The Research Of The Relationship Between Venture Investment And Enterprises' Growth

Venture investment has played an important role in promoting enterprise development.Many small and medium-sized enterprises and entrepreneurial companies are hoping to get the favour of venture investment for the rapid development with the aid of venture investment capital.The participation of venture investment,can bring money to the invested enterprises,management experience,business resources and so on,which can promote enterprises to improve business performance,management level and technical research and development ability in the very great degree.Through theoretical analysis and literature review,venture investment through influence senior manager's decision-making behavior,thus affecting the management mode and development direction of start-up enterprises,in the end to the growth of enterprise's performance.The purpose of this paper is to explore the relationship of venture investment and enterprise growth through the perspective of entrepreneurial behavior,at the same time analyze whether entrepreneur's risk appetite play a moderating effect between venture investment and entrepreneurial behavior.This paper mainly divides into six chapters.The first chapter is introduction,mainly introducing the research background,research significance,the research purpose of this article,the research content and methods.Respectively the second chapter is the theoretical basis and literature review.This chapter introduces the resources theory,behavior theory,and the related definition and connotation of research variables,and their mutual influence between each other.The third chapter is the research model and research hypothesis.Through theoretical analysis,we put forward all assumptions.The fourth chapter is the empirical research design,mainly introducing the research variables measuring methods and data sources,the main models,the intermediate effect model,and the moderating effect model.The fifth chapter is the empirical research and detailed analysis to the empirical results.The sixth chapter is the conclusion and discussion.It mainly includes the research conclusions,innovative points,study limitations and future prospects.In this paper,by constructing a series of index to measure venture investment,entrepreneurial behavior,business growth,and entrepreneurship risk appetite,we use grouping test,multiple linear regression,and hierarchical analysis methods to do the research with 137 listed companies on the gem in 2014 and 2015 as the research sample.Finally we draw a conclusion that venture investment influences the entrepreneur behavior in order to further affect the growth and performance of the invested enterprise.Venture investment holds the membership of the board directors of the invested enterprise in order to support and supervise.It also influences the decision-making behavior of the invested enterprise,such as increasing salary incentive,the management equity incentive,which eventually helps to improve enterprise performance,improve the ability of technology research,and achieve the growth and development of the enterprise.