Research On The Influence Of Venture Capital To The Gem Listed Firm's Performance

Venture capital,as a means of financing source,prefer to invest in those firms with high growth,high innovation,and plays an important role in the development of the business enterprise in our country,it not only provides new financing channels for entrepreneurial firmalso provides value-added services for start-up firms.By the end of 2013,in 355 the gem listed firms in our country,the company with a vc background has reached 205,accounting for more than 57.75%.According to qing's statistics,in 2014,the Chinese and foreign vnture capital institutions invest new capital amount of $19.022 billion in China's mainland,the total year's investment cases reach to 1917,investment activity and size are gained.With the rapid development of domestic capital market,based on the VCS cluster platform,it becomes very important and the extremely realistic significance to study the relationship between the gem of risk investment and firms' business performance.On the basis of a review on the related research at home and abroad,the article selecting 2009-2012,355 companies listed on the gem as the research sample,from the existence of venture capital and the characteristics and properties of venture capital,through the establishment of regression model,and using descriptive statistics,correlation coefficient test,methods of multiple regression analysis,the influence is studied between venture capital intervention and firms management performance.The empirical results show that: first of all,venture capital intervention with firm's profit ability,growth ability are positively correlated.In addition,the venture capital intervention of high and new technology firms and large business firm effect is more significant,the vc institutions through the independent directors to participate in firms' management,to a certain extent,optimize the company's internal governance.Secondly,the higher ownership of the venture,their motivation to participate in the invested company governance is stronger,the net interest rate and the p/e ratio is higher;And because of the profit-driven vc institutions,venture capital ownership has not significant impact on operating income growth rate.Again,the vc institutions quantity involved in the invested enterprise was not significant to improve the net interest rate and the income growth rate.Finally,the state-backed venture capital institutions to improve firm's business performance is not better than private background or foreign venture capital institutions in the background.On the results of the study,the corresponding countermeasures and suggestions are proposed from the point of the government and social supervision,entrepreneurial firms and risk investment institutions.