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The Impact Of Venture Capital On The GEM Companies Growth And Business Performance

Posted on:2012-07-01Degree:MasterType:Thesis
Country:ChinaCandidate:W Q LiFull Text:PDF
GTID:2249330371995967Subject:Accounting
Abstract/Summary:PDF Full Text Request
Oct.23,2009, the GEM board was opening in China. Oct.30, the GEM board was officially listed. At this point, the GEM board was listed finally. There will be more conveniences to study. People knows that venture investors tend to invest venture enterprise. As result, the researchers can get more datas in GEM board. The research of venture capital began early in foreign, and the research is also very much. But there are also many disputes. The study of venture capital is not very rich in China, so there are a lot of space for further research. And the research of venture capital is becoming a hot topic,especially after the Gem board was listed in2009.As for the problem that between venture capital and business growth, foreign scholars studied and found that venture capital can promote enterprise’s growth. The domestic research concerning this aspect is still not enough, and the conclusions are not uniform. Concerning the relationship between venture capital and business performance, domestic and foreign research conclusion is not uniform.Some studies found that venture capital-backed company’s operating performance was significantly better than no venture capital-backed one’s, while some studies concluded that the difference was not significant in between.This paper based on previous studies, and selected companies listed on GEM from2009to2010as research samples to study the relationship between venture capital and growth and business performance. In the empirical study, whether venture capital dummy variable, the number of venture capital institutions and the equity ratio of venture capital are independent variables, the growth and performance are dependent variables, and the other factors have been controlled. The final results show that there are not significant difference between venture capital-backed companies and no venture capital-backed ones. The final results also show that venture capital-backed company’s performance is less than no venture capital-backed one’s. The regression results show that venture capital is not enough evidence to promote business growth and performance. Finally, this is the appropriate interpretation and discussion in the paper. At the same time, the limitations of the study and possible future research directions are pointed out.
Keywords/Search Tags:Venture Capital, GEM Board, Growth, Business Performance
PDF Full Text Request
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