风险投资公司对创业企业投资行为的影响

The Impact of Venture Capital Firms on Investment Behaviors of Start-up Enterprises

本文选取2013-2015年353家创业板上市公司,研究风险投资公司对创业企业后续投资行为的影响。研究发现,风险投资公司不仅可以通过对企业的监督职能抑制企业对现金流的过度投资,而且可以发挥自身资源优势获得外部融资,缓解企业因资金短缺造成的投资不足问题。研究还发现不同背景的风险投资公司对创业企业的投资行为有不同的影响,非国有背景风投公司比国有背景风投公司更能缓解创业企业因内部现金短缺引起的投资不足问题。

The thesis takes 353 listed companies in Growth Enterprises Market Board （GEM） between 2013- 2015 as example, conducting research on venture capital companies＇ influence on the ensuing investment behaviors of start-up companies. The research finds that venture capital enterprises can not only hinder corporations＇ over investment of cash flow through their supervising function, but also gain exterior financing with their resources advantages to alle- viate the inadequate investment problem caused by corporations due to capital shortages. The survey also discovers that venture capital enterprises＇ influence on start-up companies＇ investment behaviors can vary from their backgrounds, with those of non-domestic backgrounds better relieving the problem of inadequate investment incurred from enterpris- es＇ intemal shortages of cash when compared with those with domestic backgrounds.