The Impact And Mechanism Of Syndicate Heterogeneity On The Growth Of Listed Enterprises

As an important form of financing for start-ups,venture capital has always received widespread attention from the academic circles.With the opening of the GEM market,China's capital market system has gradually improved,and the number of venture capital investment institutions has shown explosive growth.Venture capital not only provides the required funds to target companies,but also provides high-quality value-added services to startup companies through a series of activities such as management,sales,strategy and operation.However,in the process of venture capital investment,it is often troubled by high risks,limited funds and resources,uncertain returns,and information asymmetry.Therefore,venture capital institutions are more and more inclined to invest in a joint way.Compared with the original venture investment method,the syndicate investment strategy can effectively diversify investment risks,and different types and regions of investment institutions can provide different growth environments and required resources for the invested companies.Therefore,this dissertation chooses from the perspective of syndicate venture investment to explore the impact of syndicate investment and the heterogeneity of its members on the growth of the invested company from the macro level.Then observe the inside of the target company and explore the mechanism of syndicate investment and member heterogeneity on the company's growth from the micro level.First,based on the characteristics of syndicate investment members with multiple attributes,this dissertation constructs a syndicate investment heterogeneity index and verifies the correlation between the member heterogeneity and the target company's growth.The empirical results show that the heterogeneity of the three syndicate investment members will have a positive impact on the growth of the invested company.Before the listing of a startup company,the positive impact of the structural heterogeneity of the members of the syndicate investment on the growth of the company is significantly stronger than that of the other two types of heterogeneity of members,even after the listing.Subsequently,based on the conclusions obtained,the mechanism of member heterogeneity on the growth of the target company was further explored.The regression results prove that the three types of heterogeneity of syndicate investment members will affect the growth of the enterprise by improving the governance of the target company,and the greater the degree of member heterogeneity,the higher the level of governance of the target company,the more it can promote the development of the enterprise.Secondly,regarding the growth of startup companies,not only rely on a reasonable management system,but also need sufficient funds to support.In addition to the help of syndicate investment,startup companies also need to use investment and financing strategies to obtain income.However,due to agency problems and information asymmetry problems,various types of problems often appear in the company's investment decisions,reducing the probability of success in investment and financing decisions.On this basis,this dissertation further explores the relationship between the heterogeneity of syndicate investment members and the company's investment and financing efficiency.The research results show that the heterogeneity of the three types of syndicate investment members has different impacts on the investment efficiency of the target company.Among them,the higher the degree of regional differences among members,the better the suppression of overinvestment,and the higher the degree of type differences among members,the better the suppression of underinvestment.The results of the research on the financing efficiency of the target company show that the heterogeneity of the syndicate investment members has a greater positive impact on the improvement of the interest-bearing bond financing efficiency of the startup company,but the impact on the company's equity financing is weak.Finally,this dissertation verifies the impact of syndicate investment and the heterogeneity of its members on the investment speed of investee companies.By constructing the proportional hazards model,it proves that the joining of syndicate investment institutions can indeed shorten the time required for the target company to meet investment expectations and accelerate the investment speed of the enterprise.Moreover,when the degree of members' heterogeneity increases,the more effect on the time required,the more they can help the investment process of the enterprise.In summary,the main contribution of this dissertation is to construct the index of heterogeneity of syndicate investment members from the perspective of the joint action of multiple attributes,and supplement the factors affecting the growth of the company from the perspective of syndicate investment heterogeneity.It is also the first time to introduce a new attribute type-stakeholder in the traditional classification method on the nature of syndicate investment members,and construct a syndicate investment member structure heterogeneity index,which provides new ideas for studying the syndicate investment heterogeneity.