摘要
本文基于2010-2015年中小板和创业板上市公司数据,采用边际处理效应(MTE)的参数估计方法,从企业异质性的角度,深入分析了风险投资/私募股权(VC/PE)对我国企业成长业绩的影响。结果表明,总体上,VC/PE对于我国企业的成长业绩具有显著的促进作用。VC/PE对于我国企业成长业绩的影响存在个体异质性,并且对于持续创新企业的成长业绩的促进效应更为明显。
Applying Parametric Marginal Treatment Effect（MTE） method, this paper investigates the impact of Venture Capital/Private Equity（VC/PE） on firm growth from the perspective of firm heterogeneity based on the data of small and mediumsized board and start-up board listed companies during the period 2010-2015 in China. The empirical evidences show that VC/PE has positive and significant effect on firm growth. There is individual heterogeneity in the impact of VC/PE on the firm growth. VC/PE obviously affects the growth of firms with persistent patenting activity.
出处
《投资研究》
CSSCI
2017年第6期20-32,共13页
Review of Investment Studies
基金
国家社科基金重大项目"新常态下我国宏观经济监测和预测研究"(批准号:15ZDA011)的资助
