Research Of Impact Of VC、PE On Entrepreneurial Firms Growth Performance

In recent years, The China’s real economy has been facing increasingly serious overcapacity problem, whether it’s the just-concluded "12th five-year" plan or the new launched "13th five-year" plan have all put forward to speed up the adjustment of industry structure, promote the pace of our economic transformation and upgrading. Thus, our country also also sets the higher requirements for it, the prime minister pointed out:our country has entered such stage that we must rely on innovation drive development, we should encourage the entrepreneur ship and innovation, while entrepreneurship and innovation will be very hard without the aid and catalytic of the capital market. In today’s China, the national government at all levels are greatly promote the development of capital market to promote the substantial economy. Under the background of this policy, as a financial system arrangement and an important part of capital market, the entrepreneurship-investment will provoke the girder of China’s future economic development, particularly the real economy.Based on relevant companies data GEM listed from 2009 to 2013 in our country, and Through descriptive analysis, panel data regression analysis and other empirical methods,this paper studied the relationship between equity investment and start-ups growth performance. Empirically analyzing the influence that equity investment proportion has to the start-ups growth performance, Conceptually, venture investment including venture capital (VC), private equity (PE), etc. The study found that:the increase of the proportion of the risk investment can promote the growth performance of start-ups significantly; But private-equity investment ratio improve failed to significantly improve even blocked the growth of the business enterprise performance; However, when PE invest to VC-backed companies can significantly improve the growth performance. The data also shows that:In the respects of providing value-added services and making development strategy, China’s private equity investment institutions are relatively weak. Objectively, they lack of professional knowledge and talents; Subjectively, in order to prompt the invested enterprises listed as soon as possible, PE organizations pursue their short-term business performance growth while ignoring the long-term development. Finally, I summarized this article research results, and put forward the corresponding prospects for future research.