风险资本退出、董事会治理与企业创新投资——基于PSM-DID方法的检验  

Venture capital exit, board governance and corporate innovation investment: test based on PSM-DID method

作　　者：董屹宇[1] 郭泽光[1] DONG Yiyu;GUO Zeguang(School of Accounting,Shanxi University of Finance and Economics,Taiyuan 030006,China)

机构地区：[1]山西财经大学会计学院,山西太原030006

出　　处：《产业经济研究》2020年第6期99-112,共14页Industrial Economics Research

基　　金：国家社会科学基金青年项目(18CGL018);教育部人文社会科学青年基金项目(19YJC630050);山西财经大学青年科研基金项目(QN-202007);山西省“1331工程”重点创新团队建设计划(晋教科[2017]12号)。

摘　　要：风险资本作为一种较为特殊的金融中介,其退出是对创新资源进行配置的重要环节。基于我国中小板和创业板市场的公司样本,在倾向得分匹配的基础上构建双重差分模型,研究企业首发上市后风险资本退出行为对企业创新投资的现实影响,并进一步探讨企业董事会治理水平对上述影响的作用。研究得出以下结论:(1)风险资本在企业上市后的退出行为对企业创新投资具有显著的负向影响,会加大企业的融资约束,导致融资成本上升,进而对企业创新投资产生冲击。(2)风险资本在创新投资方面的退出效应会受到企业董事会治理水平的影响。具体而言,董事会独立性对风险资本退出效应会产生显著的抑制作用,董事会股权激励和勤勉程度同样被证明能够抑制风险资本退出对企业创新投资的负向作用,但董事会规模的大小对风险资本与企业创新投资的关系并不会产生显著的影响。As a special kind of financial intermediary, the exit of venture capital is an important part of the allocation of innovation resources. This paper constructs a difference-in-differences model based on a sample of companies in China’s SME and GEM markets, with propensity score matching. By doing so, this paper examines the impact of venture capital exit on corporate innovation investment after the initial listing of enterprises and further explores the role of corporate board governance on these impacts. The conclusions are as follows.(1)After the IPO of the invested enterprise, the exit behavior of venture capital has a significant negative impact on corporate innovation investment, increasing the financing constraints of firms and leading to higher financing costs, which in turn has impact on corporate innovation investment.(2)The exit effect of venture capital on innovation investment can be influenced by corporate board governance. To be more specific, board independence will have a great dampening effect on the exit effect of venture capital;board equity incentives and diligence have similarly been demonstrated to curb the negative effect of venture capital exit on corporate innovation investment;however, board size does not have a significant effect on the relationship between venture capital and innovation investment.

关 键 词：风险资本 企业创新 投资决策 退出行为 董事会 公司治理 

分 类 号：F062.9[经济管理—政治经济学]