风险投资提供了增值服务吗?——基于1996～2012年IPO公司的实证研究被引量：4

Venture Capital and Value-added Effects

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摘要运用1996～2012年IPO公司数据,本文考察了中国制度环境下风险投资是否能够提供增值服务以及哪些因素影响其作用发挥。研究发现,在我国,VC已经能够产生若干正向效应,表现在VC参股的IPO公司上市前成长性显著优于非VC参股公司,创新性更强,市场价值更高;外资VC相比国有和民营VC能够更好地促进企业成长、提高其创新性;领投VC投资距IPO时间越长、领投VC管理资金规模越大,企业创新性越强。但是,VC提供增值服务的能力仍然有限,体现在其并没有显著改善企业资产运营效率;VC的持股比例、所在区域、投资距离、年龄、董事会参与等因素均没有显著影响,而投资轮次和联合投资则分别对IPO企业上市前资产周转率和营业收入增长率产生了负向影响。 Using data of IPO firms from 1996 to 2012, this paper tests VC＇s value-added effects and some characteristics under Chinese institutional backgrounds. We find that VCs have some positive effects on firms as shown by the fact that VC-backed firms grow faster, become innovative and valued with higher market cap before IPO. Moreover foreign VC-backed firms grow faster and more innovative than state and private VC-backed firms. Additionally leading VCs have longer investment perspective, and leading VC is bigger, its backed firms are more innovative. However, VC＇s value-added effects is still limited, and VC-backed firms have no better operational efficiency as indicated by the fact that VC＇s shareholding, location, distance, age and board participation have no significant effects, while invest rounds and syndication have negative effects on asset turnover ratio and sales growth.

作者王力军李斌

机构地区北京工商大学商学院对外经济贸易大学国际经济贸易学院

出处《证券市场导报》 CSSCI 北大核心 2016年第5期10-17,共8页 Securities Market Herald

基金北京市自然科学基金项目(9122005) 北京市教委社科计划面上项目(SM201210011001) 北京工商大学国有资产管理协同创新中心项目(GZ20131101)的共同资助

关键词风险投资 IPO公司增值服务企业价值 venture capital, IPO firms, value-added services, enterprise value

分类号 F830.3 [经济管理—金融学]

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