摘要
随着创业投资领域风险投资人的广泛引入,联合风险投资对企业投资效率的影响受到关注。利用2011-2015年5年间中国创业板相关联合风险投资和企业投资效率数据,基于资源基础观理论,利用PSM估计,实证分析了联合风险投资对企业投资过度和投资不足的不同影响作用,进而分析了行业层面和风险投资人层面不同调节变量的调节作用。
With the extensive introduction of venture capital investors in venture investment,the influence of joint venture capital on efficiency of enterprise investment is gaining increasingly more attention.Based on 2011-2015 data of China's GEM related to joint venture capital investment and enterprise investment efficiency,the paper uses PSM estimates to do an empirical analysis of different effects of the joint venture capital to excessive and inadequate enterprise investment from the perspective of resource-based theory,then analyzes the effects of the moderating variables differing with the industry level and venture capitalists level.Accordingly,it puts forward the corresponding advice for policy and strategy.
出处
《财经理论与实践》
CSSCI
北大核心
2018年第1期56-62,共7页
The Theory and Practice of Finance and Economics
基金
教育部人文社会科学重点研究基地重大项目(15JJD630001)
天津市哲学社会科学规划项目(TJGL16-006)
关键词
风险投资人
联合投资
企业投资效率
结构不确定性
投资经验
投资存续时间
venture capital
joint investment
efficiency of enterprise investment
structural uncertainty
investment experience
investment duration
