Analysis Of The Impacts Of Venture Capital On GEM Listed Companies' Finance Efficency

Megginson and Weiss(1991)research shows that the existence of venture capital is the latter part of the enterprise value and growth capacity recognition,(2011)that venture capital to participate in listed companies,the use of its own professional advantages for the enterprise to provide a reasonable allocation of funds to resist the market and internal risks and other quality services,venture capital,the risk of investment in the enterprise,Existence will improve the efficiency of the company's configuration.This paper analyzes the impact of venture capital participation on the financing efficiency of listed companies on the listed companies listed on the GEM in Shenzhen on January 1,2016 as the research object,and whether the venture capital exists in the above listed companies as a research perspective.In this paper,the impact of venture capital on the financing efficiency of listed companies is divided into two parts: fund raising efficiency and allocation efficiency.First of all,the impact of venture capital on the financing efficiency of listed companies on the GEM,by comparing the GEM listed companies underpricing rate and price-earnings ratio of these two indicators found that listed companies IPO day,whether the venture capital background of listed companies underpricing Index and the average price-earnings ratio index is superior to the listed companies without risk investment background,the existence of venture capital can play a role in the participation of enterprises.According to the description of the statistical results and the theory of certification proposed by Megginson and Weiss,it is pointed out that listed companies with venture capital in the listed companies will improve the financing efficiency of the company compared with the venture capital background.The article examines the hypothesis by establishing a multiple linear regression model,The variance factor test method is used to test the conclusion that the collinearity between variables does not affect the regression results.Finally,it is found that the relationship between venture capital and the efficiency of fund raising of listed companies is not significant.Venture capital exists in the participation of enterprises The role of investment capital does not form a guiding role on the market,making the existence of venture capital does not improve the efficiency of equity financing enterprises.Secondly,the paper analyzes the impact of the existence of venture capital on the efficiency of the allocation of listed companies on the GEM.The article analyzes whether the venture capital is present on the GEM listed companies and compares the efficiency of the fund raising and the growth rate of the main business And earnings growth rate after the discovery of the existence of venture capital background of the GEM listed companies are higher than the three indicators of venture capital background of listed companies.Based on the above analysis results and Chemmanur's supervisory theory,this paper puts forward thehypothesis that the venture capital has the supervisory function of the fund allocation efficiency of the shareholding company.The article examines the hypothesis by establishing a multiple linear regression model and finds that the existence of venture capital is related to that of the listed companies The efficiency of fund allocation is positively correlated with the level of 10% inspection.The listed companies with venture capital background have higher efficiency and the existence of venture capital to supervise the management of the listed companies on the GEM.