创业投资机构对被投资企业投资行为的影响——来自中国创业板上市公司的证据  

Venture Capitals' Impact on Investment Behavior of Invested Companies——An Empirical Research on Listed Companies of ChiNext Market

作　　者：姚铮[1] 程越楷[2] 严琦[1] 姚明龙[1] 

机构地区：[1]浙江大学管理学院 [2]美国克莱姆森大学

出　　处：《经济与管理研究》2014年第2期71-77,共7页Research on Economics and Management

基　　金：国家自然科学基金项目"风险投资契约条款设置动因及其作用机理研究"(71172117)

摘　　要：本文以2009年和2010年在创业板上市的公司为研究对象,从创业投资机构的持股比例、董事会席位比例、股东背景等角度研究创业投资机构对被投资企业资本投资行为、研发投资行为的影响。实证结果表明:创业投资机构的持股比例、董事会席位比例均与被投资企业资本投资行为的积极程度正相关,国有、民营和外资背景的创业投资机构对被投资企业资本投资行为的影响没有显著差异;创业投资机构的持股比例、董事会席位比例总体上均与被投资企业研发投资行为的积极程度不存在显著的关系,但与内资背景创业投资机构相比,外资背景创业投资机构持股的公司研发投资行为更积极。Taking componies initially and publicly offering new shares on ChiNext market in 2009 and 2010 as sample ,The author has analyzed venture capitals＇ impact on capital investment and research and development （R＆D） investment behavior of invested companies from the porspoctive of shareholding proportion,proportion of board seats and shareholders＇ backgrounds of venture capitals. The results of the empirical analysis showed that shareholding proportion,proportion of board sests are both positively related to the initiative of capital investment behavior of invested companies ,there is no sigifificant difference among influence of state-owend,private and foreign venture capitals on capital investment behavior of invested companies. Generally speaking ,there is no significant relationship among shareholding proportion and proportion of board seats and initiative of R＆D investment behavior of invested companies ,but compared with companies invested by domestic venture capitals ,companies invested by foreign venture capitals have higher initiative in R＆D investment behavior.

关 键 词：创业投资机构 被投资企业 资本投资行为 研发投资行为 

分 类 号：F832.5[经济管理—金融学]