风险资本的“价值增值”功能分析——基于网络信息披露的视角

The Analysis of the “Value-added” Function of Venture Capital: Based on the Perspective of Internet-based Information Disclosure

互联网环境下企业的网络信息披露行为降低了外部投资者的信息成本,本文基于信息成本的变化探讨了风险资本对企业的"价值增值"功能。本文对Ue d a提出的初创企业融资决策模型[1]进行拓展,分析风险资本提升企业经营业绩的作用机制以及信息披露在风险资本"价值增值"过程中所发挥的积极作用。在实证检验中,以新三板挂牌企业为样本考察了风险资本对企业经营业绩的促进作用,检验结果表明,风险资本的"价值增值"功能在网络信息披露水平高的情况下更为强烈。基于风险资本"价值增值"机理的分析显示,风险资本显著降低企业投资—现金流敏感度,这表明风险资本有利于缓解企业融资约束,从而提高企业投资效率。本文研究对风险资本"价值增值"功能的相关文献进行了有益的拓展,同时也对发展我国多层次资本市场和健全企业信息披露机制具有一定的借鉴意义。

Internet-based information disclosure can lower the de- gree of information asymmetry between enterprise and the external investor in internet environment. Based on the change of informa- tion cost, this paper explores the ＂value-added＂ function of venture capital to enterprise. We extend the financing decision model of start-up in the literature （Ueda, 2004） and analyze the mechanism of venture capital in promoting enterprise operating performance as well as the positive role of information disclosure in this process. Using a sample of companies listed in NEEQ, we test the promoting effect of venture capital on enterprise operating performance and find that a higher level of internet-based information disclosure is associated with a higher ＂value-added＂ effect of venture capital. The mechanism study of the ＂value-added＂ function shows that venture capital can significantly lower investment-cash flow sensitivity and to a certain extent lower cash-cash flow sensitivity, which means venture capital is conducive to ease financing constraints so as to improve the investment efficiency of enterprise. But this effect that venture capital has on financial constraints focus on releasing the financial constraints on fixed assets investment rather than cash assets investment. In further research, we find that the disclosure about type and quantity of risk has the most significant impacts on the ＂value-added＂ function of venture capital. Venture capital with higher shareholding ratio has greater ability to improve operating performance and ease financial constraints. This paper not only enriches the existing literature on ＂value-added＂ function of venture capital, but also provides a certain reference significance to the de- velopment of multi-level capital market and the improvement of the enterprise information disclosure mechanism in China. Therefore, in addition to standardizing and developing the venture capital in- dustry in our country, the regulatory authorities also should improve the information disclosure mechanism and encourage enterprises to disclose information through the network channels, which may be a better way to fully exert the ＂value-added＂ function of venture capi- tal under the age of the Internet.