Venture Capital?R&D Investment And Enterprise Performance

Under the background of "Mass Entrepreneurship and Innovation",Chinese government has issued a variety of policies to support the development of start-up companies,and the number of start-ups has also increased remarkably.However,due to the high risk of start-ups,less assets and market behavior,it is difficult for start-ups to obtain funds from traditional channels,which has hindered the development of start-ups to a large extent.Venture capital,an equity financing mode with high risk bearing capacity,could provide new financing channels for start-up enterprises.In spite of financial support,venture capital could also provide enterprise with value-added services and abundant social network resources into enterprises.Although the relatively loose policy environment can promote the development of venture capital,the introduction of venture capital in China is relatively late,and the development of venture capital industry is not mature enough.So the impact effect and mechanism of venture capital on enterprises still need to be further studied.Through reading relative literature,we find that there are more studies on venture capital and enterprises performance abroad,and most scholars believe that venture capital can effectively improve the performance of invested firms.The domestic scholars focus more on the investment behavior?withdrawing mode?IPO underpricing and so on.There are still disputes about the effect of venture capital on enterprise performance.But in the process of collecting data,we finds that not all venture capitals will exit the invested enterprises after the IPO.Therefore,this paper attempts to study the impact of venture capital participation and intensity on the performance of enterprises after the IPO,which helps to understand the impact of venture capital on enterprises in different stages of development.This paper mainly focuses on "venture capital and enterprise performance" and divides the performance indictor into equity multiplier,total asset turnover and net sales interest rate.In addition,this paper also explores the role of R&D investment in the process of venture capital affecting enterprise performance.In order to make a more thorough analysis of venture capital,this paper further classifies the samples according to the background of venture capital and joint venture capital to study the efficiency of different characteristics of venture capital when affecting enterprise performance.Empirical analysis has been studied based on the data of GEM listed companies,and the results show that the performance of enterprises with venture capital involvement is significantly better than those without VC involvement,and there is a positive correlation between enterprise performance and venture capital intensity.R&D investment plays a significant intermediary role in the process of the impact of venture capital on enterprise performance.Further research finds that different characteristics of venture capital can moderate the positive correlation between venture capital intensity and enterprise performance.Among them,political background and joint investment will weaken the positive impact efficiency of venture capital on enterprises performance.