Abstract
Based on the macro data from 2006 to 2013 of Chinese venture capital institutions, this paper studies the relationship between the average human capital level and the investment performance and its impact mechanism using factor analysis and regression analysis. The paper finds that the overall performance level of the venture capital industry in China is influenced by different dimensions of human capital in different index, and it is also constrained by the economy developing level and investment environment. For example, in 2008 and 2013 IPO suspended which significantly weakened the influence of human capital (as opposed to individual institutions).
Highlights
Venture capital has been developing in China since 1980s, offering Chinese economy growth the vitality and motivation
From the beginning of screening and evaluating, they indirectly or directly impact on the effectiveness and benefits of venture capital investment. the venture capital investing stages and factors mentioned both reflect the subjective initiative of human capital, which comes the perspective of this study, and the study's innovation is that the paper select the "big" data reflecting the overall situation of China's venture capital
According to analysis in the above parts, the following hypotheses are made: Hypothesis: the integral investment performance of Chinese venture investment is positively correlated to various elements of human capital; it is under the influence of Chinese economic situation and investment environment
Summary
Venture capital has been developing in China since 1980s, offering Chinese economy growth the vitality and motivation. On the one hand the scholars follow the promotion of start-up company value, on the other hand is the simple investment income the venture capital brings to institution. Some studies have shown that the existence and difference of venture capital background made the company show distinguishing performance after listing (Zhang &Liao, 2011). From the analysis of local data in China, the every stage and concerning aspects of venture investment behavior including institutional characteristics, project cycle, exit mode and so on, have affected the return and performance of the investment (Qian & Zhang, 2007). This paper takes the development process of venture capital as the background, based on macroeconomic and national data, focuses on the overall and average level of venture capital in China, considers t international IPO stagnation, studies the human capital and investment performance of venture capital institutions, and explore the underlying causes.
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