| The report to the 20 th National Congress of the Communist Party of China emphasizes that high-quality development is the primary task for building a modern socialist country in all respects.Innovation-driven development and optimization of economic structure become new objectives of economic development.As an important pillar of China’s economic development,enterprises are playing an essential role in promoting high-quality economic development and in building a modern economic system.Although venture capital could effectively support the innovation and entrepreneurship of Small and Medium Enterprises(SMEs),relying solely on market allocation may lead to market failure due to its natures of high risk,long payback period and profit-oriented.In order to alleviate this problem,the Venture Capital Guidance Fund(VCGF)provides a workaround to cultivate the venture capital market,support venture capital institutions through government intervention,effectively support SMEs’ innovation and entrepreneurship,and promote healthy development of the venture capital market.As a creative measure for China’s capital market,the Science and Technology Innovation Board(STAR Market)aims to support the development of high-tech innovative and high-growth enterprises,while the VCGF focuses on supporting strategic emerging industries,so the focus of both supports are highly coincident,therefore it would be representative to study the impact of the VCGF on the growth of enterprises listed on the STAR Market.In this thesis,based on the theory of market failure and the theory of enterprise growth,the study targets enterprises listed on the STAR Market.After analyzing the current development status of the enterprises and their investment from VCGF,the growth of enterprises is assessed through a growth evaluation model and a scored,and the impact of the investment by the VCGF(with or without investment)and the proportion of the first-time investment on the growth of enterprises is studied through a regression model.Then,the factors in the evaluation model were further disaggregated and analyses was conducted on their mechanism of action,and targeted countermeasure and suggestion are proposed.The main findings are as follows: Firstly,the investment from VCGF has a positive impact on the growth of enterprises,and enterprises that receive VCGF investment can significantly improve their capabilities of innovation and development,the shorter time listed on market,the better growth after being listed.Secondly,the higher the proportion of enterprises firsttime investment from VCGF,the greater control of venture capital institutions over the enterprise.The stronger incentive to improve the management of the enterprise,the better development ability and better growth of the enterprise.Thirdly,the impacts of VCGF vary in different regions on enterprise growth,there is a significant positive correlation in mature investment regions,while the effect of VCGF is not significant due to the immaturity of VCGF development in backward investment regions.Fourthly,the funds contribute to the rapid growth of strategic and emerging industries,and the proportion of investment for the enterprises on the STAR Market was significantly higher than other sectors,complementing and creating a synergistic effect are observed with the enterprises on the STAR Market.Thus,based on the theoretical analysis and empirical finding,this thesis puts forward the following targeted suggestions: Firstly,strengthen the supervision of VCGF and improve its management system.Secondly,establish and improve a assessment and evaluation system of VCGF and improve fault tolerance and liability exemption in the assessment.Thirdly,accelerate the development of VCGF in backward regions for solving the fundamental problem of VCGF.Fourthly,strengthen informatization of VCGF and build an information platform of it.Fifthly,to optimize the withdraw environment of VCGF and broaden the withdraw channels of the fund. |
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