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1、AbstractSumminguptheforeignventurecapitalresearchaboutimpactontheperformanceoflistedcompanies,inmaturecapitalmarket,onthewhole,istoimprovetheperformanceofenterprises.ResearchontheimpactofventurecapitalonbusinessperformancemainlyconcentratedontheShenzhensmallan
2、dmediumenterpriseboard,however,ourgovernmenthasjustsetupthegem,andthepreviousstudiesmainlyfocusonIPOdatewhichlackstheimpactontheperformanceoflistedcompaniesaftertheIPO.Therefore,theimpactofventurecapitalonthelong-runperformanceofGEM,isofparticularsignificancew
3、hichcannotonlydeterminetheriskinvestmentimpactontheperformanceoflistedcompanies,butalsoprovidesuggestionsforthehealthydevelopmentofventurecapitalmarket.Basedonasummaryoftherelevantdomesticandforeigntheoriesandliterature,asampleof355stocksfrom2009to2013intheGEM
4、Marketisselected,andthemeasurementofenterprises’performanceinvolvesthreedimensions,thatisenterpriseprofitability(returnonequity),operationability(totalassetsturnover)anddevelopmentcapacity(increaserateofbusinessrevenue).Wecollectedtheunbalancedpaneldata,andapp
5、lieddescriptivestatisticsandregressionanalysismethodtocarryonthisempiricalresearchontherelationshipbetweenventurecapitalandthelong-termperformanceofenterprises.TheresultsshowthatinvestmentriskandthereturnonequityoftheGEMListingenterpriseratearesignificantlyneg
6、ativelycorrelated;investmentriskisnegativelyrelatedtototalassetturnoverratio;andanegativecorrelationwithoperatingincomegrowthrate,butnotsignificantly,namelytheriskinvestmentforthelong-termperformanceofGEMlistedcompaniesdidnotplayaverygoodcatalyticrole.Ananalys
7、isaimingtoexplainthisempiricalresultisalsocarriedoutfromtwoaspects,theadverseselectionofventureinvestmentandtheimpactonthecorporategovernance.Finally,basedonthestudy,somesuggestionsareproposedwhicharesuitableforChina.Keywords:venturecapital;GrowthEnterpriseMar
8、ket;enterpriseperformance;unbalancedpaneldatamodelII目录摘要............................................................................................................................
