风险投资是新三板市场“积极的投资者”吗

Is Venture Capital a Positive Investor in NEEQ?

定向增发在新三板创业企业的股权融资中发挥着中坚作用,而风险投资正是其中重要的参与者。本文选择2013—2016年新三板企业定向增发为研究样本,实证检验了风险投资介入的动因及经济后果。研究发现,整体而言,风险投资参与新三板定向增发会选择财务绩效较好、创新能力较强的企业介入,结论支持了风险投资的事前筛选职能。大股东参与定向增发在一定程度上会减弱风险投资介入与企业财务绩效和创新能力之间的敏感性。当面对优质企业标的时,风险投资将选择联合投资的方式"抱团"进入,体现了其在新三板市场更为谨慎的投资风格。但风险投资进入所投企业后,受制于本身能力和投资意愿,并未显著提升被投企业财务绩效和创新能力,没有发挥事后监督职能。考虑新三板独特的做市商制度和分层制度,本文再次验证了风险投资事前筛选职能的履行和事后监督职能的缺失。本文不仅揭示了风险投资参与新三板企业定向增发的动因及经济后果,同时也为国家利用新三板市场推进创新战略、构建和完善多层次资本市场提供了经验证据。

SEOs play a fundamental role in the equity financing of NEEQ enterprises,in which venture capital is one of the most important participantsThis paper selects the 2013-2016 SEOs of NEEQ as the research sample,and examines the motivations and economic consequences of venture capital‘s interventionIn general,this study finds that venture capital will prefer enterprises with better financial performance and innovation ability to participate in NEEQ private placement,which can support the conclusion of the prescreening function of venture capitalHowever,when the ownership concentration is too high,the possibility of venture capital’s intervention will be weakened,especially when the major shareholders also participate in the subscriptionIn addition,venture capital favors adopting joint investment approach when confronting projects with high financial performance and innovation ability uncertainty,which reflects a more cautious style of investment in NEEQHowever,venture capital is restricted by its capability and willingness to invest after it entered the enterpriseIt does not significantly enhance financial performance and innovation abilityConsidering the unique market making and stratified system of NEEQ,this paper verifies the performance of the prescreening function and the absence of the postsupervision function of venture capitalThis paper not only reveals the motivation and economic consequences of venture capitals participation in the SEOs of NEEQ,but also provides empirical evidence for the country to promote innovation strategy with NEEQ,build and improve a multilevel capital market.