Research On The Influence Of Venture Capital Investment On Financing Efficiency Of Gem Listed Companies

As an important part of primary investment in capital market,venture capital plays an important role in financing and identifying start-up enterprises,and is the product of financial innovation and development of the times.Since the reform and opening up,especially after entering the new century,a large number of small and medium-sized enterprises and science and technology enterprises have sprung up like mushrooms.They need financial support and are restricted by financing channels.Many high-quality enterprises have gone bankrupt.The emergence of venture capital alleviates this problem.Through the support of venture capital,enterprises can open financing channels,improve financing efficiency and promote its healthy and stable development.Taking the listed companies on the GEM from 2015 to 2017 as the research sample,based on the collection and collation of financial data,this paper conducts empirical research through descriptive statistics and multiple linear regression,and deals with multiple collinearity and carries out robustness test to verify the relationship between venture capital and financing efficiency of GEM listed companies on the premise of guaranteeing the empirical results.The paper draws a conclusion that the debt financing rate and equity financing rate of GEM listed companies with venture capital support are higher than those of GEM listed companies without venture capital support.Because of the existence of certification,venture capital supported enterprises play a guiding role in the formation of investment capital in the market,attracting more funds,and the existence of venture capital improves the financing efficiency of equity-participating enterprises.The certification function of venture capital is conducive to sending a high quality signal to the capital market,alleviating the asymmetry of information,helping enterprises to broaden financing channels,attract other external funds,and improve the debt financing rate and equity refinancing rate of enterprises.Finally,the article concludes by summarizing the foregoing,extracting the relevant arguments and forming conclusions.On the basis of the research conclusions,it puts forward feasible suggestions from the perspective of different subjects such as government departments,GEM listed companies,venture capital institutions and so on.