Research On The Impact Of Venture Capital Withdrawal On The Performance Of Enterprises Listed On GEM

Venture capital is the demand generated by the continuous growth of China's capital market.Venture capital not only solves the capital needs of innovative enterprises,but also provides professional services and experience support for managers of start-up enterprises.Venture capital is an indispensable driving force to promote the development of innovative start-up enterprises.Through combing the research results of predecessors at home and abroad,this paper finds that the research on venture capital mainly focuses on the period before and after the IPO of the target enterprise,and regards venture capital and the pricing of IPO,the impact of venture capital on the enterprise,and the changes of venture capital and the performance of the target enterprise before and after the IPO as the research content.There are relatively few studies on the performance of the enterprise when venture capital withdraws.Therefore,from the perspective of venture capital withdrawal,this paper takes the change of venture capital ownership ratio and the change of venture capital ownership ratio in different backgrounds as explanatory variables to explore the impact of venture capital withdrawal on enterprise performance,and deeply analyses the impact of venture capital withdrawal on enterprise performance under different backgrounds.This paper chooses enterprises listed on the GEM in Shenzhen from 2009 to2016 as the research sample,and conducts an empirical study on the relationship between venture capital withdrawal and enterprise performance.The results show that:firstly,there is a significant negative correlation between venture capital withdrawal and enterprise performance,that is to say,venture capital withdrawal will have a negative impact on enterprise performance.Secondly,the performance of enterprises listed on GEM with state-owned venture capital among shareholders will be relatively good,while venture capital with joint investment background will have adverse effects on the performance of enterprises.Thirdly,the exit of venture capital in the state-owned context has no significant impact on corporate performance,while the exit of venture capital in the context of joint investment has a significant negative correlation with corporate performance.This study provides a theoretical basis and practical basis for further understanding the impact of venture capital withdrawal on the performance of GEM enterprises.At the same time,it also provides theoretical basis and relevant suggestions for promoting the healthy development of innovative venture enterprises and standardizing venture capital industry.