异质性风险投资进入时机与股价崩盘风险——基于企业创新的中介效应检验  

Heterogeneous Venture Investment Entry Time and Stock Price Crash Risk——Based on the Intermediary Effect Test of Enterprise Innovation

作　　者：侯婧[1] Hou Jing(Langfang Normal University,Langfang 065000,China)

机构地区：[1]廊坊师范学院,河北廊坊065000

出　　处：《廊坊师范学院学报（自然科学版）》2023年第3期54-60,共7页Journal of Langfang Normal University(Natural Science Edition)

基　　金：河北省教育厅人文社科类重点项目“创业板上市公司并购商誉与外部市场表现研究——基于投资者关注视角”(SD2021025)。

摘　　要：以2009—2020年中小板和创业板的上市公司为样本,以企业创新为视角,分析异质性风险投资进入时机与股价崩盘风险之间的作用机理,即企业创新行为是否在不同进入时机的风险投资影响股价崩盘风险中起到传导作用。研究发现:创新产出在早期风险投资对股价崩盘风险的影响中存在部分中介效应,创新投入在后期风险投资对股价崩盘风险的影响中存在部分中介效应。将企业创新作为中介变量引入异质性风险投资与股价崩盘风险的研究,为后续研究开拓了新的方向。Based on the sample of the listed companies in the small and medium sized board and the Growth Enterprise Board from 2009 to 2020,this paper analyzes the mechanism between the entry time of heterogeneous venture capital and the risk of stock price crash from the perspective of enterprise innovation,that is,whether the innovation behavior of enterprises plays a conduction role in the impact of venture capital at different entry times on the risk of stock price crash.The results show that:innovation output has a partial mediating effect on the impact of early venture capital on stock price crash risk,and innovation input has a partial mediating effect on the impact of late venture capital on stock price crash risk.This paper uses enterprise innovation as an intermediary variable to introduce the study of heterogeneous venture capital and stock price crash risk,which opens up a new direction for subsequent research.

关 键 词：早期投资 后期投资 企业创新 股价崩盘风险 

分 类 号：F275.1[经济管理—企业管理]