Venture Capital, Venture Capital Institution Characteristic And Company Management Efficiency

With the development of capital market, enterprises have increasing needs of capital support. Besides obtaining loans from the bank, more and more enterprises choose venture capital to meet their capital needs. Venture capital can not only provide capital support, but also have added-value due to their rich social resources and professional knowledge in the management of companies.,such as: improve company reputation and management by their professional knowledge, experience and social resources, which finally will ensure the improvement of company achievement.The core of this research is what the influence on the efficiency of business management of venture capital is, and how the influence differs considering different characteristics of venture capital institution. In the process of proceeding the research of the relationship between venture capital and company management using DEA-Tobit method, we have chosen 57 listed companies in GEM(growth enterprise market) and SME(small and medium-sized enterprise board) as the object. And the data used in the Tobit regression model is panel data including 28 listed companies and their four-year financial data. First step, we calculate the efficiency of each sample and then analyze the results in order to prove that companies with venture capital do score better than companies without venture capital. Next step, we use Tobit regression to try to analyze the relationship between the venture capital and efficiency of company management.According to the result, we find that:(1) The proportion of shareholdings of venture capital institution has an inverted U-shaped correlation with the efficiency of company management;(2) The age of venture capital institution is significantly positive to the efficiency of company management;(3) the government background of venture capital institution is not significantly negative to the efficiency of company management, but the correlation is not significant;(4) joint-investment of venture capital is significantly positive to the efficiency of company management.