摘要
利用CSMAR数据库和私募通数据库,搜集2009—2016年A股上市企业董事会数据和风投机构投融资数据,分析风投机构占据上市企业董事会席位对自身投融资的影响。结果显示:①占据上市企业董事会席位能提升风投机构的融资金额和融资次数;②占据上市企业董事会席位能提升风投机构投资早期企业和高科技行业企业比例;③风投机构市场地位负向调节董事会席位对风投机构投融资的影响。
Using the data of directors of A-share listed companies collected from CSMAR and the data of VC fundrasing and investment collected from PEdata during 2009 to 2016,this paper investigates the influence of venture capital firm(VC) holding directorships in listed companies on VCs’ fundrasing and investment.Results show that:①holding directorships in listed companies can increase the amount and times of VC’s financing;②holding directorships in listed companies can increase proportion of VC investing in early-stage and high-tech enterprises;③market status negatively moderate the relationship between directorship and fundrasing and investment.
作者
郭立宏
施国平
徐见平
Guo Lihong;Shi Guoping;Xu Jianping(School of Economics and Management,Northwest University,Xi'an 710127,China;School of Economics andManagement,Tongji University,Shanghai 200092,China;Zhongda United Holding Group Co.,Ltd.,Jiaxing 314312,China)
出处
《科技进步与对策》
CSSCI
北大核心
2019年第9期87-94,共8页
Science & Technology Progress and Policy
基金
国家自然科学基金青年科学基金项目(71702091)
教育部人文社会科学研究规划基金项目(16YJA630015)
陕西省社会科学基金项目(2017S032)
关键词
董事会席位
风投机构
投融资
市场地位
Directorship
Venture Capital Firm
Fundrasing and Investment
Market Status
