基于创新资源配置的风险投资退出行为研究

Research on Venture Capital Exit Behavior based on the Allocation of Innovative Resources

风险投资通过对自有创新资源的配置可实现在顺利退出的同时降低对企业的道德风险。本文以2009-2015年在创业板上市具有风险投资事件的企业为研究样本,通过多重统计检验及回归分析,研究风险投资退出行为对企业产生的经济影响及创新资源配置的决策依据。从财务角度考察发现,风险投资在锁定期后的套现减持会导致企业经营绩效出现显著性下滑;从创新资源配置的源头分析,风投机构的退出时机和退出速度主要受到资源投入量和配置策略的影响;整体来看,绩效在企业获得的风险投资资金规模越大时表现更稳定,而风险投资联合规模越大时,企业绩效下降的幅度越大。因此,风投机构应对创新资源投入量和配置策略进行统筹规划,以实现风投机构和风险企业的最优效益。

Venture capital can achieve a smooth exit while reducing the moral hazard to the enterprise through the allocation of its own innovative resources. Based on a sample of enterprises listed on the GEM between 2009 and 2015 that have been supported by venture capital,the article examines economic impact of venture capital exit behavior and the decision-making basis of resource allocation perspective through multiple statistical tests and regression analysis. From the financial point of view,the paper finds venture capital cash out behavior after the lock-up period will lead to a significant decline in corporates＇ operation performance; from the analysis of the allocation of innovative resources,the timing to exit and the speed of exit are mainly affected by innovative resource scale and allocation strategy. On the whole,the more proportion of the total holdings of venture capital institutions,the more stable performance of enterprises; the more syndication members,the greater the decline in operation performance after IPO. Therefore,the venture capital institutions should make detailed planning of innovative resources investment and allocation strategies to achieve the optimal efficiency of venture capital and venture firms.