The Stakeholder-Oriented Model and Venture Capital: Based on the Evidence of Chinese SMEs

Following the discussions of Chap. 8 , it is evident that Chinese listed companies are practicing the stakeholder-oriented model in the aspect of corporate governance (CG) through increasingly fulfilling corporate social responsibility (CSR). In turn, the stakeholder-oriented model facilitates Chinese listed companies acquiring financing with lower costs. The cost-saving effect of the stakeholder-oriented model ought to be more salient in small and medium-sized enterprises (SMEs) because they usually have more urgent needs of financing and face more difficulties in this vein compared with listed companies. If it could be verified that Chinese SMEs follow the path of listed companies toward the stakeholder-oriented model and sustainable goals, it has positive impacts on the development of Chinese venture capital because the investment risks of venture capital after injecting capital into portfolio SMEs will be lowered due to the cost-saving effect of the stakeholder-oriented model. In this sense, the stakeholder-oriented model and venture capital correlate with each other.