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本论文旨在探讨风险投资特征对被投资企业抑价率以及财务绩效的影响。研究证实:1)外资VC相较国有独资VC所投企业拥有更好的财务绩效。2)存续期限较长的VC所投企业抑价率更低,但却未表现出财务绩效差异。3)规模大的VC和持股比例高的VC所支持企业抑价率更低,财务绩效更好。论文证明了VC机构特征对企业影响的存在。
The purpose of this paper is to explore the impact of venture capital characteristics on the underinvestment rate and financial performance of invested enterprises. The research confirms that: 1) Foreign VCs have better financial performance than those invested by state-owned VCs. 2) VCs with longer duration of VCs have lower underpricing rates but have not shown any differences in financial performance. 3) Large-scale VCs and VCs with high proportion of VCs hold lower underpricing rates and better financial performance. The thesis proves the existence of the influence of VC agency on the enterprise.