Research On The Impact Of Venture Capital On Enterprise Value Of Listed High Tech Enterprises

With the high development of venture capital recent years,it has attracted many domestic and foreign scholars’ attention.Venture capital is known as the "engine of economic growth" and the "booster" of high-tech industry.In the past 20 years,China’s venture capital has supported the development of high-tech industries.Not only provided funds and internal management for enterprises,but provided external market development and other services.It plays a regulatory role in corporate governance.It can enhance corporate value.Therefore,it is of great theoretical and practical significance to realize the "win-win" of venture capital and high-tech enterprises by deepening the research on the influence mechanism of venture capital on the value of high-tech enterprises and the deep understanding of the value of high-tech enterprises.On the basis of systematically combing the domestic and abroad relevant literature,this paper mainly includes two parts.In the theoretical analysis part,this paper constructs the two dimensions of ownership structure and board structure as the substitute variables of corporate governance to analyze the impact of venture capital on the value of high-tech enterprises,the analysis shows that venture capital enhances the value of high-tech enterprises through corporate governance.In the empirical analysis part,those high-tech companies which went public during 2010-2014 are taken as the object of the research.The ownership structure includes ownership concentration and ownership balance two variables.The board structure includes three variables,duality,the size of the board and the independent direntors.Further empirical tests are taken to prove the effects of how venture capital influence the high-tech company value.The results show that the intervention of venture capital can effectively improve the value of high-tech enterprises.Venture capital can improve the value of high-tech enterprises by improving corporate governance.The positive impact of venture capital on corporate value through equity concentration is not significant,but it can promote the growth of enterprise value by restraining equity checks and balances.The positive effects of venture capital influence company value through duality is not noticeable.The negative effects through the size of board on company value is noticeable.The company value can be improved by increasing the proportion of independent directors.