英文摘要 |
In this paper, we examine the certification function provided by the government when the venture capitals select their investment plan. Because venture funds almost invest in the high-tech industry, we then examine whether the management performance of high-tech industry is better than traditional industry or not, that is so call ’industry effect’. Moreover, we examine the benefit venture capital provide for the invested companies, we wish that this paper may provide some information to the related people, and increase new direction for the follow-up scholars of the VC field. Our empirical results showed that: (1) government certification makes a impact of venture capital on industry development, (2) under the governmental certification effect, the management performance of high-tech industry is better than traditional industry, (3) the higher the proportion of share of vecture capital, the management performance of high-tech companies is better. |