Venture Capital,Institutional Efficiency And The Performance Change Before And After IPO

With the economic transformation and upgrading in China,a large number of high-growth entrepreneurial enterprises and high-tech enterprises have emerged,which has injected vitality into China's economic development.However,financing is difficult to become a major problem for these start-ups.Venture capital has solved this financial dilemma for high-tech enterprisesand helped the emerging enterprises to grow.At the same time,in 2009 the establishment of the gem,not only means the state encourages multi-level economic development,also improve the exit mechanism of venture capital,on behalf of the venture capital is embarked on a track of specialization and faster development.Similar to the general situation in the capital market,the companies in growth enterprises market also have a large performance decline after the listing.And according to the statistics,from 2009 to 2015,there was 56.5%of the companies listed in the venture capital market.Risk capital is widely active in the growth enterprises market,whether the performance decline after the listing of listed companies has the effect of inhibition or exacerbated the performance decline?Due to the shortness of the establishment of chinext,the sample size of the study is limited.In recent years,domestic scholars have only started to study the gem board,and the research on this issue is less and the conclusion is divided.Therefore,this paper tries to discuss the impact of risk capital intervention and risk capital characteristics on the decline of performance after listing.Since the reform and opening up the marketization process in our country has made great achievements,but the unbalanced development between regions is prominent characteristics.However,few scholars stand in the perspective of institutional efficiency to study the differences in the impact of venture capital on enterprises in different institutional environments.Therefore,this article try to explore further venture capital to the enterprise in different areas system efficiency in the role of what is the difference,to study the relationship between venture capital and the enterprise performance provides a new perspective.This article mainly research risk capital after intervention of listed companies performance decline,the influence of characteristic of venture capital on listed companies after the effect of declining performance and explores whether there are any differences in the impact of different institutional environment.Around the IPO(Initial Public Offerings)the best vc exit way,through to the gem listed companies in 2009-2009 IPO performance before and after the change of the empirical study found that:(1)the participation of venture capital can improve listed companies after the decline in performance.(2)joint venture capital investment can improve the performance of enterprises after listing.(3)the increase of venture capital shareholding ratio can improve the performance decline after listing.(4)in the area of high institutional efficiency,the positive role of venture capital and its characteristics in enterprise performance is more obvious.(5)there is no evidence that the state-owned background of venture capital will have an impact on the performance decline after the company's listing.