| Driven by "mass entrepreneurship and innovation",small and medium-sized enterprises are increasingly vigorous in the market.SMEs can not only promote economic growth and alleviate employment pressure,but also be a source of industrial upgrading and innovation capability.However,it faces a huge risk of failure in the initial stage,and startups often fail to survive due to lack of funds,financing difficulties,and inexperience.Helping entrepreneurial companies to gain a foothold and grow has become an urgent problem to be solved.Venture capital can not only bring sufficient funds for startups,but also manage and support them,provide a variety of value-added services,and meet the various needs of enterprise growth.Venture capital has effectively eased the difficulty of financing for startups,and has played an important role in helping startups grow.At this stage,the impact of venture capital on the growth of entrepreneurial enterprises has attracted extensive attention from scholars.However,at present,there are few related studies on venture capital and the growth of entrepreneurial companies,and no consistent conclusion has been reached.It is even more researched on which specific venture capital approach will affect the growth of the invested company and what kind of impact it has.less.Based on this,this article selects the most representative Shenzhen Venture Capital Group in the venture capital industry as a case study object,and selects 14 groups of comparative companies from the 33 companies that successfully withdrew from IPO in2009-2018 and listed on the GEM for analysis.When measuring the growth of the invested companies,724 companies listed on the GEM from 2009 to 2018 were taken as samples,11 financial indicators were selected from 6 different levels,and a comprehensive score index for growth was constructed using principal component analysis.Comprehensively measure the growth of the invested company.Through specific comparison and analysis of the data of the invested companies,from the aspects of shareholding ratio,joint investment,participation in corporate governance,and whether there is government participation,the research of the different investment methods of Shenzhen Venture Capital Group on the growth of startups after IPO influences.The study found that:(1)When the level of joint investment andcorporate governance is low,regardless of whether the government is involved or not,the higher the proportion of Shenzhen Venture Capital holding companies,the better the growth;(2)The low proportion of shareholding and participation in governance Under the circumstances,regardless of whether there is government participation,joint venture investment of Shenzhen Venture Capital is more conducive to the growth of the enterprise than independent investment;(3)when joint investment,regardless of whether the shareholding ratio is high or low,whether the government participates,Shenzhen Venture Capital participates the higher the degree of corporate governance,the higher the growth of enterprises;(4)In the case of Shenzhen Venture Capital joint investment,low shareholding ratio,and low degree of participation in governance,government participation is a double-edged sword,which There are positive and negative effects.Based on the above research,Shenzhen Venture Capital Group should actively participate in corporate governance,strengthen supervision and management,enhance cooperation awareness,and rationally use resources of all parties;government participation in venture capital should strengthen its guiding role and strongly support innovation;and venture companies should make rational choices when introducing venture capital Investment methods,and strive to improve their own growth. |
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