Research On The Mechanism And The Routes Of Venture Capital’s Influence On High-Tech Corporate Value

Since the emergence of venture capital, venture capital’s influence on corporate becomes the focus of the scholars. A lot of research confirmed the role of venture capital to the corporate. But the current scholars more focus on the mechanism of venture capital and its simple performance. In the studies of the effects of venture capital to the corporate, the current study more focused on the venture capital’s influence to the single factor of corporate, and there is less research on the mechanism of venture capital’s influence on corporate value. In addition, due to domestic venture capital started relatively late, studies In accordance with China’s national conditions are relatively small. Based on modern contract theory, principal-agent theory, corporate governance theory, this paper discusses venture capital’s influence on high-tech corporate value by participating in corporate governance and enterprising innovation capability. This paper also discusses the mechanism of these two aspects.This paper reviewed the related theory of venture capital and the studies about the interactive relationship of venture capital and corporate governance, innovation ability, the policy background, the corporate value both at home and abroad. Based on those studies, this paper carry out follow-up analysis. This paper by combining theory and case analysis method, is firstly analyzing of the mechanism of venture capital’s influence on high-tech corporate value from the perspective of the theory, after that, does further analysis from the Perspective of the case, finally puts forward relevant policies and suggestions. The purpose of this study is to open the black box of the mechanism of venture capital’s influence on high-tech corporate value under the background of current policy.Both in the perspective of theory and case study, this paper has affirmed that the venture capital has promotion effect to the high-tech corporate value. Venture capital can participate in corporate governance to enhance corporate value by exercising the power of the board of directors, direct access to company management, joint investment and investment mechanism. In addition, venture capital can improve innovation ability to enhance high-tech corporate value by providing financial support, value-added services related to the non of capital. This paper also puts forward the constraints of the current policy of venture capital to improve high-tech corporate value, such as incomplete of exit channel of the venture capital, and the government’s intervention on risk investment effectiveness.