创业投资机构股权参与的增值效应——异质性情境与中介路径  

The Value-added Effect of Venture Capital Investment--Heterogeneous Context and Mediation Path

作　　者：李晓伟[1] 聂淑君 李传明 LI Xiao-wei;NIE Shu-jun;LI Chuan-ming(School of Management,Ocean University of China,Qingdao 266100)

机构地区：[1]中国海洋大学管理学院,山东青岛266100

出　　处：《软科学》2020年第5期35-42,共8页Soft Science

基　　金：国家自然科学基金项目(71603245、71572186);教育部人文社会科学基金项目(15YJA630032)。

摘　　要：基于增值假说,利用2009~2016年中国创业板上市公司数据,检验了创业投资机构对于被投资企业的增值效应。结果发现,持股比例高、拥有了董事席位、存续时间长的创业投资机构股东,不仅没有挤出或掠夺企业价值,反而显著地促进了企业价值增值。控制了可能的内生性问题后,结论依然稳健。采用两职分离的治理结构、位于制度环境健全的地域、面临环境不确定性越低的企业,创业投资机构股东的增值效应更为显著;增加创新投入是创业投资机构增值效应发挥的中介路径。Based on the value-added assumption, the panel data of listed companies on the GEM from 2009 to 2016 are used to examine the value-added effect of venture capital investment in this paper. Results find that firm value is not plundered by the participation of venture capital but is promoted by the shareholders of venture capital with a high shareholding ratio, board position, and long duration. After controlling the endogenous problems, the results remain robust. For those investees who have a separated governance structure, are located in a sound institutional environment and confront the lower environmental uncertainty, the value-added effect of venture capital investment is more significant. And the rise of innovation input functions as an intermediate path for the value-added effect of venture capital investment.

关 键 词：创业投资机构 股权参与 增值效应 异质性情境 创新投入 

分 类 号：F830.59[经济管理—金融学]