Impact of venture investment shareholders on the financing behavior of the listing Corporation on a-share market

摘要

Venture capital started in 1980s in China, the scale of which has grown rapidly in the recent thirty years. As the existence of lock-up period of stock right in our country, venture capital will continue to affect all aspects of corporate governance of the listed corporation after the successful listing. At present, Chinese listing Corporation generally have some problems in financing, mainly for the narrow financing channels, high exogenous financing cost, and the obvious preference to equity financing. This paper emphatically discusses whether the participation of venture capital will affect the financing behavior of the listed corporations. Based on the relevant literature, this paper collects the data of listed corporations in the A-stock market during 2006–2013 as the samples of the empirical testing. The results show that the participation of venture capital can effectively increase the debt financing and equity financing of the listed corporations.