Research On The Impact Of Venture Capital On Enterprise Value

In recent years,the rapid development of venture capital has attracted the attention and research of many scholars at home and abroad.Venture capital is known as the "engine of economic growth",and has promoted the development of national economy.Over the past more than 20 years,China's venture capital has been supporting the development of enter:prises.After it flows into enterprises,it can alleviate the fund shortage of enterprises and plays a regulatory role in enterprise management,meanwhile,expanding the external market,bringing resources to enterprises and improving the value of enterprises.Therefore,in-depth study of the influence mechanism of venture capital on enterprise value helps us to understand the underlying reasons for the growth of enterprise value,and has important theoretical and practical significance for achieving win-win cooperation between venture capital and invested enterprises.According to the status of venture capital participation of China's Listed Companies in Shanghai and Shenzhen stock markets,based on the "value-added services" theory,the "principal-agent" theory,the "certification supervision" theory and the related research at home and abroad,this paper discusses the mediating effect of enterprise innovation ability between venture capital and corporate value.From the previous research and using the method of combination of theoretical analysis and empirical research,this paper takes the initial listed companies of Shanghai and Shenzhen between 2011 to 2016 as the research sample,using the relevant date published publicly in the prospectus and the annual report,and it also takes the Tobin's Q value as explained variables,the venture capital as explanatory variables,R&D strength as the mediator variable,firm size,DAR,ARTR,growth of enterprises,enterprises age and the nature of the enterprise as a control variable,and then,puts forward the relevant hypotheses between variables,the correlation establishes regression model,carries out an empirical test using statistical method.Thus,this paper discusses the relationship between venture capital and enterprise value,the relationship between venture capital participation and enterprise innovation ability,and whether venture capital can influence enterprise value through influencing enterprise innovation ability.The empirical results show that there is a positive relationship between venture capital and enterprise value;there is a positive correlation between venture capital and R&D strength;R&D strength has complete mediating effect on the relationship between venture capital and enterprise value,that is to say,venture capital improves enterprise value by improving the ability of enterprise innovation.Finally,on the basis of the conclusions of this paper,some suggestions on improvement are put forward,as well as the shortcomings of the paper and the prospect of the research.