Research On VC Reputation, Reduction After The IPO And Performance Of Investing Enterprise

China’s Growth Enterprise Market of the multi- level capital market system perfect, self- financing platform to build innovative and so has a very important role: not only can promote the adjustment of C hina’s industrial sector and promote economic reform; in particular, but also for SMEs is a high- growth start-ups to open up a convenient financing channels. GEM led the growth of venture capital institutions, venture capital institutions has long been regarded as start-ups "incubator", "booster" and enhance the entrepreneurial enterprise value of "personal expert", but also links to business ownership and entrepreneurship the right to operate the bridge, but also to fund the interaction between institutional investors and entrepreneurs have a positive role in promoting. However, venture capital institutions in helping start-ups quickly create wealth in the process, when the success of start-ups IPO, venture capital organizations in the lock-up expires tempted "short-term excess return" immediately "got away", "Q uick cash ", such behavior would be a follow-up operation and start-ups have a negative impact on performance; price caused by market fluctuations, will follow against the interests of small investors into the stock relay race. Venture capital organizations reputation is based on a comprehensive assessment of all aspects of its performance, the venture capital institutions cherished a valuable intangible assets. But also on the development of start-ups play an active role, on the one hand it is the ability and experience of the high reputation of venture capital institutions are more abundant, for start-ups have a greater role in helping the greater; on the other hand the high reputation of the venture institutions in order to maintain their hard-won high reputation, more companies will start due diligence. Is therefore necessary to explore the level of venture capital organizations reputation and performance-related start- ups, venture capital and venture capita l institutions holdings of institutional reputation and performance-related start- ups and how the role of regulator.Firstly, the GEM, venture capital-related concepts and exit, the reputation and character of venture capital institutions, business enterpr ises introduce performance related; Secondly, this paper reviews the venture capital institutions reputation on, after the IPO venture capital institutions cash holdings and the performance of the relevant literature of the three start-ups, research papers presented and the basic ideas. Once again, the status quo and further expose the venture capital market and GEM, combing the venture capital institutions causes and economic consequences of the reduction, in-depth analysis of the GEM, venture capital inst itutions, interaction among the three start-ups. Finally, select start-ups in 2010 GEM listed Sector Participation in venture capital investment in the sample for the study sample of 61 companies, by hypothesis, descriptive statistics, principal component analysis, correlation analysis and multiple linear regression theory reputation analysis tool venture capital institutions, venture capital organizations after the IPO holdings of cash and in-depth relationship performance of the three start- ups.、In this paper, the empirical results show that: ① performance and reputation VC start-ups to market a positive correlation; after IPO ② venture capital institutions Venture cash holdings and performance negatively correlated; ③ start- ups and venture capital organizations performance after the IPO cash holdings negative correlation; reputation ④ positive regulator venture capital institutions and venture capital institutions entrepreneurial enterprise performance correlation cash holdings; ⑤ cash holdings of venture capital institutions to make the performance of start- ups over the previous year decline.Finally, empirical analysis of the conclusions of the GEM and papers on the basis of the status quo, to proceed from venture capital organizations standardize and improve the entrepreneurial behavior of speculative institutional reputation both mechanisms, to restrict the reduction conditions, increase the "K uaijinkuaichu" behavioral concerns on a single large holdings of excess profits tax, the establishme nt of venture capital executives restraint mechanism, enhance the reputation of the effective signal transmission, reduce information asymmetry, the establishment of relevant laws and regulations and other measures. Hoping to promote the healthy development of the GEM, making small and medium business enterprises are truly effective financing platform, making the GEM, venture capital institutions and business enterprises achieve real "win-win."...