“引进来”促进“走出去”了吗——外资LP投资的VC基金对企业国际化的影响  

Has“Bring In”Promoted“Go Out”——The Impact Of Foreign LP-Invested VC Funds on Corporate Internationalization

作　　者：冯婷 郭立宏[1] 董建卫[1] FENG Ting;GUO Li-hong;DONG Jian-wei(School of Economics and Management,Northwestern University,Xi’an 710127,China)

机构地区：[1]西北大学经济管理学院,陕西西安710127

出　　处：《山西财经大学学报》2021年第11期57-71,共15页Journal of Shanxi University of Finance and Economics

基　　金：国家自然科学基金青年项目(72102173);教育部人文社科青年基金项目(21YJC630131);国家自然科学基金面上项目(72072105);国家自然科学基金地区项目(71962033)

摘　　要：以2000—2019年中国本土风险投资(VC)基金所投资的514个上市企业为样本,研究了外资有限合伙人(LP)投资的中国VC基金对所投企业国际化的影响及其内在机制。结果显示:外资LP投资的中国VC基金能够显著促进所投企业在境外上市;当该类基金联合投资或充当主投时,促进作用更加明显;中国制度环境的改善能够负向调节上述关系。影响机制为:帮助企业争取国际顶级中介机构的支持;协助企业参与国际分工;提高企业招募外部人才的能力。研究结论对"引进来"和"走出去"国际化战略的实施具有一定的政策启示。This paper examined the impact of local VC funds invested by foreign limited partners(LPs)on the internationalisation of portfolio companies and its underlying mechanisms,using a sample of 514 listed companies invested by local Chinese venture capital(VC)funds from 2000 to 2019.The results showed that foreign LP-invested local VC funds could significantly promote the overseas listing of their portfolio companies.When such funds co-invested or acted as lead investors,they had a greater effect on the internationalisation of the companies.However,the improvement of China’s institutional environment had a negative moderating effect in this relation.The influencing mechanisms were as follows,helping firms to obtain the support of top international intermediaries,assisting firms to participate in the international division of labour and improving the ability of firms to recruit external talent.The findings of the study had certain policy implications for the implementation of the internationalisation strategy of"bring in"and"go out".

关 键 词：风险投资 “引进来” “走出去” 外资有限合伙人 制度环境 

分 类 号：F832.51[经济管理—金融学] F125