participation,venture capital holding ratio and corporate level on the discount rate of private placement,whether venture capital ratio has the strongest inhibitory effect on the discount rate of private placement.