The Interaction Mechanism Of VC Reputation And Reduction After IPO

Venture capital is the innovation of investment and financing system of entrepreneurial activity external source ofequity capital requirements to all active venture capital institutions in C hina’s main board, small board and gem. As a financial intermediary special, venture capital investment institutions a full range of cast enterprise capitalstructure optimization, improve the level of operation and decision-making behavior, is to enhance the value ofenterprise’s personal experts "and emerging industries(business model) of the booster, but also has provided a" safe harbor "and" wind vane "for ordinary investors the function of investment choices. With the construction of the mechanism of the development of strategic emerging industries and market capital supplement, especially with thelisted enterprise high reduction typical cash get huge gains the exit channels, the venture capital industry ushered in the rapid development, since 2003, the number of venture capital the amount of fund-raising, fund investmentand venture capital institutions the number of investment cases showed growth spurt. But the problem with this is accompanied by extensive, brutal style development of venture capital industry, venture capital institutions becomemixed, "gold rush" mentality "to earn quick money" speculation "concept, excessive preference to" and take "packing list", enlarge the market is not mature to take "lightning cash" crazy speculation model reduction to exit,wantonly to two market for unjust profits on investment risk. Due to the lack of the law of our country and not perfect, so as to ensure the reputation mechanism of contract responsibility of honest implementation of theshoulder restraint of venture capital institutions holdings of behavior. Therefore, the purpose of this paper is tostudy whether reputation mechanism of venture capital institutions holdings of behavior, but not the appropriatereduction behavior whether to venture inves tment institutions in their own reputation effect.Firstly, in this paper, the concept of venture capital institutions to study of the reputation of venture capital institutions and venture capital institutions holdings of behavior are analyzed the definition and depth, and thereputation mechanism, venture investment mechanism of venture investment institutions to reduce the literature review and comment, put forward the train of thought of this paper. Secondly, the current development status ofthe policy, China’s venture capital industry support and the reduction was analyzed. Thirdly, the analysis modelwere discussed during the reduction by using the game theory, the multi stage venture capital institutions and investors of the repeated game in single stage game and venture capital institutions and investors. The results of the study show that, the reputation mechanism of venture investment institutions holdings of behavior is a constraint. Finally, based on our board, small board, the gem data, verifies the reputation of venture capitalistsand venture capital institutions reduce the influence to the reduction of its reputation for its research findings show that: the reputation of venture capital institutions can have a significant impact on the reduction behavior "twist",but the reduction was not the reputation of the venture capital has a significant impact, this paper also puts forwardinterpretation.Finally, based on the analysis of the current situation, the conclusion of theoretical analysis and empirical analysisas the foundation, from the norms of venture capital institutions and the two aspects of the improvement of the reputation mechanism of venture capital institutions to start first from the perspective of government policy supportthe development of the industry put forward the establishment of relevant laws and regulations, to promote theorderly development of venture capital industry, the establishment of trade associations venture capital industry access standards, norms and establish relevant suggestions and improve the reputation of the venture capitalevaluation system to bring into full play the state-owned venture investment guidance fund plays an important role. And then put forward the development from "extensive rough fast" to "specialization" pay more attention to the role of reputation mechanism and establish a sound internal incentive mechanism of venture capital institutions relatedsuggestions and measures to promote the venture capital industry vigorous development from the perspective of venture capital institutions to improve their own quality.