| In recent years,the rapid development of NEEQ has greatly expanded the direct financing channels and financing methods of SMEs,and more and more venture capital institutions have participated in the investment of enterprises on NEEQ.As a special professional investment institution,venture capital can not only provide financial support for enterprises,but more importantly,its huge network resources,management experience and value-added services can promote SMEs to improve information disclosure and development rapidly.Based on the new situation of NEEQ,this paper discusses the unique institutional factors of this market.Through information asymmetry theory,principal-agent theory and corporate governance theory,it explores whether venture capital will affect the company’s market recognition,governance structure and information asymmetry between external investors through certification,supervision and provision of value-added services,and then affect the company’s discount rate of private placements.From the perspective of venture capital,this paper extends the relevant research on private placements and provides a new perspective for the study of this issue.This paper uses the latest data from NEEQ for 2015-2017 to verify that venture capital and its characteristics can have an impact on the company’s discount rate of private placements.The main conclusions are:First,companies with venture capital support had lower discount rate.Second,high-reputation venture capital can make companies reduce the discount rate significantly.Third,after eliminating the influence of high-reputation,the background of venture capital began to play a role,companies backed by non-state venture capital had lower discount rate.Fourth,the joint venture capital had no significant impact on the discount rate of private placements,indicating that venture capital is more likely to function through "quality" rather than "quantity". |
