| The role of private equity investment in the promotion of regional economic growth,employment and innovation has received great attention from the governments of all countries.Governments have also introduced relevant policies to promote the development of private equity investment industry,China is no exception.The development of the private equity industry needs laws and regulations as the basis for security,due to differences in the degree of development in the United States and China in terms of legal system exists bigger difference,and private equity investment industry,resulting in private equity investment in motivation,behavior and other aspects exist many differences.Private equity investment theory developed in the US mature capital market is applicable in China's capital market or not,there is a need for empirical test,and in the empirical study developes the theoretical hypothesis applied to Chinese capital market.In this paper does not distinguish between Private Equity and Venture Capital.From syndication network perspective,this thesis use the companies in small and medium enterprises market and growth enterprises market from 2004 to 2013 as sample to measure the position of venture capital investment in the syndication network,which means it adopts centrality degree to measure the reputation of venture capiatl investment institutions,which is used as an independent variable in the empirical research of its impact on IPO effect and the efficiency of listed companies.This thesis is constituted of four parts as follows:The first part includes Chapter One and Two.Chapter One explains the background of the thesis and also defines the basic comcept.The research idea,main content,research characteristics and innovative points are also introduced.As a literature review,Chapter Two comprehensively introduces the current research situation and trends both in and abroad of IPO efficiency,inefficient investment of the listed companies and the impact of venture capital institutions on the efficiency and investment efficiency of the listed Companies.Thus,which serves as the basis of the thesis.The second part is composed of Chapter Three and Four.In Chapter Three,the thesis analyzes the development process,the differences and the influencing factors of the private equity industry in China and the United States,focusing on the analysis of the current situation of the development of private equity industry in china.In Chapter Four,the thesis analyses the mechanism of the venture captital institutions based on the theories of venture capital investment and corporate governance.Furthermore,it explores the motive and the way of the venture capital institutions involed in the listed companies and its manifestation mode in influecing the listed companies and it lays its importance in analysing the current situation of venture capital investment in China.The third part includes Chapter Five and Six.It serves as the empirical part.From syndication network perspective,we use the companies in small and medium enterprises market and growth enterprises market from 2004 to 2013 as sample to measure the reputation of venture capital which is used as an independent variable in the empirical research of its relations with IPO companies' age,IPO underpricing and pe ratio.The research finds that in small and medium enterprises market and growth enterprises market,venture capital reputation has a significantly negative correlation with IPO companies'age and a significantly positive correlation with IPO'PE ratio which is a validation to the conclusions that high-level venture capital can promote middle and small-sized enterprises' IPO efficiency.While In the aspects of IPO underpricing,the empirical results in two markets are just the opposite.Venture capital reputation has significantly negative impact in small and medium enterprises market but significantly positive impact in growth enterprises market.Based on the annual report data of Listed Companies in the SME board and GEM,this paper explores how the reputation of venture capital influences the investment efficiency of small and medium-sized listed companies.The results showed that:(1)in the listed companies of which have free cash flow and over-investment,these two factors are positive correlation.The involvement of venture capital can alleviate the problem of over-investment,the higher reputation the venture capital maintain,the less over-investment occurs;(2)in the samples which face the cash shortage and under-investment,these two factors are positive correlation.The involvement of venture capital can alleviate the problem of under-investment.The higher reputation the venture capital maintain,the less under-investment occurs.Therefore,the results demonstrate that venture capital well promote the investment efficiency of small and medium-sized listed companies.The fourth part puts forward summary and policy suggestion based on the research result made from the previous three parts.The contributions are as follows:(1)Sample selction.The thesis gathers 938 venture capital institutions from the year 2004 to 2013 and 1025 listed companies in the SME board and GEM board as sample to make the empirical research.(2)The explaining vatiable is the reputation of venture capital institution instead of venture capital institution.It studies the the impact of the reputation of venture capital institution on the IPO efficiency and investment efficiency of the listed companies,which widens the current research.(3)It adopts the Hochberg et al.(2007)as the measurment for the reputaion of venture capital investment institutions and takes the advatage of the network theory to choose the centrality degree for measuring the venture capital investment institutions,different from the past literature which adopts the age of venture capital investment institutions,accumulative investment and the rounds of investment as the reputation of venture capital investment institutions,Apparently,the former one increases the effectiveness... |
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