风险投资支持、金融中介声誉是否影响新三板企业入选创新层

Have Venture Capital Support and Financial Intermediary Reputation Affected the Entry of NEEQ Firms into Innovation Layer

基于新三板独特的分层制度,本文以2019年4月30日前挂牌的新三板企业为样本,实证检验风险投资支持以及金融中介声誉“认证作用”的差异。研究发现:风险投资支持和聘任高声誉证券公司、会计师事务所、律师事务所的新三板企业入选创新层的概率更大,且其满足的创新层准入标准数量更多。进一步分析表明,上述金融中介机构对新三板企业的提升作用主要体现在盈利性和做市能力方面,且风险投资机构、证券公司和会计师事务所的“认证作用”更加显著。

Based on the unique hierarchical system of NEEQ,this paper selected new NEEQ firms listed before April 30th in 2019 as the sample,and empirically tested the differences of the certification role of venture capitals and financial intermediaries.The study finds that,firms supported by venture capitals,also engaging high-reputation securities companies,accounting firms and law firms,are more likely to be selected to entry the innovation layer,and they have met more admittance criteria for innovation layer.Further analysis shows that,above-mentioned financial intermediaries have mainly affected NEEQ firms on their profitability and market making ability.Moreover,venture capitals,securities companies and accounting firms may exert a stronger influence in the certification than law firms.