| In recent years,the big health industry has become a key industry of Chinese public concern,and the pharmaceutical industry plays an important role in it;at the same time,the ensuing impact of COVID-19 has attracted increasing attention to the pharmaceutical industry.As a strategic emerging industry in China,the pharmaceutical industry plays an important role in promoting the country’s economic development.The current pharmaceutical industry is characterized by high cost,high failure rate and long cycle,leading to the following problems.The first problem is that it is difficult for bank-oriented traditional financial institutions to provide sufficient credit support for the consideration of risk and return,and the second problem is that the government’s financial support is mainly concentrated in the research and development stage,and the financial support is limited and the sustainability is weak,so it is difficult to meet the huge capital needs in the later stage.At the same time,as an effective financing channel,venture capital has the characteristics of high-risk bearing capacity,high failure tolerance rate and long-term capital.The investment focuses on the future value-added of enterprise projects and prefers to choose and cultivate high-growth small and medium-sized enterprises in the entrepreneurial period,in order to obtain high returns when withdrawing.Therefore,venture capital has a strong adaptability with China’s current pharmaceutical enterprises,which can not only help pharmaceutical enterprises solve the problem of financing difficulties,but also have an impact on enterprises by participating in corporate governance and other activities.However,in the long run,venture capital may maximize its own interests by making the company go public before it is mature.The impact of venture capital on the growth ability of pharmaceutical enterprises remains to be studied.Therefore,the main purpose of this paper is to analyze the impact of venture capital on the growth ability of Chinese pharmaceutical enterprises,and this research is of great practical significance to the growth of the general pharmaceutical enterprises,especially the small and medium-sized pharmaceutical enterprises.In order to achieve the research purpose,firstly,this paper sorts out the relevant literature at home and abroad,expounds the connotation standards,characteristics and investment strategies of venture capital;the definition,influencing factors and evaluation indicators of enterprise growth ability.Secondly,this paper analyzes the development status of venture capital in Chinese pharmaceutical enterprises.Thirdly,the relevant theories of venture capital and enterprise growth are sorted out,including supervision and governance theory,information certification theory,transaction cost theory and enterprise life cycle theory and so on.Based on those,the function mechanisms of venture capital affecting the growth of pharmaceutical enterprises are analyzed.Finally,explain the impact of venture capital on the growth ability of pharmaceutical enterprises from the theoretical and practical aspects.On the basis of the above analysis,this paper takes the data of pharmaceutical enterprises in the New Third Board stock market from 2013 to 2020 as samples,and studies the impact of venture capital on the growth ability of pharmaceutical enterprises from the perspectives of venture capital behavior and venture capital strategy.Firstly,from the perspective of venture capital behavior: the paper studies the impact of venture capital participation on the growth ability of the New Third Board pharmaceutical enterprises;and checks the intermediary role of supervision and governance role and information certification role in the process of influence;then the heterogeneity is analyzed from the three aspects of enterprise ownership form,regional distribution and sub-industry,so as to deepen the understanding of the impact of venture capital on the growth ability of different pharmaceutical enterprises,and provide reference opinions for pharmaceutical enterprises when choosing venture capital support.Secondly,from the perspective of venture capital strategy: the paper studies the impact of phased investment on the growth ability of the New Third Board pharmaceutical enterprises,and tests the intermediary role of supervision and governance role and information certification role in the process.Based on the results of theoretical analysis and empirical analysis,the conclusions are drawn: the first one is that the participation of venture capital and phased investment will significantly promote the growth ability of the pharmaceutical enterprises in the New Third Board;the second one is that venture capital can play the role of supervisory governance and information certification,and improve the growth capacity of the New Third Board pharmaceutical enterprises by improving the equity checks and balances and the stock liquidity;the third one is that,based on the heterogeneity analysis,the impact of venture capital on different pharmaceutical enterprises is different.Based on the above conclusions,combined with the actual situation of China,the following three countermeasures are proposed:firstly,actively develop venture capital and create a good investment environment;secondly,venture capital institutions actively introduce diversified investment strategies and continuously improve strength;thirdly,pharmaceutical enterprises reasonably introduce venture capital according to their own characteristics.Finally,this paper presents the prospect of the content needing further research.In the future,with the continuous improvement of the financial data of the New Third Board and the increasing intensity of venture capital,the impact of the venture capital period and shareholding ratio on pharmaceutical enterprises can be considered;at the same time,the New Third Board pharmaceutical enterprises could not cover all Chinese pharmaceutical enterprises.In the future,we can combine the data of Small and Medium-sized Board and Technology Innovation Board pharmaceutical enterprises and do further research on them. |
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