风险投资与战略性新兴产业企业资本配置效率——基于创业板战略新兴指数样本公司的实证研究

The Role of Venture Capital in Strategic Emerging Industry Development,Empirical Evidence from Strategic Emerging Index Companies in Growth Enterprise Market

本文以2010～2012年创业板战略性新兴指数样本公司为研究样本，实证考察了风险投资对公司资本配置效率的作用效果，研究发现：风险投资介入没能显著改善公司资本配置效率（包括过度投资、投资不足）；而风险投资对被投资公司持股比重的提高将显著抑制公司过度投资，但其对公司投资不足没有发挥应有的改善作用。且与非新兴产业的公司相比，风险投资持股能够显著改善战略新兴产业的公司过度投资，也能改善投资不足问题。这揭示我国风险投资机构能够监督企业代理问题，从而有效改善公司过度投资；而风险投资不重视对被投资公司的投资后管理服务以及资源供给，没能有效缓解投资不足。

This paper explores the effects of venture capital on corporate capital allocation efficiency by using the sample of entrepreneurial companies from the sample of strategic emerging index in Growth Enterprise Market. The findings indicate that the corporate capital allocation efficiency may not be improved just with venture capital entering the companies, while the corporate over investment can be decreased significantly with venture capital holding the stocks of the companies, but corporate underinvestment will not be improved with venture capital stock holding. It reveals that venture capital could relieve the agency problem in the companies, and improve corporate over-investment, while venture capital would not afford relative more resources to the target investment companies, and fail to improve corporate under-investment.