风险投资进入时机对企业生产效率的影响研究  

The Impact of Venture Capital Entry Time on Enterprise Production Efficiency

作　　者：张中华[1] 邓江花[1] 万其龙 Zhang Zhonghua;Deng Jianghua;Wan Qilong(School of Finance,Zhongnan University of Economics and Law,WuHan 430074,China;School of Economics and Management,Huanghuai University,Zhumadian 463000,China)

机构地区：[1]中南财经政法大学金融学院,武汉430074 [2]黄淮学院经济与管理学院,驻马店463000

出　　处：《工业技术经济》2021年第1期68-74,共7页Journal of Industrial Technological Economics

基　　金：国家社会科学基金一般项目“发挥投资对优化供给结构的关键性作用研究”(项目编号:15BJY172)。

摘　　要：本文从风险投资进入时间及风险投资投资期限两个角度考察了风险投资进入时机对企业生产效率的影响,并进一步从企业异质性角度分析了这一影响的差异。研究发现,风险投资进入时间越早,越能有效提升企业生产效率,但是风险投资投资期限与企业生产效率呈U型关系;从企业异质性角度来看,对非高新技术企业而言,风险投资投资期限与企业生产效率的U型关系不明显。为验证结论的稳健性,本文采用更换被解释变量、增加遗漏关键变量及Heckman两步法进一步研究,结论维持不变。这一研究为风险投资如何更好地服务实体经济提供了理论支撑。This paper studies the impact of venture capital entry timing on enterprise production efficiency from two perspectives:the entry time of venture capital and the term of venture capital investment,and further analyzes the difference in this impact from the perspective of corporate heterogeneity.The results of this paper show that:the earlier the VC join the enterprises,the more it can improve the production efficiency of the enterprise.The relationship between VC investment duration and enterprise's production efficiency has a U-shaped relationship.From the perspective of enterprise heterogeneity,the U-shaped relationship between the VC investment duration and the production efficiency of the enterprise is not obvious for non-high-tech enterprises.In order to verify the robustness of the conclusion,this paper uses the replacement of the explained variables,the addition of missing key variables and the Heckman two-step method for further research,and the conclusion remains unchanged.This research provides theoretical support for how venture capital can better serve the real economy.

关 键 词：风险投资 生产效率 HECKMAN 两步法 进入时机 投资期限 企业异质性 

分 类 号：F832.48[经济管理—金融学] F273[经济管理—企业管理]