Venture Capital Impact On China’s Listed Companies X Efficiency

Venture capital can develop supervisory function to reduce the risk of moral hazard and adverse selection.Also it can be used as a third party to develop certification function to help investors and enterprises reduce the risk of information asymmetry. In recent years,it can be found in domestic and foreign studies,the research of X efficiency and venture capital both be studied deeply. X efficiency is considered generally refers to economic units for various internal reasons not completely use profit opportunities or existing conditions. But less about X efficiency of the enterprise risk investment research, this paper tries to explore whether the risk investment can have influence on X efficiency of enterprises.In order to study the effect of venture capital on the enterprise X efficiency,this article first reviewed the domestic and foreign related literature about venture capital and X efficiency, and introduces the main theory of X efficiency of the enterprise, risk investment mechanism and the research of X efficiency parameter method and nonparametric method. The SBM super efficiency model is adopted to sample enterprises to take empirical test.Through empirical test,we can find that the venture capital has positive effect to the X efficiency. Thus to improve enterprise efficiency X,we can take the following measures:(1) Strengthen the venture capital firms’ talent training.(2) the government play a role in macroeconomic regulation.(3) Strengthen the cooperation between domestic and foreign venture capital agencies.(4) set up a multi-level venture capital institutions.(5) Encourage the development of venture capital industry, and improve the development environment of venture capital industry.(6)Improve the venture capital exit channel.