The Reserrch On The Influences To Investment And Financing Efficiency Of Enterprises From Venture Capital Institutions To Participate

In recent years,venture capital,as a kind of high risk,high income,professional investment,promote economic and social development all over the world.China's risk investment totaled $15.5 billion in 2014,in 2006,the agency began a data record,double the $7.3 billion record set in 2011.The risk investment institutions as a professional investment institutions,they are connected to the sources and applications of financial intermediary,actual operators are so huge venture capital,it involved in the enterprise,what effect will bring.Current research on the role of risk institutions focused on study the effects of venture capital is a startup satellite successful IPO,IPO discount rate,IPO,IPO companies earnings management and so on,and less impact on the efficiency of investment and financing of research.Studies show that risk investment institutions to participate in to the corporate governance of the invested enterprises play a role,of course,investment and financing efficiency as common problems existing in the capital market,we naturally think of a problem is that risk investment institutions to participate in the investment and financing efficiency of the listed companies will produce what kind of impact? Is positive or negative "supervision,certification hypothesis" "reputation-by hypothesis",this is a problem worthy to be discussed.Based on the thinking of the problem,in this paper,on the basis of combing the existing literature,from the perspective of corporate governance theory analysis,and then use the gem listed company data for empirical research in China,examines the risk investment institutions to participate in will affect the overinvestment and underinvestment,from the perspective of the investment efficiency test whether risk investment institutions to participate in the investment efficiency of the company.If the risk investment institutions involved in can inhibit the excessive investment or alleviate the phenomenon of inadequate investment,the risk investment institutions is through what way to help the company,this article will study this.At the same time the paper also examine risk investment institutions to participate in will affect the financing efficiency,and further studies on different characteristics of risk investment institutions that affect the enterprise financing efficiency is different.In this paper,through theoretical research and empirical analysis,the following main conclusions:First,the gem companies in China are phenomenon of lack of investment is more,the participation of risk investment institutions will improve,easing the shortage problem of the company's investment.The characteristics of risk investment with high risk,in order to effectively reduce the investment risk,standardize enterprise investment is the commonly used means of supervision.Therefore,the risk investment institutions to participate in the enterprise that can boost the overall investment efficiency.Second,risk investment institutions to participate in to a certain extent,reduced the degree of information asymmetry of the enterprise,improve the external financing environment of enterprises,so as to improve the external financing capacity of enterprises.Risk investment institutions have a wide network,the information transmission in the network can effectively reduce the degree of information asymmetry of the enterprise,in order to improve the external financing environment of enterprises,improve enterprise debt financing rate and the rate of equity refinancing.Third,the different characteristics of risk investment institutions on the impact of different enterprise investment and financing efficiency.Due to the different characteristics of risk investment institutions has certain heterogeneity,its investment management strategies are also different,thus the influence on enterprises investment and financing efficiency is also different.In this paper,we study it is concluded that the risk investment institutions for the promotion of enterprise development has a certain role,so development venture capital industry is imperative.Finally,this paper from the aspects of laws and regulations,system,and talent development of venture capital industry in China is presented some Suggestions for policy.