风险资本对创业企业投资行为的影响  

The Effects of Venture Capital on the Entrepreneurial Firms' Investment

作　　者：黄福广[1] 彭涛[1] 田利辉[1] 

机构地区：[1]南开大学商学院/金融发展研究院,天津300071

出　　处：《金融研究》2013年第8期180-192,共13页Journal of Financial Research

基　　金：国家自然科学基金面上项目"基于代理关系的新企业资本结构问题研究"(项目批准号:71072098)和"私募股权;发行上市和我国企业绩效研究"(项目批准号:71272179);教育部新世纪优秀人才支持计划(编号:NCET-12-0288)的资助

摘　　要：本文选取2009至2012年在中国创业板上市的355家企业为样本,研究风险资本对创业企业投资行为的影响。研究发现,相对于无风险资本支持的企业,有风险资本支持的企业具有更高的投资水平,更快的投资速度。进一步的检验发现,当风险资本参与创业企业公司治理,风险资本的持股比例较高,风险资本采取联合投资时,风险资本的作用更加明显,而风险资本的背景特征等其他变量对企业投资影响不显著。研究结果表明,风险资本通过投资契约影响企业投资行为,从而顺利退出企业。This paper selects 355 listed firms between 2009 and 2012 on China＇s Growth Enterprises Market as the sample, and investigates how venture capital affects entrepreneurial firms＇ investment. The results show that, relative to those non -VC -financed firms, VC -financed firms have higher investment rate and investment speed. Further tests show that the effects are more significant for firms with venture capital participating in firms＇ corporate governance, higher venture capital shareholdings, or multiple venture capital investments. However, other variables such as characteristics of venture capital are not significantly associated with firms＇ in- vestment. This paper suggests that in order to successfully exit from entrepreneurial firms, venture capital af- fects entrepreneurial firms＇ investment through contractual arrangement.

关 键 词：风险资本 创业企业 投资速度 投资契约 

分 类 号：F275[经济管理—企业管理] F832.5[经济管理—国民经济] F224