民营企业非正式制度资源、股权制衡与风险投资  

Private Firms'Informal Institutional Resources,Equity Balance and Venture Capital

作　　者：王朝晖 尹西明 陈劲[3,4] WANG Zhaohui;YIN Ximing;CHEN Jin(The University of Hong Kong,HKU Business School,Hongkong 999077,China;Beijing Institute of Technology,School of Management and Economics,Beijing 100081,China;Tsinghua University,Research Center of Technological Innovation,Beijing 100084,China;Tsinghua University,School of Economics and Management,Beijing 100084,China)

机构地区：[1]香港大学经济及工商管理学院,中国香港999077 [2]北京理工大学管理与经济学院,北京100081 [3]清华大学技术创新研究中心,北京100084 [4]清华大学经济管理学院,北京100084

出　　处：《科学学与科学技术管理》2023年第12期140-155,共16页Science of Science and Management of S.& T.

基　　金：国家自然科学基金青年项目(72104027);国家自然科学基金重点项目(72232004);中国工程院重大战略咨询研究课题(2022-JB-01)。

摘　　要：企业是国家创新体系的核心主体,科技金融是创新的血液,深入研究非正式制度资源对企业获得风险投资的影响及其作用机制,对打造“科技—金融—产业”良性循环、加快高质量发展具有重要价值。以创业板2014—2019年期间上市的389家民营企业为样本,实证探究非正式制度资源对民营企业风险资本融资的影响以及企业股权制衡度的中介作用。结果发现:由于民营企业非正式制度资源潜在的“资源诅咒”效应对企业长期发展的潜在影响,以高风险高收益为核心商业模式的风险投资者更倾向于投资不具有非正式制度资源的企业。进一步探究非正式制度资源的作用机理,发现拥有非正式制度资源的企业偏好低股权制衡度的资本结构,而这一“集权”动机与风险投资机构的“寻权”动机相冲突,进而影响风险投资介入意愿。稳健性检验支持了上述发现。Firms are the core subject of the national innovation system.Technology finance is the blood of innovation.In-depth research on the impact of informal institutions on firms'venture capital(VC)investment and its mechanism bares both theoretical and practical value for further improving a pro-innovation financial system and accelerating high-level technological self-resilience and self-independence.As a typical economy in transition,China is undergoing rapid transformation and construction of market systems and regulations.The institutional environment and market-oriented transformation processes in different regions are various.Entrepreneurs and investors face multiple uncertainties,such as institution transformation and intensive market competition.Private enterprises have to rely on some alternative informal institutional resources to cope with the innovation constraints brought about by the lack of formal institutions.While for investors,the use of informal institutional resources raises the uncertainty of investment.Such negative expectations will further affect their investment decisions and preferences.Existing studies primarily focus on the influence of informal institutional resources on the consequences of investor involvement and lack consideration of their impact on the antecedents of the involvement.At the front line of China's market reform,this research explores how the informal institutional resources of private enterprises affect the investment decisions of VC and the mechanism of the influence.In this study,we draw from the resource curse theory and principle-agent theory,and employ a sample covering 389 private firms listed on the ChiNext from 2014 to 2019.Most data are collected from IPO prospectus,and this ascertains the event sequence between informal institution resources acquisition and VC investment.Then we empirically explore how do informal institutional resources of private enterprises impact private firms'financing and the mediating role of corporate equity balances.Empirical results sh

关 键 词：科技自立自强 创新 民营企业 非正式制度资源 风险投资 股权制衡 

分 类 号：F273.1[经济管理—企业管理] F276.5[经济管理—国民经济]