Venture Capital Shareholding And Operating Performance Of Listed Companies

October 2009,China successfully launched GEM. Changes in capital markets cleared the way for venture capital industry to flourish. The exit mechanism of the diversified development of significantly improved earnings of venture capital. Domestic academic had drawn more attention on the role of venture capital to the innovative companies. In this paper, based on existing research at home and abroad, combined with the actual situation of China’s GEM listed companies, analyzes the relationship between venture capital shareholding and operating performance of listed companies will enrich and expand theory of the venture capital field. Because venture capital and GEM are positioned to provide financing for high-tech SMEs in the service sector, which have more objects than other intersection, so combining research of the venture capital and GEM companies clearly has a greater significance.Based on the theory elaborated, this paper try to take empirical test on the features of IPO by companies listed on GEM and changes of IPO operating performance. When comparing the difference of the support of venture capital or without, business performance of venture capital research for GEM influence performance of the company and try to explore their inner mechanism. Finally, conclusions obtained by theoretical analysis and empirical research of the foregoing, we give the recommendations for guidance for the development of venture capital industry proposed.In this paper, relative to other domestic research possible innovation that companies pay more attention to business performance indicators in the index selection, because paper argues that taking into account the irrational behavior of the domestic stock market often, operating performance indicators relative to the stock index has more Great stability. Furthermore, in the study of business performance indicators, the article a year in addition to the performance changes between before and after the expedition companies IPO, this paper further study among enterprises around two or three years and changes, in order to further investigate the long-term venture capital for business impact, to arrive at a more comprehensive conclusions.