Effect Of Venture Capital On Corporate Governance Structure And Performance Of The Gem

In the past ten years,the venture capital industry has a rapid development in our country.It is not only provide a lot of capital for startups,and also plays the important role of providing supervision and service in promoting startups rapid growth and IPO.However it appeares the phenomenon that many companies of the gem has the decline in performance after IPO,so venture capital institutions expand rapidly at the same time,we need to think about the value that venture capital firms provide for startups,whether they are positive or negative.Venture capital institutions by involving in the operation and management of startups,affect the corporate governance structure of entrepreneurial enterprises,and further affect the company's performance and development.So in view of studing the influence of venture capital institutions on corporate governance and performance,it is very important for the development of the high-tech enterprises and venture capital industry and their collaboration.Based on combing and summarizing the related literature at home and abroad,the text selects 289 IPO companies on GEM from 2012 to 2016 as research object,using the method of Descriptive statistics,correlation analysis and multiple regression analysis,in order to discuss the influence of venture capital institutions on corporate governance and performance.This paper studies the influence of intervention or not from venture capital institutions,ownership,joint investment,three angles on three corporate governance structures,respectively,the board of directors,equity structure,executives of venture enterprises.furthermore,the effect of different corporate governance structure on the performance of entrepreneurial enterprises is studied.Conclusions are as follows: first,venture capital did not produce significant effect on the corporate governance structure of IPO companies,and has a negative effect on the independent director and executive compensation,but increasing joint investment and shareholding produced not significant positive effect on the corporate governance structure(be exclusive of the executives shareholding);Secondly,the governance structure of entrepreneurial enterprises(management incentive)has the promotion effect on theperformance of the IPO of venture enterprises;Third,the involvement of venture capital and the deepening of participation cannot have a positive effect on the company's performance improvement through the intervention of corporate governance.In view of the above research conclusion,this paper respectively from the government Angle,risk investment institutions,entrepreneurial companies targeted Suggestions are put forward.