公司型风险投资增加了新创企业的价值吗

DO CORPORATE VENTURE CAPITALISTS ADD VALUE TO START-UP FIRMS

本文以我国中小板2007—2014年间有风险投资机构参与的上市公司为样本,分析了公司型风险投资机构对新创企业价值增值的影响。研究发现,与独立风险投资(IVC)相比,公司型风险投资参与的上市公司在IPO时获得的估值较低,并且在上市短期(1年)内的经营绩效较差。而当公司型风险投资中的母公司与新创企业之间存在战略协同时,会对公司的价值增值产生显著的正效应,且这种正效应并不完全来自于CVC卓越的项目挑选能力。根据实证研究结论,本文提出了一些建议,希望能促进我国公司型风险投资更好地发展。

Based on the sample of venture capital institutions invested into the listed companies on the SMEs board,this paper discusses the value-adding ability of CVC on start-up firms.This paper finds that,CVC-backed start-ups obtain lower valuation at the IPO and worsen the short-run performance than independent venture capital（IVC）-backed ones.The further empirical investigation proves that only when the start-ups have a strategic fit with the CVCS＇parent corporations,there would be a significant positive effect on valuation.Besides,this effect is not completely from the superior project selection ability of CVCS＇parent corporations.According to the findings,this paper puts forward some advice on CVC activities,expecting this paper can promote the development of CVC in China.