Research On The Influence Of Venture Capital And Investment Efficiency On The Performance Of Information Technology Enterprises

In the era of knowledge economy,the development level of information technology industry has become another important reflection of national competitiveness.However,in the development process of information technology industry,many enterprises are small in scale,which are restricted by capital,management level and technical experience.The rapid development of venture capital industry in recent years can exactly solve the problems that many information technology enterprises are facing.Therefore,information technology enterprises and venture capital institutions to establish a close relationship.Then,how venture capital affects the performance of information technology enterprises has become a problem worth studying.Firstly,this paper reviews the research literature on the relationship between venture capital,investment efficiency and enterprise performance,and briefly expounds the relevant concepts and theories.Then,the development status of investment and performance of information technology industry in China is analyzed.Then,the paper makes an empirical study on the impact of venture capital and investment efficiency on enterprise performance of information technology enterprises listed on gem in China by combining qualitative analysis with quantitative analysis.In this paper,the data of 194 gem listed information technology enterprises in China in 2018 provided by the national tai 'an database were used as the observation value.A dummy variable was established as an explanatory variable to determine whether there were venture capital institutions among the top ten shareholders of the enterprise.According to the expected investment theory model of Richardson(2006),the investment efficiency was quantified as an intermediary variable.Considering other factors affecting enterprise performance and investment efficiency,the asset-liability ratio and return on total assets of the previous period are taken as control variables.The software SPSS23.0 was used for descriptive statistical analysis,correlation analysis and regression analysis,and the return on equity was used to replace the rate of return on total assets for robustness test.Secondly,there is a negative correlation between the venture capital and the underinvestment of information technology enterprises,and there is no negative correlation between the venture capital and the overinvestment.Thirdly,insufficient investment in information technology enterprises plays a mediating role in the process of venture capital's influence on enterprise performance,while excessive investment does not play a mediating role in the process of venture capital's influence on enterprise performance.According to the research conclusion,this paper puts forward the following Suggestions: first,the government departments should improve the information disclosure system;Second,venture capital institutions should give full play to their supervisory role,avoid blind expansion of enterprises,and make rational investment.Third,information technology enterprises should not only actively introduce venture capital,but also strengthen their own construction.