国有风投机构、分阶段投资与投资绩效

Governmental Venture Capital,Stage Financing and Investment Performance

本文探究了国有风投机构与民营风投机构在分阶段投资策略上的差异化表现。本文发现,相较于民营风投机构,国有风投机构更少地进行分阶段投资。进一步研究发现,更高的延误成本是国有风投机构较少进行分阶段投资的重要原因。与此同时,国有风投机构的分阶段投资降低了其经济绩效,也对标的企业的创新水平产生了负面影响。除此之外,混合所有制和专业投资人才的引入能够缓解国有风投机构进行分阶段投资所带来的负面影响。本文从分阶段投资的角度出发,探究了国有风投机构的投资行为特征,有力地补充了相关领域的文献,并为十八大以来党中央、国务院大力推行的以“管资本”为核心的国有企业改革提供了重要的经验证据和有效的政策建议。

This paper explores the differences between governmental venture capitals(GVCs hereafter)and private venture capitals(PVCs hereafter)on stage financing.Our research shows that GVCs are less likely to stage finance compared with PVCs.Further analyses show that the higher delay costs of GVCs may be an important influencing factor when it comes to stage financing.At the same time,GVCs'stage financing has a negative impact on entrepreneurial firms'propensity to go public and their innovation performance.Besides,we also find that the intervention of mixed ownership and professional investors can effectively reduce the negative effects of GVCs'stage financing.Our paper effectively supplements the literature in related fields and provides important empirical evidence for the ongoing reform of state-owned enterprises in China.