| Since the central committee submitted "The proposal about develop China’s venture capital business as soon as possible from foreign experience" in 1998, The venture capital in our country developed from the bud period into the rise period. In May 2004 and October 2009, with the establishment of the SME Board and the GEM in our country, and also the exit channel of the venture capital be further perfected, the risk investment be prompted into the rapid development period in our country. As a new type of financing channels, the risk investment solves the funding problems in the process of transformation of high-tech achievements in the high and new technology enterprise and it’s also promotes the modernization of the construction of the high-tech enterprise system in our country. At the same time, the rapid development of risk investment has also made the microscopic behavior of venture capital and its effect became an important subject of the theory field and be attentioned.This paper mainly studys the effect of venture capital investments, finds the existing problems by the study and puts forward policy suggestions to the further development of venture capital to promote the development of entrepreneurship high-tech companies in China. In this paper, the study is different from the previous single dimension but from two dimensions of the impact of the GEM, namely, operating performance and market performance.This paper uses several study methods such as the literature research method, comparative analysis method, regression analysis method and so on. In this paper,the study process is as follows: First, combed related study and literature review of the predecessors, in order to have a more clearly understand of the current research status; Second, compiled the theoretical basis for venture investment impact on the company so as to guide for the empirical result analysis; Again, this paper expounds the development course and status quo of venture capital in our country and the GEM, in order to understand the situation of research subject in China; Finally, draws the research conclusions by using comparative analysis and regression analysis from the GEM operating performance and market performance in two dimensions to the empirical analysis.In this paper, the study found that risk investment of our country has a negative effectto the GEM generally, as is evident in the IPO effect, which does not consider the company’s long-term development, just will have a profit management before the IPO. Specifically, risk investment effect showed by name, will be conducted before the IPO earnings management; The listed companies show the adverse selection and moral hazard,which further makes the development of the company. After the research results, this paper puts forward the corresponding policy recommendations to further standardize and optimize our country venture capital enterprise, so that to promote the development of the high-tech companies entrepreneurship in China.Innovations of this paper are mainly as the four of followings:(1)Established the debt paying ability, operation ability, profit ability and development ability from four aspects(eight indexes) of comprehensive evaluation index system so that it can reflect the business situation more fully.(2)Chose multiple representative indicators to appraise the market for a comparative study in terms of market performance of listed companies.(3)The regression analysis of this paper do in presence of risk investment participation and risk investment properties as the explained variable cross-section regression model was constructed to influence companies by regression analysis, from the operating performance of listed companies and market to liquidate two dimensions(four indicators) regression analysis, at the same time the introduction of more representative be explained variable. In the regression analysis of the operating performance of listed companies, the regression analysis was divided into two periods before and after the IPO, further verified the conclusions of the comparative analysis. |
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