The Efficiency Of Venture Capital To Support Small And Medium-sized Enterprises In China

Our venture capital originated in 1985. It is the establishment of China New Technology Venture Investment Company kicked off the development of Chinese venture capital. Since the 1990 s, the rapid development of China’s economy attracted many big companies entered into the field of venture capital, which laid the foundation for the healthy development of China’s SMEs. Meanwhile, the international venture capital firms began to enter our country, and there is a rising trend. But at present, there are still many problems in the venture capital industry. Because of the privacy of venture capital, venture capital institutions generally operated in a non-public status. To what extent the venture capital supports and promotes the development of SMEs, it is difficult to form an effective incentive without efficiency evaluation. Therefore, to evaluate the efficiency of venture capital, to identify factors that affect the efficiency of venture capital, are full of significance to improve the level of venture capital, and guide economic policy.This article will use a variety of analytical methods and from a different perspective study on venture capital: By analyzing the ratio of equity capital into the venture capital for SMEs and the size of funds, we hope to find the problems exist in the progress of scale expansion for foreign capital; By analyzing the differences about venture capital support, small and medium-sized enterprises IPO and IPO statistical indicators before and after, draw the supporting effect of a venture investment for the development of small and medium-sized enterprises; Using the Malmquist analysis method, taking the relevant datas of the small companies listed on enterprise board in 2010 and 2010 years as sample, make quantitative analysis of the efficiency of venture capital to support the development of small and medium-sized enterprises, make transverse comparison of venture investment efficiency between different industries based on the BCC mode; Finally complete the regression analysis using tobit model, and seek various factors that influence the efficiency of venture investment in our country and its extent.In the third part of this paper, there are still many problems in the supporting of venture capital to SMEs, such as the development time is short, speculative behavior is serious, more government-backed venture capital, and low participation of private capital, there is a bubble, inefficient internal governance, institutional environment and other issues should be improved. In the fourth part, Through using Malmquist model, we analyze the efficiency of venture capital supports to the development of SMEs, find that after listed, the TFP increase significantly, which is mainly due to the promotion of technological progress. Technical efficiency decline in the first year after listed, which is the combined effects of pure technical efficiency and scale efficiency. Then establish BCC model to research efficiency of venture capital supports to different industries of SMEs in the case of variable size. In the fifth part, in the research of factors affecting the efficiency of venture found, we found audit agency’s reputation, the reputation of the sponsor, IPO underpricing have a positive effect on venture capital efficiency; high-tech industry has a negative effect on the efficiency of venture capital, the negative effects of actual total amount of financing to venture capital efficiency is not significant; the time from founded to listed, and the size of the listed company are of uncertainty to venture capital efficiency.The innovation is the use of Malmquist-DEA method for measuring the efficiency of venture capital supports to SMEs, including technical efficiency and scale; Then establish Tobit model, taking value of efficiency as dependent variable,influence factors as independent variables, so that the venture capital efficiency factors were analyzed, which can better identify relevant factors affecting the efficiency of venture capital, and make the article more reference.