风险投资与企业数字化转型——来自新三板中小企业的经验证据  

Venture Capital and Enterprise Digital Transformation:Empirical Evidence from the New Third Board of SMEs

作　　者：周蕾[1] 张礼风 ZHOU Lei;ZHANG Lifeng(School of Accountancy,Anhui University of Finance and Economics,Bengbu,Anhui 233030)

机构地区：[1]安徽财经大学会计学院,安徽蚌埠233030

出　　处：《武夷学院学报》2024年第7期38-44,共7页Journal of Wuyi University

基　　金：国家社会科学基金项目(18BGL076)。

摘　　要：采用2010—2020年新三板中小企业数据,实证检验风险投资对企业数字化转型的影响及其作用机制。研究发现:风险投资可以显著正向促进企业数字化转型;风险投资可以通过监督参与效应显著抑制管理者过度自信;管理者过度自信在风险投资对企业数字化转型的影响中发挥部分中介作用,风险投资可以通过抑制管理者过度自信进而正向促进企业数字化转型。经过稳健性检验,上述结论仍然成立,风险投资通过融资效应、非资本增值服务、监督参与效应正向促进中小企业数字化转型,可为发挥风险投资的作用并以此促进中小企业数字化转型提供了政策启示。This paper uses the data of small and medium-sized enterprises on the New Third Board from 2010 to 2020 to empirically test the impact of venture capital on enterprises'digital transformation and its mechanism.The results show that:venture capital can significantly promote the digital transformation of enterprises;venture capital can significantly inhibit managers'overconfidence through supervision participation effect;managers'overconfidence plays a partial mediating role in the impact of venture capital on enterprises'digital transformation.Venture capital can positively promote enterprises'digital transformation by restraining managers'overconfidence.After the robustness test,the above conclusions are still valid.Venture capital is positively promoting the digital transformation of SMEs through financing effect,non-capital value-added service and supervision participation effect.This study provides policy implications for leveraging the role of venture capital and thereby promoting the digital transformation.

关 键 词：风险投资 中小企业 管理者过度自信 数字化转型 

分 类 号：F49[经济管理—产业经济] F832.51