| Venture capital is different from traditional bank lending.It is more inclined to high-risk,high-tech goals,and is an equity capital.It is more concerned about the development prospects and potential of listed companies.Its investment targets are mainly emerging industries such as the new energy industry or companies in the initial development stage.The operation form of venture capital is equity investment.Generally,the listed companies with a long investment period and passed the screening to enter the venture capital base will receive support in other aspects besides financial support,such as improving governance and introducing advanced management models.And avoid integrity issues.This mode of operation is exactly in line with the development needs of listed companies in the new energy industry.However,how to reasonably choose the venture capital target and how to evaluate the venture capital value of listed companies are urgent problems to be solved in the venture capital strategy.The evaluation of the value of a listed company’s venture capital should not only cover the company’s return on investment,but also focus on examining the development potential of the listed company.At the same time,the investment risk,that is,the stability of the company in the face of disturbance,is also the object of focus analysis.Based on this idea,this article intends to establish two-dimensional evaluation indicators through the two steps of listed company efficiency measurement and disturbance impact analysis,and use this as the basis for the construction of a VC value evaluation system,so as to give corresponding venture capital based on this evaluation system.Strategy recommendations.Specifically,this article aims to build a dual market network of listed companies based on the performance of the production market and the securities market based on the characteristics of venture capital of Chinese listed companies and the securities market.Then,on the basis of the dual-market network,specific perturbation analysis of the production market and random perturbation analysis of the securities market are added,and a dual-market efficiency measurement model under perturbation is constructed and stability analysis is performed.So far,this paper has obtained two evaluation indicators of the venture capital value of listed companies,namely dual-market efficiency and dual-market stability.Through twodimensional indicators,we have constructed a venture capital value evaluation system for listed companies.Based on the evaluation system,a variable venture investment strategy for listed companies was formulated.In the empirical part,the abovementioned theoretical basis is used to study the hot venture capital industry—new energy industry.Using the real data of 26 listed companies in the new energy industry in the five years from 2013 to 2017,the dual-market network efficiency was measured,and the obtained results were analyzed holistically and characteristically.Then measured the dual market efficiency under the disturbance of each listed company,and further analyzed the results of the disturbance.The perturbation efficiency is compared with the original efficiency,and the stability of the dual-market network of new energy listed companies is evaluated.Through the evaluation results,we obtained 8 types of venture capital of listed companies.Aiming at its different characteristics,this article gives the corresponding venture capital strategies.The empirical analysis conclusions in this paper are as follows:First,overall,the dual-market efficiency values of the 26 new energy listed companies are at a relatively low level.The difference in efficiency between the eastern and central and western regions is not obvious;there is a significant dual-market efficiency difference between companies with earlier listing times and companies with later listing times in the new energy industry;in different sub-sectors,rubber and The plastic products industry has the best performance and has obvious advantages compared with other sub-sectors.Second,in the efficiency measurement results under the disturbance,the dual market efficiency values under the disturbance of the 26 selected new energy listed companies still show a low level.In terms of efficiency distribution,the difference in perturbation efficiency between eastern and central and western China is still not obvious.It can be found that most provinces or autonomous regions have performed poorly and have been under the "passing line" for five years;the electronics industry has the best performance and the electrical machinery and equipment manufacturing industry has the worst performance.Third,in the stability analysis results,on the whole,the average value of the efficiency under the disturbance is not large compared with the original efficiency,but from the perspective of a single listed company,the stability of different listed companies varies greatly;among the regional differences,the eastern The overall adjustment is smaller than that in the Midwest.From the time of listing,there is no obvious difference in the stability of the performance of the three groups of listed companies in different listing cycles.The electronics industry in the sub-sector shows strong stability.The worst stability is in the agricultural and sideline food processing industry.Finally,this article divides them into 8 categories according to the different characteristics of listed companies,and then gives the following suggestions on venture capital strategies: P + and S + types can be used as venture capital target companies,and they can be considered as holding objects in the near future.As the observation group,there are N + type and M + type.You can pay attention to these two types of companies at any time,but you should pay attention to possible disturbance risks when investing in venture capital.As an option for the observation group,there are P-and S-.These two types of companies may not be the observation target in the short term.If there is a significant performance improvement in the long term,they can be considered to be included in the observation group.In the short term,companies in the N-and Mgroups can be disregarded,their return on venture capital is low,and their venture capital potential is poor. |
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