关键词: 风险投资, 资源配置, 创业板, 企业绩效, 退出时机, 退出速度

Abstract: Venture capital can achieve a smooth exit while reducing the moral hazard to the enterprise through the allocation of its own innovative resources. Based on a sample of enterprises listed on the GEM between 2009 and 2015 that have been supported by venture capital, the article examines economic impact of venture capital exit behavior and the decision-making basis of resource allocation perspective through multiple statistical tests and regression analysis. From the financial point of view, the paper finds venture capital cash out behavior after the lock-up period will lead to a significant decline in corporates′ operation performance; from the analysis of the allocation of innovative resources, the timing to exit and the speed of exit are mainly affected by innovative resource scale and allocation strategy. On the whole, the more proportion of the total holdings of venture capital institutions, the more stable performance of enterprises; the more syndication members, the greater the decline in operation performance after IPO. Therefore, the venture capital institutions should make detailed planning of innovative resources investment and allocation strategies to achieve the optimal efficiency of venture capital and venture firms.

Key words: venture capital, resource allocation, GEM, corporates′ operation performance, the timing to exit, the speed of the exit