Study On The Influencing Factors Of Venture Capital In China

Venture Capital is an equity investment to start-up enterprise with high-risk and high-growth,which has basically solved the start-up enterprise's problem about making regular financing in its early stages of creation.And it has successfully to promote the technological innovation,economical growth and employment in many developing countries and developed countries.Venture Capital is also an economic activities for social services and play an important role in social field as well as economic field.The pace of China's venture capital industry's development is obvious to all,which achieved fruitful results,successfully supported a large number of new industries,such as Alibaba,Tencent,Baidu,DiDi and so on.At present,China has become the world's second largest venture capital market after the United States,with huge potential for the development of venture capital markets.However,in terms of the United States more than 70 years of venture capital development experience,The development of China's venture capital started later and there are still many immature and non-standard place.In view of the venture capital plays an important role in promoting China's high-tech development,economic development,accelerating the transformation of high-tech research to the results of product transformation and promoting employment.And the influencing factors of venture capital determine whether the venture capital can develop in a healthy and orderly manner.Therefore,the research on the influencing factors of venture capital has important practical and guiding significance.This research intends to study venture capital from the following chapters: In the first chapter,the author summarizes the venture capital's research status and influencing factors and the influence of government on China's venture capital.In the second chapter,according to analyzing the connotation of the venture capital and its operation mode and stage,finding and comparing the development of venture capital in China and the United States,which also compares the current situation and characteristics of venture capital in China from the four aspects of venture capital investment,investment characteristics,capital characteristics and exit characteristics.Besides,through the comparison of the data between China and the United Stated,the author finds out the existence of the characteristics and shortcomings of venture capital in China.In the third chapter,the author analyzes the influencing factors of venture capital in China.Firstly,the author analyzes the influence of the government on the development of venture capital in China.Chinese government played an very important role in the development of venture capital.The article discusses and analyzes the relevant theories of the government's role in the venture capital market and finds out the government's involvement in venture capital,the limitations of the government's role in the venture capital market and the problems arising from government intervention.Secondly,the author analyzes the impact of macroeconomic factors on the development of venture capital in China,including economic growth,money supply,technological innovation and macroeconomic prosperity index.In the forth chapter,the author introduces the lag model and the multiple regression model and then analyzes the data by SPSS 22.0.The empirical results show that the impact of economic growth,money supply,patent and macroeconomic prosperity index on the development of venture capital in China.In the fifth chapter,the author makes a concrete analysis and summary of the previous empirical and analysis and put forward to promote the recommendations and opinions about China's venture capital healthy and orderly development,which including the development of appropriate risk investment development tax policy,pay attention to project selection and supervision to relax the capital restrictions,increase innovation and talent investment,improve the market environment and strengthen market supervision.At last,the author points out this paper's shortcomings and expectations.