风险投资影响创业板企业的多元化经营吗?——基于风险投资机构背景异质性与行业专长视角的研究  

Does Venture Capital Affect Enterprises' Diversification of GEM?——A Study from the Perspectives of Heterogeneity and Industry Expertise of Venture Capital Institutions

作　　者：徐虹 胡淼 XU Hong;HU Miao

机构地区：[1]安徽工业大学商学院,安徽马鞍山243002

出　　处：《财务研究》2018年第3期53-65,共13页Finance Research

基　　金：国家自然科学基金项目(71372204)

摘　　要：以企业多元化经营及其市场风险为研究视角,基于我国创业板上市公司的经验数据,实证分析了风险投资机构介入对被投资企业在IPO时点多元化经营程度及其市场风险的影响。研究发现:风险投资机构介入会显著提高公司多元化经营程度,且具有政府背景或者行业专长的风险投资机构介入后会对公司多元化经营具有明显的正向影响;多元化战略往往会导致公司市场风险的增加,而风险投资机构的介入则对公司多元化带来的市场风险具有缓解作用,且具有政府背景或行业专长的风险投资机构介入的缓解作用更加突出。进一步检验还发现,风险投资机构能够促进多元化并且抑制相关市场风险的原因可能与其能够有效地减少被投资公司的代理成本以及融资约束有关。本文的研究提供了风险投资缓解或者降低多元化经营市场风险的可行路径,有利于帮助企业做出是否引入以及引入哪种风险投资的决策。Based on the empirical data of GEM listed companies in our country and from the view of enterprise＇s diversification and its market risk, this paper studies the involvement of venture capital institutions and its influence on the level of diversification and the risk of companies at the point of IPO. The study finds that the involvement of venture capital institutions will improve the company＇s degree of diversification significantly. Venture capital institutions which have government background and industry expertise promote the enterprise＇s diversification more obviously. We also find that the intervention of venture capital institutions has an obvious mitigation effect, and the effect is more prominent when the venture capital institutions have a government background or industry specialty. Further, this paper finds that the reason why venture capital institutions can promote diversification and restrain the related market risks may be related to the effective reduction of agency costs and financing constraints of invested companies. The conclusion of this paper provides a possible way for venture capital to mitigate or reduce the market risk of diversification, and helps enterprises to make decision on whether or not to involve venture capital and what kind of venture capital to be involved.

关 键 词：风险投资 多元化经营 市场风险 政府背景 行业专长 

分 类 号：F830.59[经济管理—金融学]