| Since the reform and opening up, China’s investment in enterprises has been growing at a high speed. However, there are still many problems in the rapid growth of business investment, such as low investment efficiency, government intervention in the serious, investment decision-making procedures and norms is not perfect, and the low investment efficiency may is the ultimate expression of many problems.From the angle of Economics on investment efficiency do an intuitive understanding, should be the proportion of investment income, output and investment, the cost of investment, then investment efficiency can achieve output of amplification or investment in the amount of saving, so as to realize the maximization of enterprise value. In considering the efficiency of corporate investment, with Richardson (2006), and not to enterprise of each investment project investment returns rate to measure the efficiency of corporate investment, but the enterprise as a whole, according to the enterprise the actual amount of investment and the ideal investment in the balance of positive and negative to judge whether the investment is efficient. Thus, the non efficiency of investment is of two kinds, namely, excessive investment and insufficient investment. Whether it is excessive investment and insufficient investment will damage the company value and shareholder wealth maximization goal. Therefore, how to improve the investment behavior of the company in order to improve the efficiency of the allocation of resources has always been an important concern in the field of financial and financial research.From the perspective of the operation cycle of venture capital investment, venture capital should experience fund-raising, investment, management, exit four links, three of which are related to the investment enterprise. In several aspects of this, how to reduce the information asymmetry between outside investors (new buyers for risk investment institutions investors or corporate equity), reduce the agency conflicts between shareholders and management, helped found, promotion and Realization of the value of enterprises, venture capital institutions investment managers must face and solve the problem.China’s specific situation analysis, the risk of investors will not be in the investment company IPO after the rapid exit, there are indeed many risk investors in the investment company IPO after many years has not yet quit. And after the listing of the company gradually entered the mature stage, scale of production and operation, human resources constitute tends to be stable, company management is increasingly standardized but also tend to become more and more complex, if not do a good job in the investment decision, the company is likely to stagnate or even lose its competitiveness in the market. Therefore, discussion on investment risk in the investment of listed companies play a role, can we from the various stages of development of the company comprehensive understanding of risk investment to produce the effect, especially on the company after the listing of the investment risk on the investment efficiency, so as to develop and perfect the theory of venture investment.This article selects the 2012-2014 all of the GEM listed companies as the initial sample, according to the time to market after screening involving a total of 354 GEM listed companies,988 sample observation value, through multiple linear regression model to investigate the background of venture capital investment impact on the rate of investment efficiency of listed companies, and further distinguishes the heterogeneity of risk investment institutions to influence the size effect. |
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