The Impact Of Venture Capital On HBKJ Growth

The relationship between venture capital and enterprise growth is an important topic both in theory and practice.But there is a lack of case studies on unlisted high-tech enterprises.Compared with listed companies,unlisted high-tech enterprises have higher risks and uncertainties.Capital and value-added services of venture capital have a greater impact on their growth.The dissertation chooses HBKJ,an unlisted high-tech enterprise,as the research object.The dissertation supplements the impact of venture capital on the growth of enterprises.It is based on the principal-agent theory,information asymmetry theory and resource-based theory as the theoretical basis of research.The dissertation chooses HBKJ,an unlisted high-tech enterprise,as the research object.It analyzes the background,process,characteristics,scale,profitability,innovation and sustainable growth of its introduction of venture capital.The dissertation explores the paths that influence the growth of HBKJ.Then it finds out the problems that venture capital has in promoting HBKJ's growth and puts forward some suggestions.HBKJ as a technology-based start-up company,at the beginning of the creation is faced with the larger financing constraints.Venture capital is an important way to alleviate financing constraints.Continuous financing can promote technological innovation and transformation of scientific and technological achievements.The introduction of more investors would help to diversify and retain control of the founders.But at the same time,too many investors reduce the investment of single investors,easy to generate free-riding phenomenon,which is not conducive to the investors to provide value-added services.The gambling agreement between venture capitalists and entrepreneurs is a double-edged sword.While playing the role of risk investment supervision,it also reduces the enthusiasm of venture capital to provide value-added services.The growth of the scale and the increase in earnings caused by financing is not sustainable.After the financing is over,it is easy for the enterprise to get stuck in the bottleneck.