风险投资阶段选择的经济后果——基于创业板数据

Research On Economic Consequences of Venture Capital Selecting Investment Stage——Based on GEM Data

利用创业板数据检验风险投资阶段选择行为所产生的经济后果表明:风险投资在早期阶段进入,比在后期阶段进入更能促进研发投入;风险投资在早期阶段进入显著提升了企业的成长性。风险投资在后期阶段进入比不进入更糟糕,它对企业的成长性产生负效应;风险投资在早期阶段进入,相比在后期阶段进入,或者不进入显著提升了企业的获利能力,而在后期阶段进入的风险投资对企业的获利能力的正面影响不显著。在我国,风险投资对被投企业影响不显著的原因在于,投资后期阶段的风险投资作用下降,甚至产生了负面效应,拖累了整体影响效果。

The economic consequences of venture capital selecting investment stage based on the GEM data show that VCs investment in the early stage can promote more R＆D investment than that in the later stage; VCs boost the growth of the firm significantly in the early stage, VCs investing firm at later stage are worse than that which does not enter because they get negative effects on firm＇s growth. VCs significantly enhance the firm＇s profit ability when they invest firm in the early stage compared to that in the later stage or that which does not enter,but there is no significant impact on firm＇s profit ability when VCs invest firm at the later stage. In our country, the reason why VCs have no significant influence on firms is that VCs investing in the later stage has declining effect, even negative effect,and drag down the overall effect.