Venture Capital,Analysts' Attention And Enterprise Performance

As an incubator of high-tech enterprises,venture capital plays an increasingly prominent role in economic development.It can provide sufficient funds and rich resources advantages to enterprises,provide more value-added services,supervise the decision-making,and then effectively improve the structure of corporate governance and the value of invested enterprises.As an intermediary and supervisory power of the market,securities analysts can reduce the degree of information asymmetry and agency costs,bring the advantages of financing and other resources for the enterprises,guide the business behavior,and then play a significant governance effect on the company and have a positive impact on the enterprise value.What about the relationship between the two variables? From the new perspective of analysts' attention,this paper explores the role of this external governance mechanism plays in the relationship between venture capital and enterprise value.This paper takes 2009-2016 years GEM listed companies as research samples,and connected the venture capital,analysts' attention with the enterprise value.Then explore the differences in the different nature of property right.It draws the following three conclusions.First,venture capital has a positive effect on the development of the enterprises,it can play a positive role in governance and significantly improve the value of invested enterprises.Second,analysts' attention can also play a significant role in governance and can have a positive impact on the value of the concerned enterprises.Third,when the analyst's attention is high,the role of venture capital in promoting enterprise value is weaker.When the analyst's concern is low,venture capital has a strong promoting effect on enterprise value.Further analysis shows that venture capital has a stronger effect on the value of the company and the analysts attention can more affect the role of venture capital to the value of the company in non-state-owned enterprises,The research shows that our country needs to vigorously promote and guide the development of venture capital and analyst industry,so that it can create more value for enterprises and further promote the healthy development of capital market.In addition,China also needs to deepen the reform of state-owned enterprises and enhance the vitality of state-owned enterprises.