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China market--From some dataand from author’s point of view, China as a significant emerging market, currently more SME companies are seeking for listing mainly due to the opportunity to access capital market, raise capital, expand scale and reputation as such. What needed to be explained more, the determinants for Chinese companies cross-list in an overseas growth enterprise market is out of different considerations:
•Obstacles encountered in domestic market. For example, operating history less than three years, business performance not reaching listing requirement
•Lined up with waiting time. Generally, every year there are more than 400 companies lined up waiting to be listed, if they are urgent for financing, they are more inclined to choose listed aboard.
•Market and product in overseas. These companies need to open up market outside domestic market, expand customers resources, build up their international brand
•Pursue “going out” national policy. These companies aim to develop overseas resources and integrate resources such as purchasing companies, establish R&D center, develop in foreign countries and so on
•Pursue the strategy of listed overseas first, then go back for domestic listing. When international board market launch, these companies return to the domestic market
•Relatively larger stock issue scale, companies need to be listed in two or three market in the same time, like large commercial and industrious companies or high-tech growth companies, they can choose to list domestic or overseas simultaneously
3.0 VC Contracting
3.1 The origination of VC
Venture Capital is kind of private equity, another type of financing that injected to start-up or emerging small and medium size enterprises that are regarded as high potential or with core competition in specific market. Venture capital investing in those companies in exchange for equities or an ownership stake in the hope that in one day they will go on an IPO or do a merger and acquisition sale. In reality, venture capital is also such an institution that help SMEs establish business model, grow business network, offer them with management expertise, funds, marketing methods, as a result, these invested companies are more likely to be successful. However, due to adverse selection and information asymmetry, venture capitalists decision are sometimes somehow biased,after all, it is risk investment. In this project, these arguments will not extend further.
However, taken the whole world in view, economic openness and economic reform together with dynamic capital market, has encouraged more young entrepreneurs to initiate their own business (Wong, 2011) Venture capital is regarded as the most important financing channel for growth SME companies. Besides, VC investments haveappeared as essential driving force for economic growth, technical innovation and employment (Ning, 2014)No matter in western or eastern countries, numerous companies like google, apple,ctrip achieved great success after being financed by venture capital. Taking Chinese market as an example, by far more than 50% VC backed companies have been successfully listed on capital market (Wong,2011) In this literature, from micro-scope perspective, shedding light on VC contract from theoretical and practical relationship between VC and companies has particular meaning.
