Research on the Process and Effect of Venture Capital Participating in Corporate Governance of the Small and Medium Enterprises
|School||Zhejiang University of Finance|
|Keywords||Venture Capital SMEs Corporate Governance Enterprise Performance Market value|
With the launch of the GEM in Shenzhen, China's venture capital industry once again usher in the peak of development. Venture capital role in promoting the development of small and medium-sized enterprises is no doubt, it is not only to provide financial support for small and medium-sized enterprises to solve the problem of financing, but also through the supervision and management to improve the management and operation of SMEs, venture capital for SMEs enhance the quality plays a huge role, so that the venture capital industry on the development of a national high-tech enterprise improving the quality and the adjustment of the industrial structure has an irreplaceable significance. Major literature reading this article, interview, comparative analysis and statistical methods, Risk Investment SME corporate governance process and the analysis of the effects, in order to improve the reference for the further development of China's venture capital. This paper studies the content of: (a) Based on the theoretical basis with domestic and foreign literature, systematic exposition of Risk Investment SME corporate governance of the whole process, including the timing of the involvement of venture capital, the formulation of the contract (including intervention intervention route), after the intervention of the regulatory as well as the funds are ultimately exit to discuss the risk of investment involved in the dynamic process of corporate governance for SMEs. (B) the process of risk investment in China and the United States intervention in the process of discussing the venture capital intervention SME Corporate Governance, full range of comparison, according to which the similarities and differences discussed the lack of venture investment in China in the intervention SME Corporate Governance. (C) capital market environment, the legal environment, and small and medium-sized enterprises and cultural environment as the starting point, in-depth analysis of the impact of venture capital involved in the corporate governance of SMEs. (D) to the Shenzhen SME board listed companies as samples, empirical analysis of the effect of statistical methods for risk investment involved in the corporate governance of SMEs, to study the involvement of venture capital in China and how to intervene in the relationship between the effect of the SME corporate governance. The venture capital process involved in the corporate governance of SMEs effect study, concluded that: (a) China's venture capital institutions involved in the corporate governance of SMEs a greater impact on the enterprise market to enhance the value of SMEs in the level of corporate governance and performance enhance the impact was not significant. (B) The empirical findings show that managed to participate in a greater impact on the effect of corporate governance of investee companies, and therefore should focus on the participation of management involved in SME corporate governance requirements of venture capital. (C) The comparative analysis of the Sino-US venture capital that venture investment in China has developed rapidly, but there are still many shortcomings in the intervention process, the use of intervention immature provide management services more single exit channel is not smooth, Therefore, the development of China's venture capital industry is a long way to go.