Core Insights - The article discusses the analysis of venture capital (VC) backgrounds in publicly listed companies from 2003 to 2025, focusing on the identification and categorization of companies with VC involvement [1][5]. Group 1: Methodology - The study defines companies with a VC background based on the presence of specific terms in the names of their top ten shareholders, such as "Venture Capital" and "Entrepreneurial Investment" [1]. - Additional verification methods include consulting the "China Venture Capital Development Report" for listed VC firms and conducting online searches to confirm the primary business activities of shareholders [1][5]. Group 2: Data Scope - The dataset encompasses over 70,000 samples and more than 5,700 companies, providing original data, calculation codes, and final results for accuracy verification [1]. Group 3: Statistical Analysis - The analysis includes descriptive statistics on various financial metrics, such as average new investment amount (0.054), over-investment (0.108), and under-investment (0.066) [6]. - The average debt financing amounts are reported as 2.4% for total assets, 1.2% for short-term debt, and 1.2% for long-term debt [6]. Group 4: Industry Focus - Companies with VC backgrounds are predominantly found in high-tech sectors, including information technology, electronics, machinery, and pharmaceuticals [5].