Risk Investment To Study The Impacts Of High Ang New Technology Enterprise Investment And Financing

The third revolution of science has promoted the rapid development of world economy, the current international competition depends more on competitiveness in Science and Technology, and the development and competitiveness of new and high technology enterprises represents an important aspect of international competitiveness of science and technology in our country. Although high-tech enterprises in China has been developing rapidly in recent years, phenomenons of non-efficiency investment and difficulties in getting financing have appeared in the development. Many solutions have been proposed by scholars to settle this problem, such as introducing the risk investments. The risk investment plays a significant role in the developement of economy, due to its specialization, high yield and high risk. This paper focuses on whether or not the introduction of the risk investment has cushioning effects on solving the problems faced by high and new technology enterprises.In this paper, the influence of risk investment to the listed high-tech enterprises of China is analyzed from both theoretical and empirical aspects. The related concepts such as high-tech enterprises and risk investment are defined theoretically. The influence mechanism of risk investment to the financing and investment of high-tech enterprises is analyzed according to the existing researches. The samples selected in this paper include 52 risk investment agencies and 327 listed high-tech enterprises.Companys' index data of related samples during 2004-2013 is collected to analyze the influence and function of risk investment to the financing and investment of high-tech enterprises. Empirical analysis shows that the risk investment agencies have a positive effect on the plan of financing and investment of high-tech enterprises. The main conclusions are shown as follows:(1)Nowadays, extremely serious problems of non-efficiency investment are existed in the listed high-tech enterprises in China. The problem of under-investment is serios due to the lack of cash, the phenomenon of excessive investment is few, and there is positive correlation between the degree of lack of investment and the degree of shortage of internal cash flow in listed high-tech enterprises.(2)The introduction of the risk investment has cushioning effects on solving the problems faced by high and new technology enterprise. On the one hand, there is littlecorrelation between insufficient investment of venture-backed companies and the shortage of cash. Risk investment agencies, on the other hand, have cushioning effects on underinvestment of high and new technology enterprise casued by internal cash shortage. Finally, the state-owned equity background has a more obvious effect on the problem of underinvestment of high and new technology enterprise.(3)The introduction of the risk investment have a positive impact on listed high-tech enterprises from various perspectives, thus solving the problem of non-efficiency investment. High and new technology enterprises access capital from different channels, which significantly reduces the problems of non-efficiency investment of the high and new technology enterprises caused by lack of cash flow.