An Empirical Research About Venture Capital On Listed Hi-Tech Firms’Investment Finance In China

Venture capitalists are not just high risk and high expected returns of investment and financing activities of start-ups, venture capital in real terms is to help owners of commercially valuable Hi-Tech projects to create businesses. From this perspective, the venture capitalists are the entrepreneurs, are the pioneer, venture capitalists are the entrepreneurs behind the entrepreneurs.Innovation is the core of venture capital. Unlike traditional investments, venture capital do not just invested in the current and the next issue, but rather focus on the future. Venture capital is invested for the future, is investing in the future, as represented by innovation. Stanford University Professor Ronald j. Gilson pointed out that venture capital is a bridge connecting finance and innovation. Venture capital can bridge the "innovation gap", it is funding that bridging the gap between innovation and Hi-Tech industrialization even get rid of the gap. Venture capital is the venture investment in innovation projects, is to invest in start-ups with innovative content. The relationship between venture capital and innovation is the emergence and flourishing of venture capital investment is all about. Promoting innovation of venture capital, promoting the value of innovation, and innovation to promote venture capital, they complement each other. It is connotation of this innovative venture capital makes its plays a pivotal role in the economic growth process. More important is that transformation of the Chinese economy depends on innovation, the role of venture capital will be even more pronounced.This article primarily analysis venture capital on listed Hi-Tech firms’ investment finance. In process of analysis, first, to made defined of Hi-Tech enterprise, pointed out that Hi-Tech enterprise of life cycle, and by has of features and financing features, again analysis high-tech enterprise was financing constraint of reasons; and, through to venture capital basic theory of understanding, pointed out that venture capital can through directly injection, certification and investment value-added to eased Hi-Tech enterprise of financing constraint; last, point out has this article of empirical results and policy suggested. This article studies such as:1. China’s Hi-Tech enterprises will have serious financing constraints?2. The size of high-tech enterprises and capital structure would have an impact on corporate financing constraints?3. Venture capital possible ways to relieve the financing constraints of Hi-Tech enterprise?Structure of the article is layer upon layer of madness. Confessed in the introduction section of this research background and meaning, chapter II describes the predecessor on businesses and venture capital financing constraint on enterprise financing constraint effect of research results, chapter III analysis of the reasons for China’s high-tech enterprise financing constraint, the fourth chapter of venture capital financing constraints on how to lessen China’s high-tech enterprises, v, the sixth chapter on empirical findings and policy recommendations of this paper.May be the new in this article is systematically discusses the source of constraint as well as venture capital high-tech enterprises in our country how to relieve enterprises’financing constraint, an empirical analysis of venture capital through direct injection and the Hi-Tech enterprise certification to relieve enterprises’financing constraint.