Research on the Influence of Venture Capital Holdings on Financing Constraints of Listed Companies in SMEs Board

摘要

We examine the financing constraint problems of China's 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.