风险投资对社会负责吗——基于投资理念的分析

Is Venture Capital Socially Responsible——Analysis Based on Investment Concept

以2010—2018年A股上市企业为样本,利用手工整理的风险投资持股及其投资理念的相关数据,实证检验风险投资与企业社会责任的关系。研究发现,相比于没有风险投资持股的企业,有风险投资持股的企业社会责任表现更差,结果支持风险投资的"逐名假说"。进一步的机制检验发现,当风险投资具有相对负责任的投资理念时,具体而言,当风险投资的投资期限较长、风险投资具有政府背景或风险投资较为成熟时,风险投资对企业社会责任的负面影响得到缓解。此外,风险投资对企业社会责任的影响存在一定程度的"烙印效应"。

Using A-share listed companies from 2010 to 2018 as a sample and manually collated data of venture capital and their investment orientation,this paper empirically examined the relationship between venture capital and corporate social responsibility.This paper found that compared to the companies not backed by venture capital,the company backed by venture capital performed worse in terms of social responsibility,which phenomena supported the"grandstanding hypothesis"of venture capital.Further mechanism inspection found that when venture capital had a relatively responsible investment orientation,specifically,when venture capital had a long investment horizon or had a government background,or perhaps,venture capital was relatively more mature,the negative impact of venture capital on corporate social responsibility would be mitigated.In addition,the impact of venture capital on corporate social responsibility had a certain degree of"imprinting effect".