The Impact Of Venture Capital On Corporate Growth

Venture capital is an investment model that uses equity investments of non-listed companies as the main investment target.China's venture capital started late.Since the end of the 1980s,the booming development of China's capital market has gradually made substantial changes in the venture capital industry.China's venture capital industry is initiated by the government.In the development of market economy,the government,enterprises and individuals participate in it.With the change of the environment of venture capital industry in China,more and more international capital are attracted to seek investment opportunities in China.In view of the impact of venture capital on the growth of companies,scholars at home and abroad put forward the "supervision and screening hypothesis" and"certification function hypothesis",they believe that venture capital can optimize the capital structure of companies,improve the management ability of companies,promote the integration of resources among companies,and is conducive to the improvement of the growth of companies.This article takes the 2009-2017 GEM listed companies as the research target,applies a factor analysis method,and takes a number of financial indicators of the company's listing year and the second and third years of listing as research objects to construct a set of profitability?The evaluation system of 14 financial indicators in five aspects:debt capabilities,operating capabilities,development capabilities,and technological innovation capabilities is used as a comprehensive index to evaluate the growth performance of listed companies on the GEM.Later,the comprehensive indicator was used as the explanatory variable,and multiple regression analysis was used to try to demonstrate the existence of venture capital institutions holding shares,the number of venture capital institutions and the proportion of venture capital holdings,and the impact of the background of venture capital institutions on the growth indicators of investee companies..The empirical analysis results show that compared with companies without venture capital participation,the growth performance of GEM listed companies with venture capital background is better;and the number of venture capital institutions has no significant impact on the growth of GEM listed companies,but venture capital institutions hold The proportion of shares has a significant positive impact on the growth of GEM listed companies;venture capital institutions with a state-owned background have a significant positive impact on the growth of the company Therefore,it is necessary for the company to carefully select venture capital institutions and rationally optimize the company's capital structure.Introduce appropriate venture capital based on your own resources and strategic direction.For the government,on this basis,it should continue to improve the policy system for venture capital,strengthen policy guidance and support for the venture capital industry;promote the adjustment of the venture capital structure,and focus on protecting the rights and interests of private and foreign venture capital institutions;The regulatory system and exit channels relieve the worries of venture investors.