An Empirical Study On The Impact Of Venture Capital On The Business Performance Of Listed Companies In China’s Growth Enterprise Market

Venture capital officially entered China in the 1980s.It is now an important channel for SMEs to obtain financing in the early stage of growth,and plays an irreplaceable role in China’s capital market.Venture capital prefers high-tech enterprises with the characteristics of high risk and high return,so venture capital mostly exists in the growth enterprise market,which matches the characteristics of high growth of listed companies on the growth enterprise market.Venture capital mostly enters at the early stage of enterprise development.It can not only provide financial assistance and financial support for small and medium-sized enterprises,but also provide value-added services such as management consulting,which can guide the further listing and financing development of enterprises.It is an important help for small and medium-sized enterprises to develop technological innovation and enhance competitiveness.Based on this,it is necessary and practical to study the relationship between venture capital and the performance of GEM listed companies.Based on the theoretical research of "certification effect","supervision effect","reputation effect","name by name effect" and "adverse selection",this paper selects the listed enterprises on the gem from 2010 to 2019 as samples,takes the return on assets index as the measurement standard of the enterprise’s operating performance and profitability,and empirically tests whether the operating performance of enterprises with and without venture capital is different.Further,this paper examines the impact of venture capital characteristics such as the number of venture capital institutions,the concentration of equity and the ranking of venture capital shareholders on the business performance of enterprises,and creatively explores the intermediate mechanism of venture capital affecting the business performance of enterprises by studying the R&D expense rate and the asset expense rate.This paper finds that there is a negative correlation between the intervention of venture capital and the performance of GEM listed companies.Among them,the shareholding ratio,ranking and the number of shareholders of venture capital all play a restraining role in improving the performance of enterprises;R&D expense rate and asset expenditure rate play an intermediary role between venture capital and the performance of GEM companies.Based on this,this paper puts forward corresponding policy recommendations for improving the efficiency of the impact of venture capital on enterprises and better cultivating enterprises.