Risk Investment Enterprises To Study The Impacts Of Ownership Structure On The Financial Governance Efficiency

In recent 30 years, a new concept “Venture Capital” became popular on the capital market. Venture capital originated from Europe, especially in capital market developed in the United States on a new step, to achieve further development and prosperity. Venture capital industry in China has just started in the 1980 s, in recent years, venture capital, private equity market highlights, development is very rapid, reading made institute statistics report issued in January 2016, to raise funds both in size and quantity record highs. The key investment object of venture capital is not a big company, but a small startup stage of enterprises, these enterprises tend to have better technical resources and good development prospects. Foreign research shows that risk investment to solve the major problem of shortage of funds for the current small and medium-sized enterprises, can provide certain value added services during the stake, play the role of supervision. Thus, the study of the impact of risk investment in a tiny startup, not only can enrich the study of the theory of the risk investment, and can more clearly the advantages of venture capital, reasonable control risk investment holding ratio, make the development of these enterprises were fewer restrictions.Researchers pay more attention to in the industry is how to make the relationship between ownership structure and corporate financial management more clear. 2009 miniature enterprise financial support on the whole a step, it is with the appearance of the GEM, boost the development of the enterprise. Most companies by family enterprise restructuring, with the Shanghai and shenzhen main board, the small and medium-sized plate is different, it inevitably has the influence on the company's financial governance efficiency.The beginning of this article is mainly a summary of contents include the research achievements of domestic and foreign scholars, on this basis, three main body are respectively ownership structure, risk investment and financial governance efficiency, and then compares the Shanghai and shenzhen main board, small and medium-sized enterprises board, equity structure of the GEM, GEM in the risk investment enterprises to choose, chose a total of 144 companies, represent variables from the equity and venture capital three aspects of each of the characteristics of selection, but the following main conclusions:(1) the equity attributes: only the increase in the proportion of tradable shares will reduce the efficiency of financial management.(2) the equity concentration areas: the first big shareholder and top ten shareholders of shareholding proportion can improve the efficiency of financial governance, and the correlation of the first big shareholders and the financial governance efficiency can be represented with a u-shaped chart.(3) risk investment holdings, state-owned investment background, joint investment and financial governance efficiency level are: the relationship between positive correlation, negative correlation, and positive correlation. But the effect is not significant.