风险资本介入会提高企业的经营绩效吗?1基于中国创业板上市公司的证据

Can venture capital improve firm performance? Evidence from Chinese listed firms in the GEM

以2009年10月至2013年6月中国创业板上市公司作为研究对象,考察风险资本介入对企业长短期经营绩效的影响效果和影响机理,以及风险资本的哪些特征会影响其对企业经营绩效作用的发挥.实证结果发现:1)风险资本的介入确实提高了企业的经营绩效,但这种提升作用只在短期内存在.2)风险资本介入后,企业短期经营绩效的提升主要来自息税前利润率的提升,而不是企业总资产周转率的提升;而企业息税前利润率和总资产周转率的双双下降则导致了企业长期经营绩效的下降.3)首次介入企业的风险资本数量越多,风险资本的经验越丰富,则风险资本对企业短期经营绩效的提升作用越显著.本文的研究结果表明,风险资本介入仅仅为企业带来了资金方面的支持,提升了企业短期的经营绩效,但风险资本并未给企业带来更多可持续增长方面的增值服务.

Based on companies listed on the Growth Enterprise Market （GEM） between October 2009 and June 2013, this paper investigates the relationship between venture capital investments （VCs） and firm performance, the channels through which VCs improve firm performance, and the effect of VC characteristics on firm performance. First, the empirical results show that VCs can improve firm performance, but such improve- ment only exists in the short term. Second, the empirical results show that such short-run performance im- provements come from firms＇ EBIT profit margin （PM） rather than from firms＇ asset turnover （ATO）. How- ever, in the long term, both decreasing from PM and ATO leads to poorer firm performances. Third, the results show that the more the VCs and the more the experience of VCs, the more significant improvement of firm performance. These empirical results show that VCs cannot provide more sustainable growth supports than money to firms.