风险资本给创业家族企业带来什么?——基于中国创业板上市公司的经验证据  

What Can Venture Capital Bring to Entrepreneurship Family Business? Empirical Evidence from Companies Listed on GEM in China

作　　者：庞仙君[1] 罗劲博[2] 彭涛[1] 

机构地区：[1]南开大学商学院,天津300071 [2]江西财经大学会计学院,南昌330013

出　　处：《科学学与科学技术管理》2015年第5期126-136,共11页Science of Science and Management of S.& T.

基　　金：国家自然科学基金项目(71072098;71472048);陕西省科技厅软科学项目(2014KRM21-01)

摘　　要：以2009—2013年在中国创业板上市的199家企业为样本,实证检验风险资本持股对创业家族企业和非创业家族企业绩效影响的差异。研究发现,相对于风险资本持股的非创业家族企业,风险资本持股的创业家族企业具有更高的销售收入增长率和员工人数增长率。进一步的研究发现,风险资本持股较高时,风险资本在企业扩张期进入时,以及企业所在地区成熟度较高时,风险资本对创业家族和非家族企业成长转型作用差异明显。因而,有必要强调风险资本投资方式和外部经营环境在创业家族引进风险资本过程中的重要性。Based on the sample of 199 companies listed on GEM in China from 2009 to 2013, this paper empiri- cally examines the different effects of venture capital （VC） on the growth performance of the family business en- terprises and non-family business. The study finds that, compared with VC-backed non-family business, sales growth and employee growth of VC-backed family business enterprises increase more rapidly. Further studies find that when VC has more shareholdings, VC invests at the expansion stage of companies, or the companies are lo- cated in market-orientation areas, venture capital significantly different effect on family and non-family business en- terprise growth transformation. Therefore, it is essential for family business enterprises to pay attention to the in- vestment patterns of VC and working environment when they seek VC financing

关 键 词：风险资本 创业家族企业 成长绩效 绩效差异 

分 类 号：F272.35[经济管理—企业管理]