The Research On The Influence Of Labor Income Share To Financial Repression

The meaning of venture capital is high risk investment and high income,these institutions in order to gain huge profits,for this purpose rather bear higher relative risk,the investment risk is a lot of money down the drain.The probability of first round of investment is quite large,but they are often the subject of investment industry the combination of emerging technology and industry,5 years of rapid development of the taxi drops have brought huge rewards for risk investment,this also shows that although the risk is high but as long as the investment when the return is very rich.At present in the environment of Chinese,small and medium-sized enterprises are generally difficult to borrow money,financing difficulties,high tax rate,the burden is very heavy,so they are in the initial stage of the development of enterprises is the demand for money is very large,because the face not only expand the production capacity of the demand for funds,but also faces a series of labor costs.But they to traditional investment channels for financing difficult,traditional banks tend to be more care of those state-owned enterprises,resulting in the initial development of emerging enterprises are facing a shortage of funds resulting in aborted,so many emerging companies choose to venture capital financing,because the actual demand of venture capital can not only provide funds to enterprises to expand production capacity the risk of investment and can make use of their management skills,personal connections,and a series of business experience to help emerging enterprise development factors to give enterprises the most powerful help.Makes the enterprise can grow quickly.The model method used in this paper is the common boundary DEA-Tobit model.First of all,is the common boundary DEA part of the calculation.Our research object is the gem of the information technology sector listed companies,first calculate each sample within the group efficiency value,including risk investment and venture capital,and then put them together to calculate the joint efficiency value,efficiency value and the ratio will group together efficiency values were compared,obtained the technology gap ratio.By comparing the technical gap between the two,it is concluded that venture capital investment can improve the operating efficiency of listed companies.Then,the Tobit model is used to have as explanatory variables and pure technical efficiency values as indicators of business efficiency pure technical efficiency of the interventional effect of selection of risk investment,may be listed on the information technology enterprise efficiency factors as explanatory variables for Tobit regression analysis,by using the model to calculate the various influencing factors with the information technology listed companies operating efficiency value is the relationship between pure technical efficiency value,then the coefficient analysis and draw the corresponding conclusion.First,the first coefficient shows that venture capital shareholding ratio is 0.00588,and through the test of significance,risk investment shareholding proportion is higher,the higher the value of pure technical efficiency,improve the investment risk stake can significantly improve the performance of listed companies.Second,the risk of investment in the length of the length of the coefficient is-0.015214.And through a significant test,the time of risk investment institutions from inception to the present that venture capital investment in the venture capital industry longer,but information technology companies operating efficiency is low,that is to say the opposite relationship exists between the two.And it is significant in the ten percent confidence interval.Third,for those information technology companies,the number of participating in the management of risk investment institutions is a single large,or two or more joint operations for information technology listed companies for its operating efficiency will produce different effects.The coefficient is-0.105739.But this effect is not very obvious,fourth,risk controlling shareholder investment background is state-owned or non state-owned means for information technology listed companies also have a different role to have the state-owned background,coefficient of 0.069925,but did not pass the test of significance.