Research on the Impact of Venture Capital on Firm Performance

In recent years, the impact of venture capital on firm performance has received much more attention from academia. However, because data acquisition is limited, the scholars get little research results of this area, analytical framework and approaches to theory have not been formed. This paper analyzed the relationship between venture capital, corporate governance, firm capability and firm performance. Then we bring up a new path model of venture capital´s impact on firm performance in the view of firm capability and corporate governance, and we use the model to describe the impact mechanism of venture capital on firm performance. This model also has some reference to practice of venture capital.