风险投资的介入对提高上市企业绩效的作用

Do the Involvement of VCs Improve the Listed Companies' Performance?

选取2013—2015年有风险投资支持的创业板上市企业,使用倾向评分匹配(PSM)方法消除选择偏差,研究了引入不同特征的风险投资机构对企业经营表现产生的作用。由研究结果发现:国有背景风险投资的引入并不会明显提高企业业绩,而高声誉风险投资的参股则会对企业绩效表现产生积极影响,这可能是由于高声誉的风险投资机构更具有甄别优劣企业的能力,也能更好地发挥"认证/监督功能"。总之,在中国创业板市场上,若不考虑风险投资机构的特征,依靠引入风险投资并不能明显提高上市企业的绩效。

This article selects the listed companies on GEM from 2013 to 2015 as research samples,using propensity score matching methods（ PSM） to eliminate the deviation,and research the impact that different characteristics of venture capital（ VC） participation brings to enterprise performance.The results shows that the state-backed VCs do not significantly improve the financial performance of invested firms of GEM,Companies often need to pay a high price for political resources. However,high reputation of VCs have positive influence on the invested enterprise. Because high reputation of VCs may not only have more ability to identify the pros and cons of enterprises,but also better play the ＂certification/supervision function. ＂ In General,VCs do not significantly affect the financial performance of invested firms of GEM in China if not consider the characteristics of VCs.