市场会惩罚“门口的野蛮人”吗?——雷士照明控制权争夺中的风投声誉受损研究  

Can the Market Punish“Barbarians at the Door”?:Research on Reputation Damage of VC in the Case of NVC

作　　者：叶小杰[1] 纪秋蕾 YE Xiao-jie;JI Qiu-lei

机构地区：[1]上海国家会计学院

出　　处：《中央财经大学学报》2023年第4期66-77,共12页Journal of Central University of Finance & Economics

基　　金：国家自然科学基金项目“风险投资声誉作用机制研究——基于投资机构和创业企业的视角”(项目编号:71502103)。

摘　　要：风险投资与创始人的控制权之争在资本市场上屡有发生,但以往研究大多关注事件对创始人及企业的影响,鲜有关注对风险投资的影响。借助赛富亚洲涉及的雷士照明控制权争夺案例,本文立足投资机构及其投资的关联企业两个层面,考察风险投资声誉受损的经济后果。研究发现:(1)控制权之争严重损害了赛富亚洲的市场声誉,影响其募资、投资和退出表现,其募集和管理的基金规模、投资事件的数量和金额、成功IPO的数量均呈下滑趋势,表明风险投资声誉具有约束效应。(2)声誉的约束效应是可逆的,当市场意识到风险投资机构被误解而声誉恢复时,前述不利后果得到缓解。(3)针对赛富亚洲声誉的受损及恢复,其投资的关联企业分别表现出负面和正面的市场反应,表明风险投资声誉具有“溢出效应”。本文研究有助于全面理解风险投资声誉的约束效应,不仅丰富了我国制度背景下风险投资声誉的理论研究,而且对于风险投资机构的健康发展、自我约束及监督具有重要的现实意义。The control competition between venture capitals(VCs)and founders often occurs in the capital market,but most of the previous studies focus on the impact on founders and enterprises.However,there is little research on how these issues affect VCs.Through the case of SAIF involved in NVC control competition,this paper investigates the economic consequences of the reputation damage of VC based on VCs and enterprises.It is found that:(1)the issue has seriously damaged the market reputation of SAIF and affected the performance of its fund-raising,investment and exit.The scale of funds raised and managed,the number and amount of investment events and the number of successful IPOs all show a downward trend.These evidences show that the reputation of VC has a constraint effect.(2)The constraint effect is reversible.When the market realized that VC was misunderstood and restored,the previous adverse consequences were alleviated.(3)In view of the damage and recovery of SAIF s reputation,the enterprises invested by SAIF showed negative and positive market reactions respectively,indicating that the reputation of VC has“spillover effect”.This paper contributes to a comprehensive understanding of the constraint effect of VC reputation,which not only enriches the theoretical research of VC reputation under the background of China,but also has important practical significance for the healthy development,self-discipline and supervision of VC.

关 键 词：风险投资 赛富亚洲 声誉受损 约束效应 经济后果 

分 类 号：F276[经济管理—企业管理]