风险投资与公司客户稳定性

Venture Capital and Corporate Customer Stability

本文以2010-2018年所有A股上市公司为样本,手工整理风险投资和公司前五大客户的相关数据,实证检验风险投资持股对公司客户稳定性的影响。结果发现,风险投资持股与客户稳定性之间存在着显著的正相关关系,即风险投资持股的公司客户稳定性更好,从客户关系的角度验证了风险投资的增值作用。进一步研究发现,当风险投资参与董事会、风险投资联合投资、风险投资声誉较高时,公司客户稳定性更好;机制检验发现,风险投资对客户稳定性的促进作用在信息不对称程度较高、公司治理较差、非国有企业中更为明显;此外,风险投资可以通过促进客户稳定性增加企业价值。本文的结论对企业以及监管部门具有重要的启示。

Using 2010-2018 A-share listed companies as samples and manually collated data of venture capital and the company’s top five customers,this paper empirically examines the effect of venture capital holdings on the stability of corporate customers.It is found that there was a significant positive correlation between venture capital holdings and the stability of customers,that is,the company backed by venture capital had better customer stability,which verified the value-added role of venture capitalfrom the perspective of customer relationship.Further research found that when venture capital participates in the board of directors,venture capital is a syndication,and the reputation of venture capital is higher,the stability of the company’s customers is better.Mechanism examination found that venture capital’s positive effect on customer stability is more significant in higher degree of information asymmetry,weaker corporate governance,and non-state-owned enterprises.Moreover,Venture capital can add corporate value by promoting customer stability.The conclusions of this paper have important implications for companies and regulators.