上市公司参与公司风险投资的收益及其影响因素实证研究  

An Empirical Study on the Benefit and Influential Factors of Listed Companies Participating in Corporate Venture Capital

作　　者：翟丽[1] 鹿溪[1] 宋学明[1] 

机构地区：[1]复旦大学管理学院,上海200433

出　　处：《研究与发展管理》2010年第5期104-112,133,共10页R&D Management

基　　金：教育部人文社会科学研究项目(09YJA630024)

摘　　要：以参与公司风险投资活动的国内上市公司为研究对象,根据企业协同效应理论建立研究的理论框架,选取沪、深两市以参股或控股方式参与公司风险投资的85家上市公司为样本进行实证分析.研究结果表明:上市公司参与公司风险投资短期内并未获得显著收益,长期收益甚至为负;行业相关性、管理相关性、投资强度对上市公司收益的影响,短期及长期内作用有所不同.It makes an empirical study on the CVC activities of domestic listed companies. Applying the theory of enterprise synergism to build a theoretical framework, it makes an empirical analysis with a sample of 85 listed companies in Shanghai and Shenzhen Stock Exchange that have participated in venture capital by sharing or controlling VC companies. The results show： CVC did not bring significant benefit to domestic listed companies in the short term while having negative return in the long term ; the benefit of listed companies from CVC investment activities is positive or negative related to the industrial relativity, the managerial relativity, and the CVC proportion to the total asset of listed companies, in the short term and long term differently.

关 键 词：公司风险投资 收益 影响因素 企业协同效应 

分 类 号：F830.59[经济管理—金融学]