| Financing difficulty problems of small and medium-size companies, especially innovative ones have always been a bottleneck of China’s "building an innovative country" process. Serious information asymmetry and uncertainty make it impossible to solve the problem completely just through common used financing methods such as commercial loans and government subsidies. In this situation, venture capital definitely is the best solution. It can not only invest capital into enterprises, but also affect the enterprises positively on their business and development with their professional level and industry experience as an intermediary institution.In October2009, the growth enterprise market was born in China. Through the GEM, VCs have a convenient exit channel, which lead a new investment wave of venture capital industry. This change have influenced deeply on the solution for China’s financing issue for small and mid-size enterprises. GEM companies with characteristics like small scale, big potential and high investment return, could perfectly fit VC’s investment preference. So, VC’s effort is always hide behind GEM listed companies’IPO process and performance afterward. VC have participated in20companies among the first28companies that listed on the GEM. By the end of the year2012, VC-backed companies have reached the number253, accounted for71.07%of total356GEM companies. The vigorous development of risk investment and the gem IPO greatly ease the small and medium-sized enterprise financing problemsBut, the problems exist at present is worthy of our attention. After the observation on the influence that VC made on the enterprises’performance during and after the IPO process, venture capital didn’t play its role well in authentication and supervision. Many VC-backed GEM listed companies’performance after the IPO was not so desirable, even worse than those which didn’t have VC’s participation. On May1,2012, GEM’s delisted system was put into action, which means decline in performance would definitely lead to high delisting risk. Once delisting become a reality, interest of VC, GEM enterprises and other investor would be greatly damaged. How to provide enough support from theory and practice, to regularize investment behaviors, to control the risk, eventually to guarantee the interest of venture capital, listed companies and other investors, is an urgent problem to be solved in the industry. Therefore, studying on VC’s influence on IPO performance of GEM companies has very important theoretical and practical significance of guarantee China’s small and mid-size companies’ continuous improvement, perfect our capital market as well as the construction of the socialist market economy.The structure of this article can be separated into six chapters:Chapter1:an introductory guidance introducing the backgrounds, purpose, frame and basic information of this article.Chapter2:systematically reviews the practical and theoretical development at home and abroad.Chapter3:Theoretical support of this article. Firstly, defined venture capital, GEM and IPO; secondly, introduced certifaication/monitoring hypothesis and grandstanding hypothesis; Finally, briefly analyzed on participation status of VC in gem.Chapter4:Analysis on VC’s short-term effect on GEM listed companies’IPO performance. This chapter started with first-day performance, made a comparison on first-day performance between companies have VC’s participation and those which don’t have.Chapter5:Using the profit ability as key indexes to analyze the performance difference between VC-backed companies group and VC-free companies group. Results find that the impact of the venture capital of our country gem listed companies is more complex. On one hand, the connection between VCs and underwriters provided some helps for companies’IPO, on the other hand, VCs are anxious to gain quick benefits,"reverse selection" is existed among listed companies.Chapter6:Analysis summaries.The main contribution of this paper is as follows:(1) Large amount of data. This paper adopted as of September30,2012, before the gem listed356companies as samples, for now, the effects of risk investment for the gem listed company performance research sample size is the biggest of all.(2)Make a long-term study about the relationship between venture capital and shenzhen gem listed companies. Because of shenzhen gem listing only three years, there is very little literature on the relationship between risk investment and the gem listed companies for a long time, the author hope to analysis risk investment for the gem listed company performance with and without effect through this paper.(3) In this paper, author analysis the venture-backed company and non venture-backed company to support the company’s financial ability analysis, found the risk investment’s influence on the gem listed companies has a dual nature. On the one hand, the venture-backed company’s profit ability, debt paying ability and operation ability is better than no venture-backed company, prove the certification supervision function of venture capital in our country has preliminarily reflect the growth enterprise market; on the other hand, non venture-backed company’s growth ability is stronger than the venture-backed company, prove the existence of the gem market at the same time the "adverse selection" effect.In this paper, the main deficiencies mainly exists in the following aspects:(1) In this paper, cause the data collection, sorting and calculation are made by the manual processing, so the accuracy remains to be further test.(2) Due to the definition of risk investment has not unified, the classify the samples according to the presence of venture capital’s participation, unavoidably exist subjective judgment, so the resulting classification results may be different from other scholars.(3)There are many factors that can affect the gem IPO performance, and this article is about some financial indicators of listed companies from the microscopic view to analysis, therefore, the conclusion may be biased. |
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