风险资本的声誉机制、增值服务和IPO退出回报  

Venture Capital Reputation, Value-added Services, and the Exits Return Through IPO

作　　者：张广婷[1] 王悦[2] 李佳娇 Zhang Guangting;Wang Yue;Li Jiajiao(Institute of World Economy,Shanghai Academy of Social Sciences,Shanghai 200020;School of Accounting,Shanghai University of Finance and Economics,Shanghai 200433;School of Economics,Fudan University,Shanghai 200433,China)

机构地区：[1]上海社会科学院世界经济研究所,上海200020 [2]上海财经大学会计学院,上海200433 [3]复旦大学经济学院,上海200433

出　　处：《复旦学报（社会科学版）》2019年第6期151-164,共14页Fudan Journal（Social Sciences）

基　　金：上海市哲学社会科学规划课题青年项目“发达国家货币政策对我国跨境资本流动的影响研究”(项目批准号:2016EJL004)的研究成果

摘　　要：科创类企业的轻资产和高风险特征导致其难以从传统的商业银行获得融资,而依赖于风险资本的股权投资。本文基于清科数据库的风险资本投资数据,深入研究了风险资本的声誉机制及其资源配置效率。研究发现:风险资本的资源配置效率主要体现在其声誉机制的约束作用上,投资机构的声誉越高,被投资企业IPO退出的比例越高;有较高声誉的风险资本提供了更好的增值服务,其良好的投后管理提高了被投资企业的资产增值能力;声誉越高的风险资本所投资的企业其上市退出的内含报酬率(IRR)也越高。本文的研究结果表明,风险资本机构的声誉机制作为重要的无形资产,能够帮助企业提高经营效率,获得更好的投资回报,从而为深入认识我国风险资本的作用机制提供了实证依据。最后,亦为完善风险资本的行业监管、促进科创板健康发展提供了建设性意见。The paper takes the case of China’s venture capital investment in 2003-2012 as a sample, and deeply studies the impact of the reputation mechanism of investment institutions on the operating performance of the invested company and its impact path. The empirical research found that:(1) the reputation of the investment institution has an important impact on the IPO exit of the invested company. The higher the reputation of the investment institution, the higher the proportion of the IPO of the invested enterprise;(2) there is a significant positive correlation between the investment institution’s reputation and the asset productivity of the invested enterprise;(3) investment institutions with higher level of reputation are able to achieve higher return from its investment projects. The results of this paper show that the reputation mechanism of venture capital institutions is reflected in its most important intangible assets. Reputable private equity can better help enterprises improve their operational efficiency, and they can also obtain better return on investment and realize resources. The paper provides an empirical basis for understanding the mechanism of China’s venture capital investment institutions, and provides a realistic basis and decision-making suggestions for the relevant financial regulatory institutions to improve venture capital investment and promote the steady development of China’s multi-level capital market.

关 键 词：风险资本 声誉 退出回报 增值服务 

分 类 号：F83[经济管理—金融学]