风险投资对企业实施契约控制的条款分析——基于访谈结果和对创业板的实证研究  

The Analysis of Venture Capital's Control Clauses——Based on Interview and Empirical Research on Chinext

作　　者：刘子亚[1] 张建平[1] 

机构地区：[1]对外经济贸易大学国际商学院,北京100029

出　　处：《技术经济与管理研究》2016年第6期3-8,共6页Journal of Technical Economics & Management

摘　　要：风险投资入资时,会在投资协议中通过契约约定控制权的分配。这些契约条款包括管理参与、股权回购、对赌协议、反稀释和竞业禁止,但内容却不限于此。文章通过访谈六家风险投资企业发现这五种契约条款被使用的频率非常高,尤其是对赌协议,被使用的频率远高于创业板公开数据。文章继而采用创业板的数据获取风险投资参与董事会、风险投资与创业者对赌、分步投资以及联合投资的有关信息并通过实证分析研究其对企业经营绩效的影响。实证分析结果发现采取分步入资或者使用对赌协议对公司的净资产回报率、销售回报率以及净现金流占总资产之比三项指标有正向作用。When venture capital injected capital to investee, ways to deal with uncertain circumstances are confirmed in the inve- stment agreements. The .clauses normally include management involvement, share repurchases by entrepreneurs, value adjustment, anti-dilution and non-competition. We interviewed six venture capital companies to understand the usage of the clauses in details and found that these clauses are frequently used in practice. The value-adjustment clause is much more often used than being disclosed in the prospectuses of Chinext Board. Next, we use the data from Chinext to analyze the board attendance, value adjustment, staged investment and syndicated investment by the venture capital. By consuhing the prospectus, we find that venture capital has strong intention to syndicate, which is in accordance with the interview result. Next, we use the 159 venture capital-backed companies which has two years operating performance data to do multi factor regression analysis. The result shows that staged investment, value adjustment clause has positive influence on return on assets, return on sales and net operating cashflow divided by total assets, but the results are not statistically significant. We find that when venture capital invests in early stage of business, the positive effect on company operating performance is statistically significant. We also find that the higher board seat percentage of venture capital, the better the operating performance. However, syndicated investment has significant negative effect on operating performance. Possible explanation is that the more venture caoital involved, the more diversified the control rights.

关 键 词：风险投资 契约控制 对赌协议 分步投资 联合投资 

分 类 号：F830.59[经济管理—金融学]