Study On The Relationship Between Intervention Of Venture Capital Institutions, Internationalization Strategy And Enterprise Value

With the penetration of international division of labor,the role of venture capital institutions in the growth of startups could not be ignored.This is not only the general trend of Economic Globalization development,but also the inherent law of enterprise growth.This paper basis on the reviewing of the existing domestic and abroad literature,and considering of our country actual situation,makes a further in-depth study.By analyzing the existing literature research on the venture capital institutions,focusing on the enterprise value,this paper deeply analyzed the impact of venture capital institutions on enterprise value,and the intermediary role of internationalization strategy.This paper based on the existing theory of enterprise internationalization,which is of great significance to the practice of international strategy.Based on the principal-agent theory,resource-based view theory and signal transmission theory,this paper combs the existing literature on venture capital institutions,internationalization strategy and corporate value,and makes a theoretical basis analysis on the relationship among the involvement of venture capital institutions,internationalization strategy and corporate value.Based on the financial data of China's GEM companies from 2015 to 2017,this paper selects three high-tech industries,electronic(C5),pharmaceutical and bio-pharmaceutical(C8)and information technology(G8)to analyze.Empirical analysis is used to study the impact of venture capital institutions' intervention on corporate value and the intermediary role of internationalization strategy.Finally,the conclusions and relevant policy recommendations are summarized to make theoretical contributions on how to improve the value of enterprises.The empirical results show that the involvement of venture capital institutions affects the value of enterprise by affecting the internationalization strategy of enterprise.Further research results show that compared with low-shareholding venture capital institutions,high-shareholding venture capital institutions are more likely to influence corporate internationalization strategies and enhance enterprise value.Compared with single venture capital institutions,joint institutions hold shares are more likely to influence enterprise internationalization strategies and enhance enterprise value.In consideration of above conclusions,this paper puts forward the following suggestions: Firstly,for enterprises intending to enter the international market,the introduction of venture capital institutions with rich experience will play a positive role in improving the value of enterprises;Secondly,venture capital in China is still in its infancy and needs the vigorous support of the government.Therefore,to create a relaxed and stable development environment will play a positive role in the development of enterprises.