人工智能-数据分析-风险投资机构参与对上市公司投融资效率影响研究——基于创业板的数据分析.pdf
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ABSTRACT
In recent years, venture capital, as a kind of high risk, high income, professional
investment, promote economic and social development all over the world. China's risk
investment totaled $15.5 billion in 2014, in 2006, the agency began a data record, double
the $7.3 billion record set in 2011. The risk investment institutions as a professional
investment institutions, they are connected to the sources and applications of financial
intermediary, actual operators are so huge venture capital, it involved in the enterprise,
what effect will bring. Current research on the role of risk institutions focused on study the
effects of venture capital is a startup satellite successful IPO, IPO discount rate, IPO, IPO
companies earnings management and so on, and less impact on the efficiency of
investment and financing of research. Studies show that risk investment institutions to
participate in to the corporate governance of the invested enterprises play a role, of course,
investment and financing efficiency as common problems existing in the capital market,
we naturally think of a problem is that risk investment institutions to participate in the
investment and financing efficiency of the listed companies will produce what kind of
impact? Is positive or negative "supervision, certification hypothesis" "reputation - by
hypothesis", this is a problem worthy to be discussed.
Based on the thinking of the problem, in this paper, on the basis of combing the
existing literature, from the perspective of corporate governance theory analysis, and then
use the gem listed company data for empirical research in China, examines the risk
investment institutions to participate in will affect the overinvestment and underinvestment,
from the perspective of the investment efficiency test whether risk investment institutions
to participate in the investment efficiency of the company. If the risk investment
institutions involved in can inhibit the excessive investment or alleviate the phenomenon of
inadequate investment, the risk investment institutions is through what way to help the
company, this article will study this. At the same time the paper also examine risk
investment institutions to participate in will affect the financing efficiency, and further
studies on different characteristics of risk investment institutions that affect the enterprise
financing efficiency is different.
In this paper, through theoretical research and empirical analysis, the following main
conclusions:
First, the gem companies in China are phenomenon of lack of investment is more, the
participation of risk investment institutions will improve, easing the shortage problem of
the company's investment. The characteristics of risk investment with high risk, in order to
effectively reduce the investment risk, standardize enterprise investment is the commonly
used means of supervision. Therefore, the risk investment institutions to participate in the
enterprise that can boost the overall investment efficiency.
Second, risk investment institutions to participate in to a certain extent, reduced the
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