风险资本、制度效率与企业投资偏好

Venture Capital,Institutional Efficiency and Investment Preferences

风险资本在促进经济转型和企业可持续发展中有重要作用。现有研究主要集中在风险资本对改善公司治理、提高投资效率等整体性影响,尚未深入到具体投资活动。本文以A股公司为样本,基于投资偏好,考察风险资本改善企业投资效率的内在方式。结果发现,有风险资本参与的企业长期投资强度更高而短期交易水平显著降低,尤其是资本性支出显著高于没有风险资本参与的企业;并且在制度效率较好的地区,上述影响更为明显;联合投资方式和风险资本的国有背景,均能对长期投资强度产生显著正向影响,但没有证据表明外资背景的风险资本具有显著影响投资决策的能力。考察风险资本对成熟企业投资偏好的影响,为探索风险资本促进传统产业转型升级提供了可行方向。

This paper chooses the A-share listed companies as the sample,based on corporate investment preferences,to explore the specific way in which venture capital help corporations to improve their investment efficiency.We find that,compared to non-VC-backed firms,VC-backed firms’long-term investment intensity is significantly higher while short-term investment intensity is lower,especially their capital expenditure is significantly higher.The positive effect is more obvious in the regions with better institutional efficiency.Syndication and the governmental background of venture capital both have positive effect on the long-term investment intensity of firms,while foreign background doesn’t.The study of the impact of venture capital on the investment preferences of mature enterprises provides a feasible direction for future study of how venture capital promotes the transformation and upgrading of traditional industries.