The Influence Of Venture Capital On Enterprise Performance

Corporate performance is affected by many factors.Venture capital is only one aspect,but it has irreplaceable influence on internal governance,corporate financing environment,IPO period and post-IPO.In addition,when venture capital institutions choose projects,they pay more attention to the technological RD level and core technologies of entrepreneurial and innovative enterprises.At the same time,venture capital institutions will also participate in technological development and increase RD investment.In view of this,on the basis of reading and studying relevant literatures on the impact of venture capital on enterprise performance at home and abroad,this paper sorted out two theories,namely certification,supervision and management mechanism and signal transmission theory.This paper selects companies listed on gem from 2009 to 2016.After removing incomplete data samples,there is a total of 569 operational research samples.Based on the theory of certification supervision and management mechanism,the influences of venture capital,risk shareholding ratio,joint venture capital,state-owned nature of venture capital institutions,foreign capital background,RD investment and patent application on enterprise performance are studied.The empirical results show that enterprises with venture capital background perform worse than those without venture capital background,and venture capital institutions with joint venture capital,state-owned background and foreign capital background all have a relatively obvious promotion effect on enterprise performance,and the influence of risk shareholding ratio is not obvious.Research and development investment can play a better role in intermediate transmission.And the robustness test was conducted in exchange for the explained variables.After the test,the robustness is better.