风险投资机构对投融资效率影响研究——基于创业板的数据分析

The Research on the Influences to Investment and Financing Efficiency from Venture Capital Institutions——Based on the Empirical Data of China's GEM Companies

风险投资机构作为专业化的投资机构,是连接资金来源与资金运用的金融中介。作为庞大的风险资本的实际操作者,它的参与对上市公司投融资效率会产生何种影响?文章从风险投资的监督、认证、增值服务行为假说对公司作用的角度出发,利用我国2013-2015年创业板上市公司的数据进行实证研究,从非效率投资角度检验风险投资机构参与对公司投资效率的影响,以及影响或帮助公司的特征因素。同时研究也考察了风险投资机构参与是否会影响公司的融资效率,也进一步地考察了风险投资机构的不同特征对企业融资效率产生的影响。

As professional investment institutions, risk investment institutions is connect sources and applications of financial intermediation. As the actual operator of huge venture capital, how does the institutions＇ participation affect the investment and financing efficiency of listed companies？ From the effect of supervision, certification and value-added services behavior hypothesis of venture capital on the company, using the data of GEM listed companies from 2013 to 2015 for empirical research, with the perspective of inefficient investment, the contents examine whether the participation of venture capital institutions affects the investment efficiency of the company and what characteristics influence or help the company. At the same time, this paper also investigates whether the participation of venture capital institutions will affect the financing efficiency of companies, and further investigates the influences of different characteristics of venture capital institutions on the financing efficiency of enterprises.