VC投资:投前筛选还是投后增值

The Investment of Venture Capital: ‘Ex-ante Screening' or‘Ex-post Value Added'

风险投资机构对于企业的作用,到底是基于投前的筛选眼光,还是投后的增值能力,文章以我国中小企业板上市公司为样本,探讨该问题。研究发现:(1)投资之前,VC易选择研发投入高、成长性好、负债率高、经营效率差的企业;(2)投资之后,VC的增值服务能力使被投企业的经营效率显著提高,股东收益率得以大幅提升。(3)相对于无VC支持的企业,有VC支持的企业在盈利能力、经营效率、财务杠杆等方面显著较好,其中高的盈利能力主要来自于VC的投后增值作用,较好的经营效率和财务杠杆是由VC的事前筛选和事后增值两方面共同作用的结果。因此,我国的VC在投资前一般会选择经营效率差、债务率高的企业,投资后则通过增值服务使企业经营效率大幅提升,资本结构更为合理,并获得更好的权益净利率。这为认识我国风险投资对创业企业的价值增值机制做出了贡献。

As for the role of venture capital institutions in firms, is it due to ex-ante screening ability, or ex-post value-added ability or both？ This paper uses a sample of SME board listed companies to test the effect of venture capital investment on firms. It comes to the following conclusions： firstly, before investment, VCs easily select firms with higher sales growth, financial leverage and poorer operational efficiency as well as firms that have more R＆D input; secondly, after investment, value-added abilities of VCs significantly improve the operational efficiency of the portfolio companies, and enhance shareholders returns to a big margin; thirdly, among SME board firms, compared with firms without VC support, firms with VC support have significantly better earnings abilities, business efficiency and financial leverage; higher earnings abilities stem from the post-investment value-added role of VCs, and better business efficiency ＆ financial leverage result from the co-role of ex-ante screening ＆ post-investment value-added. Therefore, it concludes that VCs in China ordinarily select firms with poor business efficiency and higher debt ratios before investment and lead to the increase in business efficiency to a big margin, more rational capital structure ＆ better rates of return on equity in invested firms through value added services after investment.