Screening value or influencing value?￠????venture capitals?￠????impact on performance of Shenzhen gem REVcompanies

摘要

VCs’ value-added effect on enterprises receives attention from all walks of life, whereas only few people pay attention to whether VC promoted business performance, or discovered firm performance and selected enterprises. Different from the previous studies, this paper focuses on analyzing the endogenous relationship between VC and firm performance in the system environment of China. Based on the sample of 281 companies which listed on Shenzhen GEM during 2009 to 2011, this paper respectively tests VCs’ screening function and value-added effect on enterprise performance. The empirical results show that VCs not only have a negative impact on the GEM companies, but also have not selected the best enterprises. This conclusion is important for all walks of life to understand the VC’s real effect.