创投机构与创业企业双边匹配的实证研究——兼论我国创投市场的匹配效率

Empirical Study on the Two-sided Matching between Venture Capital and Companies:Evaluating the Efficiency of China's Venture Capital Market

创投与创业企业的稳定匹配关系着创投市场的稳定与发展。本文用双边匹配理论分析了创投与企业的具体匹配情况,并以创投机构支持的创业板公司为样本进行了实证研究。结果发现:总体上声誉好、实力强的创投机构匹配的企业业绩好,显著偏好政策的支持;创投联合投资的企业业绩和市后回报率比创投单独投资的企业要差,但声誉好的创投单独投资和创投强强联合投资时匹配的企业业绩和回报率最好。表明创投与企业间存在稳定有效的匹配,创投市场的运行效率较好。进一步研究发现,企业的市场竞争力和技术水平、企业家的责任心、创投的综合实力水平等特征指标与匹配价值显著正相关;创投持股比和联合投资指标与匹配价值显著负相关,而且业绩好、市后回报率高的企业对应的创投持股比和联合投资情况都比较适中,表明创投的适度支持有利于共同价值的提升。

Based on the Two-sided Matching Theory,this paper studies the Two-sided Matching between VCs and companies which listed in Shenzhen GEM during 2009 to 2011.The empirical results show that companies backed by more powerful VCs are better in performance and returns,and the performance of companies which are invested by syndication of VCs is worse than that of companies invested by single VC.However,when the companies are invested by more than one VCs who have good reputation and strong investment strength,or by single VC who has a good reputation and strong investment strength,they are significantly better in comprehensive performance and returns.Then,all the results suggest that China＇s venture capital market is effective.Moreover,we find that some of the characteristic indexes of VCs and Companies,such as company＇s market competitiveness,company＇s technology,the entrepreneur＇s responsibility,and VC＇s reputation,have significantly positive correlation with matching value,but the indexes of VC＇s equity ratio and joint investment strategy have negative impacts on matching value.