风险投资能够有效缓解企业融资约束吗?——基于企业社会资本中介效应的分析

Can Venture Capital Alleviate the Enterprises' Financing Constraints Effectively?——Analysis Based on the Intermediary Effect of the Corporate Social Capital

融资约束是制约中小企业发展的主要因素,风险投资通常被认为是最适合中小企业的融资模式之一。文章分析了风险投资对企业融资约束的影响,以及风险投资通过企业社会资本缓解企业融资约束的作用机理。运用深圳中小板2009年至2014年数据,实证检验风险投资对被投资企业融资约束的影响及其作用机制。实证结果表明,风险投资能够缓解被投资企业的融资约束,企业社会资本在其中起到了中介作用,即风险投资通过增强企业社会资本缓解了被投资企业的融资约束。

Financing constraints are a main factor constraining the development of Chinese enterprises and venture capital is generally considered to be one of the best financing methods. This paper analyzes the venture capital＇s influences on the financing constraints of the enterprises as well as its mechanism of action in alleviating the financing constraints of the enterprises through the corporate social capital. This paper adopts data of SMEs board during 2009 and 2014 in Shenzhen to empirically examine the venture capital＇s influences on the financing constraints of the enterprises as well as its mechanism of action. The empirical results indicate that the financing constraints of the enterprises can be alleviated by the venture capital. The corporate social capital serves as an intermediary between them, that is, the venture capital alleviates the financing constraints of the enterpries by bolstering the corporate social capital.