创业投资与被投资企业的成长性——来自于中国创业板的经验证据

Venture capital and firm growth —Empirical Evidence from China ChiNext

利用中国创业板上市公司数据,研究了创业投资参与对创业企业成长的影响。研究发现:创业投资方式和创业投资的特征明显影响被投资企业的收入增长率。其中,创业投资的联合投资能够明显提高被投资企业的成长性;声誉高的创业投资以及政府背景的创业投资能够明显提高被投资企业的营业收入增长率。因此,初创企业应当引进利用声誉好、具有政府背景的创业投资,并且充分利用多家创业投资的支持提高其价值。

We have found that the mode and characteristics of venture capital investment remarkably affect the revenue growth ratio of the invested start - ups. Specifically, the joint investment of venture capital is able to improve the growth of the vested enterprise apparently. High reputation venture capital and government background venture capital are able to enhance the growth of the vested companies obviously. As a result, the a start -up should introduce and utilize the reputed venture capital with government background, and make full use of the support of multiple venture capital to raise its value.