风险投资与企业生产效率:助力还是阻力?

Venture Capital and Firms' Production Efficiency:Helping Hand or Grabbing Hand?

本文选取2004-2012年我国上市公司数据,研究风险投资与上市公司全要素生产率的关系,结果发现风险投资总体上并没有改善企业的生产效率。总体无效率主要由低声誉风投机构导致,其与企业生产效率显著负相关,但是高声誉风投机构与企业生产效率却显著正相关。情景转换模型显示,高声誉的风投机构对企业生产效率的影响比低声誉的风投机构高1.24-1.65%。本文的研究为企业选择风投机构提供了参考,也为风险投资对企业的增值服务提供了新的视角,对双方而言,饥也需择食,择其善者而从之。另外,本文也提出了关注风投行业系统风险、规范行业行为、做好政府定位和突破风投行业反腐禁区等政策建议。

This paper selects the data of Chinese manufacturing industry list companies from 2004 to 2012,to study the relationship of venture capitals（ VCs） and firms＇ production efficiency. We find that VCs have no significant effect on firms＇ TFP. That result caused by low reputation VCs,which decrease firms＇ efficiency significantly,while high reputation VCs promote firms＇ production efficiency. With the switching regressions,we find that the effect on firms＇ production efficiency of high reputation VCs outperformed low reputation VCs by1. 24%- 1. 65%. This paper provides a reference for companies to choose VC institutions; meanwhile,it also provides a new view on added value service of VCs. Thus,hunger VCs need to choose the＂good food＂,while the new companies also need to choose high qualities VCs. Moreover,we impose some useful suggestions on caring the system risk,regulating the behavior,completing the government positioning and breaking the anti- corruption area of VC industry.