| In promoting the development of integrated circuit industry,the introduction of funds is an important basis for promoting industrial development.Generally speaking,the sources of funds to promote industrial development include venture capital funds,bank funds,etc.Among them,venture capital funds play an increasingly important role in promoting the development of high-tech enterprises.The integrated circuit industry belongs to the field of chip manufacturing.The scale of capital investment required for chip development is high,it is difficult to obtain income in the short term,and there are certain risks.Under the pressure of international competition,the development of China’s integrated circuit industry needs to break through the bottleneck.Whether venture capital funds can be used to promote the development of integrated circuit enterprises is the key to further promote the development of China’s integrated circuit industry.This thesis analyzes the impact of venture capital on the growth of integrated circuit enterprises.Firstly,based on Stakeholder Theory and enterprise risk growth theory,this thesis puts forward the theoretical mechanism and research hypothesis of the impact of venture capital on the growth of integrated circuit enterprises.Secondly,collect the data of listed IC enterprises from 2010 to 2021 for empirical analysis,and make an empirical analysis on the theoretical mechanism of the impact of venture capital on the growth of IC enterprises.Thirdly,based on the case study of Xuzhou mentality investment development company investing in XX integrated circuit company,this thesis analyzes the impact mechanism of venture capital on the growth of integrated circuit enterprises from the perspective of micro mechanism.Finally,it puts forward some countermeasures and suggestions to improve the venture capital of integrated power enterprises.The conclusions of this thesis are as follows:(1)Based on the stakeholder theory and enterprise risk growth theory,this thesis puts forward the impact mechanism of venture capital on the growth of IC enterprises.Venture capital helps to alleviate the financing constraints of enterprises,venture capital helps to improve corporate governance,and venture capital helps to provide enterprises with various resources to ensure the growth of enterprises.(2)Through empirical analysis,the following conclusions are drawn: the growth of IC listed enterprises with venture capital participation is significantly higher than that of enterprises without venture capital participation;The greater the number of venture capital joint investment institutions,the better the growth of integrated circuit enterprises;The shareholding ratio of venture capital is positively correlated with the growth ability of listed IC enterprises;The participation of venture capital in the board of directors is positively related to the growth ability of listed IC enterprises;The reputation of venture capital institutions is positively correlated with the growth ability of IC listed enterprises,so as to verify the impact mechanism of venture capital on the growth of basic power.(3)Based on the analysis of the investment case of Xuzhou Xintian Investment Development Co.,Ltd.in integrated circuit XX company,before the venture capital entered,the company had some problems,such as lack of development funds,improvement of business ability,integration of development resources,concentration of equity and so on.After the introduction of venture capital,XX company’s profit began to grow after 2020.Through the analysis of the impact of venture capital such as Xuzhou Xintian investment development company on the growth of XX company,it is verified that the venture capital proposed in this thesis can help alleviate the financing constraints of enterprises,improve corporate governance and provide various resources for enterprises.(4)This thesis puts forward some countermeasures and suggestions for the development of IC industry,such as the introduction of venture capital institutions,the introduction of different venture capital institutions,the promotion of enterprise growth,the appropriate increase of the equity proportion of venture capital institutions,the promotion of venture capital institutions to reasonably participate in corporate governance,and the control of the quality of the introduced venture capital institutions. |
