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The Research on the Impact of VC to Firm’s Performance

Author: XiaRui
Tutor: XuChengMing
School: Nanjing University of Finance and Economics
Course: Finance
Keywords: Venture Capital Corporate Governance Performance Principal-agent
CLC: F272;F224
Type: Master's thesis
Year: 2011
Downloads: 206
Quote: 1
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Abstract


As a development of Chinese capital market,there has been an explosive growth of capital and investment in venture capital(VC).VC is an important power for the development of high-tech enterprises, and its core objective is to receive the earnings and heip the enterprises’development.So there is high theretical value to research how to influence the enterprises by VC.Additionally,by this paper, we can make full use of the stength of VC to heip the development of enterprises.In order to reveal how VC affect the performance of enterprises,we explain how VC affect the corporate governance of enterprises firstly,then we explain how corporate governance affects the performance of enterprises.Lastly we explain how the characteristics affect the performance of enterprises.Based on the theretical analysis,this paper selects the companies listed in Shenzhen SME(Smal and Medium-sized Enterprise) board between 2004-2009 as research samples.By descriptive statistics, mean difference test and multiple regression analysis,the empirical analysis is done through corporate governance and the characteristics of VC.There are some meaningful conclusions.Firstly,VC enhances the independence of board,enlarges the size of board,increases the debt of enterprises and decreases the shares of management.But the independence of board and debt don’t promote the performance of enterprises. The less share of management can increase the performance.Then,from the perspective on the characteristics of VC,we can find that experience and stakes of VC have the positive correlations with the performance.Duration of VC has the negative correlations with the performance.Comparing with other VCs,the VC supported by the government don’t enhance the performance of enterprises.In the end,by the above-mentioned theoretical and empricial analysis,we provide some policy suggestions.For example,more monitoring measures by VC,decreasing the size of board and debt,developing the angel investors and so on.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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