Study on the Factors to Influence the Persistent Venture Capital for Chinese Enterprise

【Author】

Hongxing Wen;Xujun Liu;

【Abstract】

With its rich resources and a good image in the capital markets,venture capital meets the needs of many SMEs for capital and professional management personnel,so many SMEs are seeking the support of venture capital.This paper took 220 listed companies in the SME Board as research samples and analyzed the sustainable acceptance of venture capital for Chinese companies.Based on these,the paper applied the multivariate analysis method and used the proportional hazard model(COX) and the accelerated failure model(AFT) to make discussion on the characteristics to influence SMEs in receiving venture capital.From the results,it is found that the average period to receive venture capital for Chinese companies is two to three years and the risk of companies in receiving venture capital has a trend of first fall and then rise with the increase of time,of which the large companies with a long existence have a short duration of venture capital,the companies with strong profitability have a long duration in continuously receiving venture capital,with little influence of financial liabilities changes on the persistent venture capital,and the non-high-tech enterprises have much more venture capital than the high-tech enterprises.

【Keywords】

Venture Capital;;persistence;;risk

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