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| The Impact of Holding Directorships in Listed Company on Venture Capital Firm’s Fundrasing and Investment |
| Guo Lihong1，Shi Guoping2，Xu Jianping3 |
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Abstract Using the data of directors of Ashare listed companies collected from CSMAR and the data of VC fundrasing and investment collected from PEdata during 2009 to 2016,this paper investigates the influence of venture capital firm(VC) holding directorships in listed companies on VCs’ fundrasing and investment.Results show that:①holding directorships in listed companies can increase the amount and times of VC’s financing;②holding directorships in listed companies can increase proportion of VC investing in earlystage and hightech enterprises;③market status negatively moderate the relationship between directorship and fundrasing and investment.
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