| The prosperous development of venture capital in our country had played a great role in promoting the financing environment and development for small and medium-sized technology-based enterprises, in the other hand, it also had Provided a more broad space for the development of building the multi-level capital market in China. Due to the imperfect domestic regulation and the influence of Profit-seeking behavior in the industry, The venture capital industry is facing unprecedented market crisis. In recent years, foreign scholars payed universal attention to corporate venture capital.From the view of the development process of the abroad,The corporate venture capital could maintain stable profit and investment when the Industry as a whole under the malaise. Therefore,the research of corporate venture capital could help set up a new way to get rid of the current competition development for the venture capital industry in China.For the past few years, Scholars at home and abroad Showed a lot of attention on CVC investment.But related research system is still in its early stage. In the context of the existing research,it mainly based on the related theory research. There is no related empirical analysis.So,carrying out the related empirical studies about CVC investment are very necessary.Research object of this article is public company who has participated in the activities of CVC investment.Firstly, through the existing domestic and foreign venture capital to the company sorted out the related research and investment performance,we put forward the research basis of this article,and Looking for a part of the theoretical study insufficient and the research direction of this article.Meanwhile, I analysised the problem of the domestic venture capital company by The statistics and summary about current development of the domestic CVC investment. Then, based on the related research methods, respectively from the Angle of large companies and start-ups, I carried out the empirical study on both the comparison of CVC and IVC of startup performance and Start-up business performance factors. Finally, according to the related research results, I put forward the practical policy Suggestions on government,big company and start-ups level. This paper draw the following conclusions through theoretical and empirical research:In terms of IPO performance, The public companies who has participated in the activities of CVC investment are lower than The public companies who has not participated in the activities of CVC investment about the starting price, distribution expense ratio and the degree of underpricing. This indicated that there are no marked difference between the two kinds of companies in promotting effect about IPO performance.In terms of Business performance of pioneering enterprise ofter IPO. The public companies who has participated in the activities of CVC investment are higher than The public companies who has not participated in the activities of CVC investment about the rate of increase of ROE,EPS, sales profit and net profit growth rate. This indicated that CVC played more significant role in improving Business performance of pioneering enterprise ofter IPO than others.In terms of market performance of pioneering enterprise ofter IPO. The public companies who has participated in the activities of CVC investment are higher than The public companies who has not participated in the activities of CVC investment about one-year excess return. This indicated that CVC played more significant role in improving market performance of pioneering enterprise ofter IPO than others.When public companies who has participated in the activities of CVC investment,Its investment intensity and entry time have a positive influence on the comprehensive level of business performance of pioneering enterprise, but ites management participation have a opposite influence.And its Industry Relevance and stake have on influence on the comprehensive level of business performance of pioneering enterprise... |
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