Research On The Influencing Factors Of Venture Capital Investment Performance

VC is a capital form with mutual benefit,it is formed by venture capital institutions using certain funds to invest in start-ups.From the opinion of its role,this capital form enriches investment and financing platforms,drives the wave of entrepreneurship and promotes the development of emerging industries,and from the viewpoint of its performance behavior,it exerts a far-reaching influence on output performance and benefit performance.However,everything is not going smoothly in China.Therefore,it is of great significance in theory and practice to study the two main subjects--venture capital institutions and entrepreneurial enterprises of venture capital and to explore their influencing factors.Starting from the characteristics of venture capital institutions,entrepreneurial enterprises and venture capital projects,this paper studies the influence mechanism of the three factors on venture capital investment performance,at the same time,the interaction effect of venture capital investment performance is also analyzed and discussed.This paper finds that:(1)The characteristics and interaction effect of venture capital institutions have a significant negative impact on the output and benefit index of venture capital investment;(2)The benefit index of the ratio of R&D personnel and R&D expenditure is significantly better than the output index;(3)The output indicators of venture capital projects holding time is significantly better than the benefit index.Draw four conclusions:(1)The more the number and the association degree of institutions in the venture capital network resources are,that is,the more resources they have,the less the venture capital investment institutions will play the role of mutual assistance,supervision and accurately grasp the future development trend of the project;(2)When investing in specific entrepreneurial enterprises,core technology R&D personnel and R&D investment will not promote the venture capital output performance,but will promote the improvement of benefit performance;(3)To some extent,the holding time of venture capital projects represents the investment level of invested projects,the longer the holding time is,the better output benefits are;(4)It will reduce investment performance by increasing R&D investment and increasing R&D personnel with a certain degree of correlation between venture capital institutions.The innovativeness of this paper is reflected in the following aspects :(1)From the specific research perspective of the characteristics of venture capital institutions,entrepreneurial enterprises and venture capital projects;(2)The performance of venture capital investment is measured by the particularity of venture capital network resource relation.