The Impact of Venture Capital on Corporate Performance—Based On Analysis of TMT, Medical and Automotive Industry

Abstract

Abstract：This paper collects relevant data of the investment events from 2002 to 2016 of all A shares listed enterprises in the medical industry, TMT and traditional automobile industry. We Combine the theory about the pre screening, post supervision, information asymmetry and moral hazard, with the empirical results, to verify the impact of venture capital intervention, R & D investment, joint investment, internationalization and risk share the proportion on business performance. Under the background of these specific three industry, it is concluded that venture capital intervention and joint investment will not promote enterprise growth. The more R & D investment and appropriate risk shareholding ratio will enhance the performance of enterprises, and internationalization will inhibit the increase of enterprises' value.