Research On The Relationship Between Venture Capital,Financing Constraints And Corporate Investment Behavior

As China's economic situation continues to grow,the competition between enterprises is becoming more and more fierce.Investment behavior,as one of the important decision-making activities of enterprises,is of great significance to the survival and sustainable development of enterprises.The development of investment behavior is inseparable from the support of funds.Due to the non-standard development of China's capital market,the existence of information asymmetry factors has caused many enterprises to suffer from financing constraints.Financing constraints are one of the key factors that restrict corporate investment behavior.The study found that most of them still have problems such as insufficient investment behavior,which hinders the further development of enterprises.Since the introduction of venture capital in China,it has gained opportunities for rapid development and helped many high-tech enterprises to win.In the process of promoting economic and social progress,their advantages have become increasingly prominent.Because venture capital plays an important role in corporate finance and investment behavior,it is of theoretical and practical significance to study whether it can reduce financing constraints and improve corporate investment behavior.Based on the existing literature,this paper is based on China's new three board trading platform,taking the data of listed companies from 2014 to 2017 as a sample,constructing FC index measurement financing constraint through Logistic binary regression model,and referring to the mediation effect test method.The empirical study examines the relationship between venture capital,financing constraints and corporate investment behavior,and explores whether financing constraints have the role of intermediary variables.After the empirical test,it is found that:(1)the listed companies in the New Third Board are generally trapped in financing constraints;(2)the existence of financing constraints restricts the development of corporate investment behavior;(3)the participation of venture capital can not only effectively alleviate the financing faced by listed companies.Constraints,and can play the role of certification and relationship network,reduce information asymmetry,and promote corporate investment behavior;(4)financing constraints play a mediating role in the process of risk capital to promote corporate investment behavior.On the basis of the research conclusions,this paper finally provides relevant suggestions for the regulation of China's new three board trading platform and the healthy and stable development of venture capital industry,in order to play a guiding role for enterprises to carry out investment and financing activities.