风险资本参与、自由现金流与企业投资效率

VC Intervention,Free Cash Flow and Investment Performance of Listed Companies

本文研究风险资本在企业上市之后的投资决策过程中是否依然如上市之前发挥了积极而有效的作用以提高企业的投资效率。通过2002—2013年我国上市企业数据实证研究发现,无论为何种类型的上市企业,风险资本的参与以及较高的参与程度均可以显著抑制企业在面临现金流充裕情况下的过度投资倾向,缓解上市企业面临现金流短缺时的投资不足问题,从而提高企业的投资效率。本文的研究结论为政府部门不断规范和发展风险投资行业,进一步发挥风险资本在公司治理领域积极而正面的作用提供了实证支持。

This paper investigates whether the companies with VC backed can improve their investment performance in the post-IPOperiod. By using the specific data of China listed companies 2002-2013, we find that the com- panies with VC backed will significantly improve their investment performance by ways of both restraining over-investment when they are faced with free cash flow and relieving under-investment when they are faced with a cash flow gap. This paper provides empirical support for the government to make further efforts to regulate and develop the VC industry and give full play to the positive role of VC in corporate governance.