高铁通车与风险投资绩效

The Impact of High Speed Railway Network on Investment Performance of Venture Capital

随着我国风险投资(VC)行业日趋成熟,VC对被投资企业的辅导及增值的作用得到了更多关注。建成高铁网络的"时空压缩"效应是否改变了我国VC的投后管理行为,并进一步表现为投资绩效的提升?本文分别以是否成功退出持股企业及投资回报率作为VC投资绩效的代理变量,利用高铁通车这一外生冲击,考察软信息传递和市场准入变化是否促使VC更多关注投后管理和发挥增值效应。实证结果表明,在高铁通车之后,风险投资和被投资企业之间的交流便利性提升,软信息更加容易传递,异地投资(尤其是距VC所在地50公里～400公里距离范围内的投资项目)的绩效较之前明显有所提高。同时,高铁通车加剧了高铁沿线城市风险投资市场的竞争,VC同城投资的退出率显著提升,但竞争也降低了VC的投资回报率。本文揭示了作为基础设施的高铁建设给风险投资行业带来了更多的投资机会,提高了资源配置的效率。这种改善是由更充分的沟通和更激烈的竞争所带来的,对被投资企业的发展也是有益的。

We estimate the value-adding effect of venture capital(VC)by utilizing as a natural experiment of the opening of high speed railway(HSR)netword,a sudden reduction in travel time of venture capitalists.We investigate two channels through which VC plays a role in value-adding.Firstly,the information channel shows that both the exit probability and internal rate of return(IRR)of VC investments in other cities increase(especially those with 50-400km to VC).Secondly,enhanced competition increases the exit probability of VC investments in the home city of VC but decreases VC s IRR.Our results verify the impact of infrastructure such as HSR on economic development is postitve and examine its possible channels.We also provide some policy suggestions on the development of venture capital market in China based on our empirical results.