The Empirical Research On The Impact Of Venture Capital On Listed Companies'Non

With the continuous development of the global economy,Technological innovation is increasingly becoming an important factor in promoting economic development and increasing international competitiveness,presented as the added value of technology-intensive products continue to increase,and the added value of labor-intensive products continue to decrease.Like most developing countries in the world,the innovation level of China is much less than developedcountries,especially presented as the gap of quality,and venture capital as an important tool to promote technological development has been widely accepted,It is necessary to study and develop the venture capital industry to increaseour innovation capacity and international competitiveness.We haven't a relatively complete concept of venture capital until 1998,after<About speeding up the industry of venture capital in China>this documentissued,venture capital is gradually recognized by the public.Then,China's venture capital through a solid,rapid development,prosperity and other different periods,China's total annual venture capital reached 33.9 billion,total investmentprojects reached 506 in 2008,and total annual venture capital reached 21 billion in 2016.Our research on venture capital is still less,mainly concentrated in the following three,the first is the literature review,mainly making introduction and comparison on domestic and foreign venture capital;The second is the theoretical research,including what's conditions,laws,regulations and financial system needed for the development of venture capital in China;The third is empirical analysis,using the existed theory,making empirical analysis In China's economicsystem environment,to study the impact of venture capital on corporate performance,IPO underpricing,financing,etc.So I think it is necessary to study theimpact of venture capital on the investment behavior of listed companies,fromhow the venture capital impact the investment of listed companies and the way of influence two aspects.This paper uses the combination of theoretical and empirical analysis,Select all A-listed small plates and GEM companies as a sample for regression analysis,the full paper is divided into six parts:Chapter one is the introductory part,mainly introduces the impact of venture capital on innovation and the development in China,and further put forward the reasons for studying venture capital.This chapter is divided into four parts,respectively,for the research background and significance,research methods,research ideas and innovation of this article.Chapter two is literature review section,divided into three parts respectively,for the study of venture capital research,non-efficiency investment impact factors and venture capital for the enterprise inefficient investment summary.First,give a comprehensive set of venture capital for the impact of enterprises from the venture capital on business performance,IPO and investment and financing behavior.Secondly,the author analyzes the influencing factors of inefficient investment from the perspective of the proportion of large shareholders,the financial structure and the free cash flow.Finally,combine two parts to make a summary of inefficient investment or how the impact of venture capital investment enterprises.Chapter three is the theoretical analysis part.It is divided into four parts,one is the definition of related concepts,including the definition of venture capital and non-efficiency investment concept.The second is to discuss the current theory of corporate investment at home and abroad,mainly from the information asymmetry theory,principal-agent theory and venture capital network theory three aspects based on venture capital and non-efficiency investment related theory.Thirdly,it discusses how the venture investment affects the investment behavior of listed companies,and explains how the venture capital affects the listed companies from the four aspects:the supervision and management,the incentive system,the resource support and the contract.Fourth,the exit mechanism of venture capital in China,from the main three exit way IPO exit,equity transfer exit and liquidation exit in our respective share analysis of China's exit mode of the shortcomings.Chapter four is the research design.This chapter is divided into three parts,the first part is hypothetical,according to the theoretical research,the paper puts forward the influence of venture capital holding,the proportion of venture capital,the joint venture of venture capital and the reputation of venture capital on the inefficient investment behavior of listed companies,and proposed a venture background of the GEM enterprises in the suppression for the inefficient investment is better than small and medium enterprises.The second part is the sample selection and acquisition methods.The third part is the setting of the model and its theoretical basis,explaining variable and the explanatory variable.Chapter five is empirical analysis and testing.For the selected data classification,respectively,using STATA for descriptive statistical analysis and regression analysis,finally explains the empirical results.Chapter six is conclusion and suggestion.On the basis of summarizing the full text,according to the conclusion of the empirical analysis,the author gives some enlightenment about the investment behavior of listed companies and the development direction of venture capital in China,and summarizes the shortcomings of this article.Compared with domestic research on venture capital,this paper has the following three innovations.1.Most of the current research on venture capital holdings is concerned with the analysis of corporate performance and IPO impact,and less about the impact of venture capital on long-term corporate governance2.At present,due to the short time to market for venture capital holdings of the impact of more stay in the small plate data,and this paper believes that the greater role of venture capital is to support some of the growth of better enterprises.And the GEM data is also becoming more mature,it is necessary to use GEM and small plate data as a comparative study,the conclusions are more robust.3.The current impact on the venture capital holdings more to stay in the presence of venture capital holdings.This paper argues that some other factors of venture capital,such as venture background,whether to participate in management,joint holdings and other different angles of analysis for the existing research to broaden the thinking.