Research On The Regional Differences In The Exit Performance Of Venture Capital In My Country

In recent years,the state has implemented an innovation-driven development strategy,vigorously promoted innovation,entrepreneurship,and promoted the optimization of economic structure and the transformation and upgrading of industries.In this environment,many innovative enterprises have emerged as the times require,but often face the problem of shortage of development funds.Venture capital,as an equity investment,prefers to provide financial support to some innovative enterprises in the growth stage.The development of venture capital has played a positive role in promoting economic development,technological innovation,and so on in a region.China's venture capital industry has benefited from a good economic environment and related positive policies.At present,it has formed a certain scale in terms of investment and exit.Moreover,it was found in further investigation and research that venture capital in China showed obvious geographic agglomeration characteristics,regional development was unbalanced,and the exit performance of venture capital also caused certain regional differences.The emergence of this problem will affect investment decisions on the one hand,and will also have a certain impact on the healthy development of the venture capital industry on the other.Therefore,this article attempts to find out the factors that can explain this problem through research.This article uses the Zero2 IPO private equity database to collect investment events from 2011 to 2015 and exit events that match these investment events as a sample,and constructs a Probit model based on relevant variables for empirical analysis.The results found that the distance between the venture capital institution and the invested company will have a certain impact on the exit performance,the closer the distance,the higher the exit performance.In addition,the richer the investment experience of venture capital institutions and the higher the industrial concentration of a region,the smaller the geographical distance of exit performance.Therefore,combined with the explanation obtained from the empirical analysis,this article puts forward relevant suggestions for reference: the future government should optimize the capital allocation in remote areas,improve the quality of economic development in remote areas,and promote more venture capital to play an active role in remote areas;intensify the training of venture capital talents,improve professional quality,and improve innovation efficiency;promote the construction of regional industrial clusters,improve the innovation and development capabilities of industrial clusters,attract more venture capital injection,and promote further regional economic development.