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| Venture Capital and Firms’Production Efficiency: Helping Hand or Grabbing Hand？ |
| ZHAO Jingmei, FU Lili, SHEN Yu
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| School of Finance, Southwestern University of Finance and Economics |
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Abstract This paper selects the data of Chinese manufacturing industry list companies from 2004 to 2012, to study the relationship of venture capitals (VCs) and firms’ production efficiency. We find that VCs have no significant effect on firms’ TFP. That result caused by low reputation VCs, which decrease firms’ efficiency significantly, while high reputation VCs promote firms’ production efficiency. With the switching regressions, we find that the effect on firms’production efficiency of high reputation VCs outperformed low reputation VCs by 1.24%-1.65%. This paper provides a reference for companies to choose VC institutions; meanwhile, it also provides a new view on added value service of VCs. Thus, hunger VCs need to choose the “good food”, while the new companies also need to choose high qualities VCs. Moreover, we impose some useful suggestions on caring the system risk, regulating the behavior, completing the government positioning and breaking the anti-corruption area of VC industry.
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Received: 25 March 2015
Published: 19 April 2018
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