风险投资对提高公司成长期权的价值——来自创业板上市公司的经验证据

Value of Venture Capital in Enhancing Growth Option of Enterprise:Empirical Evidence from GEM Listed Companies in China

以成长期权作为衡量公司投资效率与未来发展潜力的指标,从风险投资机构为企业提供投资指引增值服务的视角,利用2009—2010年我国创业板上市公司的数据,采用加权最小二乘法估计回归模型,探究风险投资机构对我国风险企业的引导作用及其投资动机。结果显示:风险投资机构的参与、数量以及持股比例均显著降低公司成长期权的价值;多家风险投资机构同时参与具有合谋套利的行为表现,追逐资本的快速增值是风险投资机构的主要投资动机。这说明目前我国风险投资机构并未切实发挥改善风险企业的融资环境和管理水平的积极效应。

Taking growth option as the index of measuring corporate＇s investment efficiency and future development potential,and using the da ta of GEM listed companies in China from 2009 to 2010,this paper empirically studies the effect of venture capital as well as its investment motivation from the perspective of valueadded service of investment guideline by the method of weighted least square. The results show as follows： there is a significant negative correlation between venture capital participation and eompanyrs longterm investment value the participation of more than one venture capital institution shows collusion arbitrage as the result of chasing rapid capital appreciation. That＇s to say, nowadays venture capital does not play positive roles in the improvement of financial environment and corporate management in China.