联合风险投资策略对创业企业价值创造影响的实证研究  

Joint Venture Capital's Contribution to Start-up Enterprises' Value Creation

作　　者：刘通[1] 曲世友[1] Christopher M.Scherpereel LIU Tong;QU Shi-you(School of Management,Harbin Institute of Technology,Harbin 150001,China;The W.A.Franke College of Business,Northern Arizona University,Flagstaff 86001,USA)

机构地区：[1]哈尔滨工业大学管理学院,黑龙江哈尔滨150001 [2]北亚利桑那大学弗兰克商学院,亚利桑那州弗拉格斯塔夫86001

出　　处：《预测》2018年第2期56-62,共7页Forecasting

摘　　要：本文研究联合风险投资策略对创业企业价值创造的影响。基于中美两国风险投资行业相关数据,在实证上运用倾向得分匹配方法(PSM)考察联合投资与单独投资两种策略对于创业企业价值创造的影响。结果显示:美国联合投资支持的创业企业在偿债能力、成长能力、盈利能力及营运能力方面的表现优于单独投资支持的创业企业,中国联合投资支持的创业企业在偿债能力、成长能力、盈利能力方面的表现优于单独投资支持的创业企业,但在营运能力方面的差异并不显著。研究表明,与单独投资相比,联合投资能够更好地促进创业企业的价值创造;能够通过信息交换和知识互补为创业企业提供丰富的资源和信息,通过提供非资本增值服务促进创业企业价值创造的实现。This paper studies the impact of joint investment strategies on the value creation of start-up enterprises.Based on the data of the venture capital industry in China and the United States,using the propensity score matching(PSM),this paper discusses the differences between the joint investment and individual investment on the value creation of start-up enterprises.The result shows that US joint venture-backed start-up enterprises have better performance on solvency,growth,profitability and operational capacity than individual investment-backed.China’s joint venture-backed start-up enterprises have the same conclusion on solvency,growth and profitability ability.But the operational capacity’s difference is not significant.The research shows that the joint investment can make a better promotion on the value creation of the start-up enterprises compared with the individual investment.Joint investment can provide rich resources and information for start-up enterprises through information exchange and knowledge complementarity,and realize the value creation of venture capital by providing non-capital value-added service.

关 键 词：联合风险投资 创业企业 价值创造 倾向得分匹配 

分 类 号：F275[经济管理—企业管理]