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Research On The Impact Mechanism Of Venture Capital Structure On Enterprise IPO Performance

Posted on:2019-06-21Degree:MasterType:Thesis
Country:ChinaCandidate:Z H ChenFull Text:PDF
GTID:2359330545477362Subject:Business management
Abstract/Summary:PDF Full Text Request
Since the reform and opening up,with the support of the policies and regulations of the Chinese government,China's venture capital industry has developed rapidly.Especially in recent years,the scale of venture capital industry has expanded rapidly,which has become a new trend and new bright spot for the development of China's capital market.This is inseparable from the continuous improvement and perfection of China's capital market system.The establishment of China's growth enterprise market provides a more convenient exit channel for venture capital and provides a new platform for financing of small and medium-sized high-tech enterprises.In recent years,more and more scholars have begun to study the relationship between venture capital and enterprise performance based on various theories and conducted in-depth research on the intrinsic mechanisms of venture capital and corporate performance.At present,most of the academic research on venture capital and corporate performance does not further subdivide venture capital.Research on the impact mechanism of venture capital structure on enterprise IPO performance.This paper takes GEM listed companies from 2009 to October 2010 as sample data.Multiple linear regression analysis was applied to the obtained sample data.The empirical results show that,First,the structure of venture capital with CVC investment background has a significant positive correlation with IPO performance.The result is not difficult to explain,CVC is relative to IVC,it can not only provide financial support for enterprises to survive and develop,but also provide additional resources support for enterprises.For example,technical support,channel support and professional knowledge.Two,There is a significant positive correlation between the form of venture capital structure with the background of joint investment of CVC and IVC and the IPO performance of the company.At the same time,the two can provide complementary resources for the invested enterprises.Therefore,the joint investment has a positive effect on IPO performance of enterprises.Market environment has a moderating effect on the above two kinds of venture capital structure and IPO performance.That is,when the market is in a bull market,it will weaken the positive role of two kinds of venture capital structure to IPO performance.The conclusion of this paper has certain theoretical and practical significance for venture capital and entrepreneurial financing enterprises.When venture capital looks for investment target enterprises,try to find entrepreneurial enterprises with CVC and IVC joint investment structure as far as possible.Because when the venture business with this background is listed,its IPO performance is often higher,which helps to accumulate the reputation of venture capital itself.At the same time,for venture capital enterprises,CVC and IVC should be introduced at the same time as possible,Because this venture capital structure is more conducive to enhance the IPO performance of enterprises and reduce the financing cost of enterprises.
Keywords/Search Tags:Venture capital structure, corporate venture capital, Independent venture investment, market environment, IPO performance
PDF Full Text Request
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