基于中介效应模型风险资本投资影响上市企业代理成本的实证研究  

An Empirical Study on the Impact of Venture Capital Investment on the Agency Cost of Listed Companies Based on the Intermediary Effect Model

作　　者：陈汉龙[1] Chen Hanlong(Fuzhou University of International Studies and Trade,Fuzhou 350202,China)

机构地区：[1]福州外语外贸学院,福建福州350202

出　　处：《黑河学院学报》2023年第3期61-64,共4页Journal of Heihe University

基　　金：2021年福建省社会科学基金支持项目“推进福建中小微企业向‘专精特新’发展的路径研究”(FJ2021B168)。

摘　　要：基于中介效应模型,选取2016—2020年中小板和创业板上市公司为研究样本,对风险资本投资、企业资本结构、企业代理成本之间关系进行实证检验。研究结果表明:风险资本投资对企业代理成本起着抑制作用,在风险资本投资与企业代理成本之间企业资本结构具有部分中介效应,即风险资本投资部分通过调整企业资本结构,进而影响企业代理成本。Based on a mediating effect model,this paper,selecting research samples from small and medium-sized board and venture board listed companies from 2016—2020,makes an empirical analysis on the relationship between venture capital investment,corporate capital structure,and corporate agency costs.The findings show that venture capital investment playing a suppressive role on corporate agency costs,and that corporate capital structure has a partial mediating effect between venture capital investment and corporate agency costs.Alternatively,venture capital investment partially influences corporate agency costs by adjusting corporate capital structure.

关 键 词：风险资本投资 企业资本结构 企业代理成本 中介效应 

分 类 号：F275.5[经济管理—企业管理]