ResearchontheimpactofventurecapitalinstitutionsontheinvestmentandfinancingefficiencyoflistedcompaniesABSTRACTWiththecontinuousdevelopmentoftheeconomy,venturecapitalhasevolvedintoanimportantdrivingforcefortherapiddevelopmentofthemarketeconomy.Theintroductionofventurecapitalisastrategyoftenadoptedintheprocessofinvestmentandfinancingofmodernlistedcompanies.Asacarrierofventurecapital,venturecapitalinstitutions,whentheyjointhemanagementoflistedcompanies,willbringacertaindegreeofinfluencetoenterprises.Theimpactofventurecapitalinstitutionsontheefficiencyofinvestmentandfinancingoflistedcompanieshasbecomeahottopicinacademiccircles,andrelevantresearchresultshaveemergedoneafteranother.Alargeamountofresearchdatarevealsthattheparticipationofventurecapitalinstitutionshasapositiveeffectonbusinessmanagement,whichcanhelpinvestmentcompaniestoraisemoredevelopmentfunds,improvetheefficiencyofcorporatecapitalutilization,andprovidedecision-makingreferenceforthecompany'sdevelopmentstrategy.Marketing,innovationinvestmentandtalentintroductionprovidethecompanywiththegreatestdegreeofsupport,whichisconducivetoachievingthecompany'sgoalsandgainingmorebenefits.Thispapertakesthe2015-2017GEMlistedcompaniesastheresearchobject,andestablishesamultivariatelinearregressionmodeltostudytheimpactofventurecapitalinstitutionsontheinvestmentandfinancingefficiencyoflistedcompanies.Findouttherelationshipbetweenventurecapitalandtheefficiencyofinvestmentandfinancingoflistedcompanies.Throughtheanalysisofthispaper,itcanprovidereferenceandreferenceforthelistedcompaniestointroduceventurecapitalinstitutionsintotheenterprisemanagement.KEYWORDS:Venturecapitalinstitution;Impact;Investmentefficiency;FinancingefficiencyI风险投资机构对上市公司投融资效率影响研究摘要随着经济的不断发展，风险资本已经演变成为推动市场经济快速发展的重要动力。引入风险投资是现代上市公司投融资过程中经常采用的策略，而风险投资机构作为风险资本的运作者，其加入到上市公司的经营管理当中，会为企业带来一定程度的影响。关于风险投资机构对上市公司投融资效率的影响已成为学术界的热点讨论对象，相关研究成果层出不穷。大量的研究数据揭示了风险投资机构的加入对企业经营管理具有积极作用，能够帮助投资公司快速筹集更多的发展资金，较好的提高企业资金利用效率，为公司发展战略提供决策参考，并且在市场营销、创新投入和人才引进方面为公司提供最大程度的支持，利于实现公司目标，获得更多的收益。本文以2015年-2017年创业板上市公司作为研究对象，通过建立多元线性回归模型来研究风险投资机构对上市公司投融资效率的影响。找出了风险投资与上市公司投融资效率之间存在的关系。通过本文的分析能够为上市公司科学引入风险投资机构参与企业经营管理提供参考和借鉴。关键词：风险投资机构；影响；投资效率；融资效率II目录ABSTRACT.................................................................II摘要...................................................................III1引言.....................................................................11.1研究背景.........................................................11.2相关概念.........................................................11.2.1风险投资含义..................................................11.2.2风险投资机构概念..............................................11.3研究意义.........................................................21.4研究内容及方法...................................................21.4.1研究内容.....................................................21.4.2研究方法.........
