Abstract
With the further development of computer technology, the era of Internet finance has arrived. Computer technology plays an important role in promoting the development of Internet finance and has also become an important basis for the development of Internet finance. The application of computer technology is conducive to the further improvement of the Internet financial system and the better promotion of transaction efficiency. However, there are also many risks in this process. In the field of financial investment, venture capital plays a very important role in the overoffering of listed companies. In this regard, we should not only improve and upgrade the computing technology, but also control the risks existing in the Internet finance. Therefore, this paper mainly discusses the application of computer technology in Internet finance, and from the perspective of the impact of venture capital in financial investment on capital overoffering of listed companies for in-depth discussion.
Highlights
In order to further test the reliability of the results, we conducted the following robustness test and found that the conclusion of this paper does not change on the whole : First, we substituted earnings per share (Eps) with return on total assets (ROA) and return on equity (ROE) into the regression model and found no substantive impact on the main conclusions of this paper
Choosing IPO companies in Shenzhen Small and mediumsize Enterprise (SME) as samples from 2009 to 2018, the paper examines the influence of venture capital on overraised capital ratio
The results show that: (1) generally speaking, compared to no venture capital backed companies, those companies backed by venture capital have lower over-raised capital ratio
Summary
IPO over-raised capital and venture captital are hot issues of academic research. Pagano et al (1998) took Italian companies as the research samples and found that most company’s purpose of IPO is not to raise captital for projects, but to obtain over-raised capital and balance capital structure. Xia Yun and Xu Xin (2012) took the IPO companies in Shenzhen A-share market from 2006 to 2010 as samples, and found that there were serious over-investment behaviors in the use of IPO over-raised capital by listed companies, and the internal governance mechanism of companies could effectively alleviate the agency problem in the use of IPO over-raised capital. Research at home and abroad shows that venture capital has "attestation" and "supervision" effects on the enterprise. The influence of venture capital on IPO over-raising capital of enterprises is rarely covered in the existing literature, to which this paper makes a beneficial attempt
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