Research On The Impact Of Venture Capital On The Investment Behavior Of New Economy Enterprises

In the 1990s,the U.S.economy had a high growth rate and low inflation rate,accompanied by a remarkable performance of low unemployment rate,which triggered heated discussions in various industries.Until the end of 1996,Mikel Mandel put forward the concept of "new economy" for the first time.He summarized this phenomenon as economic globalization and information revolution,and it was widely recognized by scholars from all walks of life.Nowadays,the economic competition has developed into the competition of the new economy with information technology as its manifestation,and the development of the new economic industry has become the focus and core of China's future economic development.The investment behavior of enterprises is the key link to determine the survival and development of enterprises,especially for the new economic enterprises that have been established for a short time and are in urgent need of development and growth.However,China's new economic enterprises are facing three major difficulties in their investment development:financing constraints,inaccurate investment timing and low investment level,which restrict the sustained and healthy development of the new economy.At this time,a new type of investment,venture capital,is playing an increasingly prominent role in promoting the development of new economic investment.Venture capital,with its inherent attributes of high risk,high return and specialization,can exert financing mechanism to alleviate financing constraints of enterprises,exert certification mechanism to reduce information asymmetry of enterprises,exert supervision and incentive mechanism to alleviate principal-agent conflicts within enterprises,optimize corporate governance structure,and finally exert value-added mechanism to improve the professionalism of enterprise investment decisions.Of course,we must also realize that the development of venture capital in China is not mature enough,and the impact of venture capital in China on the new economy will show different localization characteristics from those of developed countries in Europe and America.In the existing research,the impact of venture capital on the investment behavior of enterprises is rarely involved.When studying the degree of influence,it is also rarely highlighting a particular industry.However,this paper holds that the investment and financing problems of new economic enterprises are more prominent,and exploring the development path of new economic enterprises has a profound impact on China's strategic goal of vigorously developing the new economy.Therefore,this paper will adopt the research method of combining literature research with empirical analysis.Firstly,through studying the literature at home and abroad,the paper clarifies the concept of venture capital and new economy,development status,development obstacles and the relationship between them;Secondly,it specifically analyses the mechanism of venture capital affecting the investment behavior of enterprises in new economy and puts forward research hypotheses;Thirdly,through empirical research,it uses panel data model to verify the above hypotheses.The empirical samples are 254 listed new economic enterprises from nine new economic industries from 2010 to 2017,totaling 2032 samples.The empirical results show that the inefficient investment problems of new economic enterprises with venture capital involvement have been alleviated correspondingly,and the mitigation effect is positively related to the proportion of venture capital holdings,the adoption of joint venture capital and the state-owned background of venture capital.Finally,this paper puts forward corresponding policy suggestions from the two angles of standardizing the construction of venture capital system and promoting the development of our new economy.