风险投资、股权结构与创业绩效  

Venture Capital,Ownership Structure and Entrepreneurial Performance

作　　者：侯建仁[1] 李强[1] 曾勇[1] 

机构地区：[1]电子科技大学经济与管理学院,成都610054

出　　处：《研究与发展管理》2009年第4期10-19,共10页R&D Management

基　　金：国家自然科学基金资助项目(70540022);教育部"新世纪优秀人才支持计划"资助项目(教技函[2005]35号)

摘　　要：以450家创业企业为样本,从投资回报、获利性和成长性三个角度实证检验了风险投资及其参与特征和创业者及其参股情况对创业绩效的影响.回归结果表明:风险投资及其参与期限对创业投资绩效和获利性具有负向作用,而对成长绩效无明显影响;而通过增加相对持股比例赋予风险投资控制权在一定程度上有利于企业投资绩效和获利性的提高,但同时会显著降低企业的成长性.针对创业者参股情况的影响作用,发现企业负责人作为第一大股东或持有高的股权比例将显著提升企业投资绩效和获利水平,但是对成长绩效无明确影响.Based on the 450 entrepreneurial enterprises, it tests empirically the importance of the venture capital and the entrepreneurs, and the impacts of the characteristic of their participation on the entrepreneurial performance from the perspectives of the return on investment, the profitability and the growth rate respectively. The regression results show that the return on investment and the profitability will be deteriorated when the entrepreneurial firms are backed by venture capital, and the duration of venture investors＇ participation in the firm will have a negative effect on firms＇ return on investment and the profitability. However, through giving the venture capital some control right by increasing their relative proportions, it will be helpful to improve the return on investment and the profitability but harmful for growth performance of the firms. It also finds that it will significantly increase the return on investment and the profitability but have not much impact on growth performance that the principals are the largest shareholder.

关 键 词：创业企业 风险投资 创业绩效 

分 类 号：F830.59[经济管理—金融学]