政治关联、风险资本投资与企业绩效  

Political Connection,Venture Capital and Firm Performance

作　　者：张天舒 陈信元[2] 黄俊[2] 

机构地区：[1]上海对外经贸大学 [2]上海财经大学

出　　处：《南开管理评论》2015年第5期18-27,共10页Nankai Business Review

基　　金：国家自然科学基金(71272008);上海市哲学社会科学规划课题(2013BGL006)资助

摘　　要：基于我国经济转型的制度背景,本文利用中小板上市公司数据,就政治关联对风险资本投资的影响及其绩效进行了考察。我们研究发现,因良好的政治关系有助于企业成功上市,风险资本更倾向于投资政治关联企业,且这一倾向随着企业政治关联级别的升高而加强。基于上市后绩效的分析显示,对于政治关联企业,风险资本投资的积极作用减弱,表现为上市后较差的会计业绩和股票收益。最后,针对风险资本背景的考察表明,外资风险资本投资政治关联企业的倾向较不明显,且对企业绩效的积极影响并未因政治关联的存在而削弱。Venture capital is a hot topic in the academic research since it not only provides important capital to newly set-up firms but also relates to the technology development in a country. It has been called ＇the engine of economy growth＇. Based upon China transitional in- stitution, we use the data of listed companies in SME board to study the preference of venture capital and its performance. We find that politically connected firms are favored by venture capitals because good relationship with government can help firms go punic. This cor- relation increases with the layer of firms＇ political connection. Further, the performance analysis shows that political connection mitigates the positive effect of venture capital on firm performance. Politically connected firms backed by venture capital present worse accounting performance and lower stock returns after IPO. Finally, foreign venture capital is less likely to invest in political connected firms and political connection doesn＇t reduce the positive role of foreign venture capital in firm performance. This study makes several contributions to the litera- ture. First, according to the statistics, China has become the developing country with the most venture capital investment in the world. Howev- er, we know little about the determinants of venture capital investment. The research deepens our understanding on the characteristics of firms backed by venture capital Second, the present literature discusses the various influences of political connection in firms, such as financing, tax, subsidy and performance, but few researches examine its impact on venture capital. Therefore, it is unclear how political connection re- lates to venture capital investment. Our research is a complement to the literature. Finally, we differentiate the background of venture capital and compare the different investment preferences of domestic and for- eign venture capitals, which increase our knowledge of venture capital background and provide the evidence about the different behavio

关 键 词：政治关联 风险资本 经营业绩 股票收益 

分 类 号：D0[政治法律—政治学] F279.2[经济管理—企业管理]