Research on the Influence of Venture Capital Holdings on Financing Constraints of Listed Companies in SMEs Board
We examine the financing constraint problems of Chinas SMEs by using the data of listed companies in Small and Medium Enterprise Board in the year of 2008. We find that the investment expenditures are sensitive to cash flow significantly for all SMEs. For the two subsamples, one with VC shareholding and one without VC, we find that Comparing with the VC group, the sensitivity of investment expenditure-cash flow in non-VC group is higher, i.e. the financing constraint of non-VC backed company is more serious than the VC-backed companies. However, the independent sample T-test result indicates that the difference is not statistically significant.
Venture Capital Holdings Financing Constraints Chinas Listed Small and Medium Enterprises
HUANG Fuguang LI Xiwen SUN Lingxia
Business School of Nankai University, Tianjin, P.R. China, 300071
国际会议
The 5th International Sympsium for Corporate Governance(第五届公司治理国际研讨会)
天津
英文
305-313
2009-09-01（万方平台首次上网日期，不代表论文的发表时间）