Research On The Impact Of Venture Capital On Total Factor Productivity Of Listed Enterprises

In the past 20 years,the economy has been shifting continuously to the supply-side reform,and the "extensive model" mode has been changing to the "intensive model" of distribution distribution of factors of production.Under such circumstances,many of our national companies are increasingly focused on improving their total factor productivity during the marching process,so as to adapt to the changing economic environment and to be able to access good opportunities for growth.However,many Chinese enterprises,especially those newly founded ones,will face severe financial constraints and lack of vital resources to improve total factor productivity through innovation technologies and specialized production.However,venture capital,which accounts for a large proportion of capital,resources and technology,can timely provide the funds needed by the invested enterprises and provide many value-added services,such as development strategy planning and capital market services.As a result,venture capital will have a significant impact on the total factor productivity of the invested enterprises.Based on the previous studies of scholars and integration with theories such as resource base,knowledge base,organisational learning,transaction costs and shareholder activism,this paper studies the impact of venture capital on the total factor productivity of enterprises.Moreover,from the perspective of enterprise size and industry,this paper also studies the differences in the impact of venture capital on enterprises of different sizes and industries.In this paper,885 Chinese A-share ipos from 2001 to 2021 are taken as research objects to explore the effect of venture capital on total factor productivity of enterprises.In this paper,the date of venture capital entry,the date of enterprise establishment,the date of IPO listing and other data are used to calculate the time of venture capital entry and the period of investment.LP calculation method is used to build a model to calculate the total factor productivity of enterprises.Secondly,with the total factor productivity of each enterprise as the explained variable and the entry time and investment term of venture capital as the explanatory variable,the basic panel econometric regression model is constructed,and the influence of venture capital on the total factor productivity of the enterprise is empirically studied to verify the hypothesis proposed.At the same time,from the perspective of enterprise size and industry,this paper studies the difference of the impact of venture capital on enterprises of different sizes and industries in a more detailed analysis,so as to further verify the hypothesis.At the same time,in order to overcome the problems of endogenous and sample selection bias,this paper uses OP method instead of LP method to measure the total factor productivity of enterprises,and then uses the same regression model for regression analysis to test whether there is the same regression result,and uses Heckman two-step method to verify whether there is mutually selective causal effect between venture capital and total factor productivity of enterprises.And pass the robustness test.Finally,it is concluded that the earlier the investment time of venture capital after the establishment of the enterprise,the more it can significantly increase the total factor productivity of a company.The period when venture capital is added to the first listing of an enterprise is defined as the U-shaped relationship between the investment term of venture capital and the total factor productivity of an enterprise.The total factor productivity of large scale enterprises and enterprises in manufacturing,construction,high-tech and other related industries conforms to this relationship with the entry time and investment term of venture capital.In this paper,it also proposes appropriate countermeasures and recommendations.