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The active participation of venture capital is very important for the development of gem enterprises and the development of GEM market (Wang, 2017). In a sense, it plays the role of market selection mechanism. The launch of gem provides the most direct channel for venture capital. Venture capital invests capital at the beginning of an enterprise's establishment or development, and intervenes in the enterprise to varying degrees, providing non capital services for the enterprise with its own human capital and social resources in strategic guidance, governance supervision, acquisition of external resources, and becoming an entrepreneur's mentor (Bermiss, et al., 2017)(Hu and Bi, 2017). China's listed companies are mainly state-owned enterprises, and the main board market is the main capital market, among which the state-owned holding mode is prevalent (Dong, 2015). With the development of social economy, not only the existence of large enterprises is needed, but also the development of small and medium-sized enterprises has become a part that can not be ignored (Colombo, et al., 2016). At present, China's venture capital is mostly concentrated in some mature projects. Some venture capital companies choose enterprises not to examine their specific operating conditions and development prospects, but to see the possibility of their recent listing (Yixi, et al., 2019). With the increasingly fierce global market competition environment, the survival and development of enterprises are facing more severe challenges (Ma, et al., 2016). This not only requires enterprises to have a broad network of relationships, cutting-edge technology and R & D capabilities within a specific range, but also need to have abundant financial resources (Xie and Zuo, 2017).
In the 21st century, mankind has entered the era of knowledge economy. If an enterprise wants to maintain its comprehensive competitiveness, it must make continuous efforts in science and technology and maintain a certain leading edge (Ma and Ji, 2019). The value-added effect of venture capital for enterprises is subject to specific scenarios. For example, venture capital only has value-added effect on enterprises with specific development stage or high degree of uncertainty (Zheng, 2018). In the process of formulating development strategy, enterprises need to consider many factors such as technological innovation (Liu, et al., 2016). Only by taking enterprise innovation as the focus of R & D, can listed companies have greater value in participating in venture capital (Fan, et al., 2019). Compared with the enterprises in the capital market of mature countries, Chinese listed enterprises have little difference in the nature of equity, but have great differences in the equity structure (Shi, 2015). The supply-demand fit and relationship fit of venture capital and non capital services between enterprises are important factors for venture capital to intervene in enterprises and enterprises to choose venture capital (Liu, et al., 2018). From a certain point of view, performance can only reflect the level of enterprise development in the past, and has no substantive help for the future. However, the innovation ability of listed enterprises has become a potential for enterprise development, supporting the future development of enterprises, and transforming it into a potential for enterprise development, bringing economic benefits to enterprises (Yue, 2019)(Li, 2019).