Research On The Influence Of Venture Capital On The Financing Efficiency Of Pharmaceutical Enterprises Listed On The GEM

Pharmaceutical enterprises are an important market entity related to the national economy and people’s livelihood,and their healthy development is of great significance both for the transformation and upgrading of the economic structure and for the physical health of the people.However,the development and progress of pharmaceutical enterprises are constrained by financial constraints.How to improve the ability to integrate funds at a lower cost and achieve maximum output is particularly evident among small and medium-sized enterprises.The original intention of the GEM is to help small and medium-sized enterprises to finance in the financial market,thus complementing the main board market.Compared with the enterprises listed on the main board,the development prospects of the pharmaceutical enterprises listed on the GEM are more risky and challenging,but the potential income is considerable,so it has attracted the attention of many venture capital.This paper studies the impact of venture capital on the financing efficiency of pharmaceutical enterprises listed on the GEM,and explores the relationship between venture capital and its characteristics and the financing efficiency of enterprises,with a view to providing guidance for relevant subjects.This paper combs the current research situation at home and abroad,puts forward research hypotheses on the basis of theoretical analysis,selects 50 GEM listed pharmaceutical enterprises from 2017 to 2021 as research samples,uses DEA data envelopment analysis to measure their financing efficiency,and then conducts empirical research on the impact of venture capital on the financing efficiency of GEM listed pharmaceutical enterprises through multiple regression analysis,and further explore the impact of heterogeneity characteristics such as venture capital background,shareholding time,and joint investment on corporate financing efficiency,and whether financing constraints play a mesomeric effect in the impact of venture capital on corporate financing efficiency.The results show that:(1)Venture capital participation is conducive to the improvement of the financing efficiency of pharmaceutical enterprises listed on the GEM;(2)Whether the venture capital is state-owned or not has no significant impact on the financing efficiency of pharmaceutical enterprises listed on the GEM;(3)There is a negative correlation between the holding time of venture capital and the financing efficiency of pharmaceutical enterprises listed on the GEM;(4)Venture capital joint investment is conducive to the improvement of the efficiency of medicine financing listed on the GEM;(5)Venture capital improves the financing efficiency of enterprises by alleviating the financing constraints of enterprises to a certain extent,so financing constraints play a part of the mesomeric effect in the impact of venture capital on the financing efficiency of enterprises.Finally,on the basis of the research results,the paper puts forward countermeasures and suggestions for venture capital institutions,enterprises and governments: venture capital institutions should enhance the level of specialization,strengthen cooperation with the industry,and strengthen long-term cooperation with enterprises.Enterprises should strengthen cooperation with venture capital,continuously improve their financial structure and enhance their innovation and research capabilities.The government should strengthen policy guidance and improve the financing environment of enterprises;Strengthen supervision and standardize the market behavior of venture capital;Strengthen the protection of intellectual property rights.The main innovation points of this paper are:(1)Most of the previous studies on the impact of venture capital on the financing efficiency of enterprises have not differentiated enterprises in the industry,and only take the listed sector as the division principle.This paper,combined with the hot spots of the times,selects the GEM pharmaceutical industry as the research object,further refining the research scope;(2)In terms of previous studies on the impact of venture capital on enterprise financing efficiency,there are still some omissions in the consideration of the characteristics of venture capital,and the definition of financing efficiency has not yet been unified.This paper,based on the reality,draws on the current mainstream direction of research,uses DEA data envelopment analysis to measure enterprise financing efficiency,and further considers other characteristics of venture capital,thus supplementing the relevant theory of the impact of venture capital on corporate financing efficiency(3)Previous studies on the impact of venture capital on corporate financing efficiency have failed to further explore its underlying mechanism.This paper combines relevant theories to analyze the mechanism,and proposes and verifies the hypothesis that financing constraints play a part of the mesomeric effect in the impact of venture capital on corporate financing efficiency,thus supplementing the possible shortcomings in this regard.