风险投资退出与企业全要素生产率——基于增值与攫取交互的视角  

Venture Capital Exit and Enterprise Total Factor Productivity--From the Perspective of the Interaction between Value-Added and Expropriation

作　　者：董屹宇[1] 宋坤[1] 郭泽光[1] DONG Yi-yu;SONG Kun;GUO Ze-guang(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：《山西财经大学学报》2022年第4期115-126,共12页Journal of Shanxi University of Finance and Economics

基　　金：教育部人文社会科学研究青年项目(19YJC630058);山西省高等学校哲学社会科学研究项目(2021W044);山西财经大学青年科研基金项目(QN-202007)。

摘　　要：以2007—2018年在中小板和创业板上市且有风险投资背景的A股公司作为研究样本,通过构建双重差分模型,检验了风险投资退出对企业全要素生产率的影响。研究发现:在增值与攫取交互的视角下,风险投资退出会对被投资企业的全要素生产率产生显著的负向冲击;风险投资退出会导致企业研发投资比重下降,同时降低企业的管理效率,即通过“创新阻碍效应”和“管理制约效应”降低企业的全要素生产率;在融资约束程度高的企业、高科技企业及管理层未增持股份的企业中,风险投资退出对企业全要素生产率的负向冲击更大。Taking A-share companies with venture capital background listed on China's SME and GEM markets from 2007 to 2018 as research samples,this paper constructed a difference-in-differences model to analyze the impact of venture capital exit on enterprise total factor productivity.The conclusions are as follows.Firstly,from the perspective of the interaction between value-added and expropriation,there was a negative shocking effect of venture capital exit on invested companies’total factor productivity.Secondly,the exit behavior of venture capital would lead to the decrease of the proportion of corporate R&D investment and the reduction of corporate management efficiency,when the influencing paths of this negative effect included“innovation hindrance effect”and“management restriction effect”.Finally,the negative shock was more significant in the enterprises with higher financing constraints,high technology or the management not increasing their holdings.

关 键 词：风险投资 退出行为 全要素生产率 创新阻碍效应 管理制约效应 

分 类 号：F275[经济管理—企业管理]