Research On The Impact On Listed Companies' Performance Of Venture Capital Support

China's capital market and venture capital have experienced rapid growth since the beginning of the 21 st century.More and more domestic scholars turned their eyesight to the study of impact of venture capital on the enterprise.Domestic and abroad researches show that venture capital has the function of certifying and supervising the participating enterprises,providing management consulting,financial consultation,and promoting enterprise development.While it may also brings negative effect.In order to establish the reputation of venture capitalist as soon as possible,venture capital may push enterprises prematurely listed,leading to overdraft of enterprises future.Based on the theory of "certification / supervision","one name" hypothesis and "adverse selection",This article selects listed companies on GEM from October 23,2009 to January 29,2014 as research samples,Using ROA,ROE,OPE as financial index,using industry,number of employees,the percentage of higher education level staff,the chairman's degree,net assets turnover,the final shares outstanding as grading index for propensity score matching methods(PSM)to eliminate the deviation,and researches the impact that venture capital(VC)participation brings to enterprise performance.The results shows that VC tend to invest in enterprises with less number of employees,fewer final shares outstanding,larger scale net assets.In General,VCs did not significantly effect the financial performance of invested firms of GEM.And further more,the state-backed VCs did not significantly effect the financial performance of invested firms of GEM either.However,high reputation VCs have positive influence on the invested enterprise.According to the empirical results,venture capital should pay attention to the pre-investment investigation and reduce the investment risk before decision is made to invest to small-scale enterprise,and pay attention to building and keeping high reputation.The state-owned venture capital enterprise can make full use of the capital advantage and information superiority to certification and supervision.