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The Impact of VC to a Firm’s Financing Capability

Author: ChenChao
Tutor: XuChengMing
School: Nanjing University of Finance and Economics
Course: Finance
Keywords: Venture Capital Credit rationing Financing capacity
CLC: F275
Type: Master's thesis
Year: 2010
Downloads: 184
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Abstract


As China's economic growth, venture capital particular relevance in the uniqueness of its investment behavior and high-growth venture firms to develop rapidly in the recent years of economic practice. Venture capital role in the economic and social enterprises with financing, how to take full advantage of the features and advantages of venture capital, and to play an active role in the financing of high-growth enterprises in China to achieve the promotion of domestic risk corporate finance, and increase the risk of corporate finance The purpose of capacity is the focus of this study. The first summarized the research done by scholars in venture capital, briefly addressed the venture capital principal-agent theory, and credit rationing theory, summarizes the running characteristics and laws governing the operation of venture capital. This paper, a moral hazard, credit rationing model to the real economy enterprises generally there is credit rationing. Then, the article lists some of the major factors that affect the ability of corporate finance, and theoretical analysis of the moral hazard, the entrepreneur's own assets, corporate quality are the key factors that determine corporate finance capabilities. After that, the paper focuses on the role of venture capital to overcome moral hazard and asymmetric information, and draw venture capital financing model through the establishment of a supervision and value-added services can affect corporate financing, significant corporate finance relax corporate finance Constraint conclusions. Finally, we use to collect the data of Shenzhen SME board listed company, on behalf of the corporate finance with interest-bearing debt than all invested capital for the explanatory variables to the risk of investment holdings dummy variables as explanatory variables, some other The factors affecting the ability of corporate finance as control variables, multiple regression model and second-order LS model, a systematic analysis of the role of venture capital. We analyze the main conclusions are: In certain other factors, all interest-bearing debt ratio of shareholding companies with venture capital invested capital greater than no interest-bearing debt of the venture capital holdings enterprises invested capital than all This shows that venture capital holdings enterprise financing capacity to be significantly larger than the holdings of corporate venture capital. Finally, the combination of theoretical analysis and empirical test results of the article, this article that should accelerate the development of domestic venture capital industry, the development of venture capital intermediaries, nurturing environment conducive to the development of venture capital, which maximize the positive role of venture capital to achieve by promoting the development of venture capital to promote domestic corporate finance.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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