风险资本参与和企业绩效提升

The Involvement of VCs and the Improvement of Companies' Performance

本文选取244家在创业板上市的公司,运用倾向得分匹配法避免风投对被投资企业的事前筛选产生的内生性问题,研究风险投资对企业绩效的影响。研究结果发现:风险投资的参与会对企业绩效产生一定负面影响,这种影响在程度方面和显著性方面先上升后下降,表现出一种"倒U型"的关系。在企业上市后2～4年间,风险投资对企业绩效的抑制效果达到最大,其影响效果也最显著。随着时间的推移,风险投资机构逐渐减少对被投资企业的持股比例,直至为零,即完全退出被投资企业,至此被投资企业的经营绩效与无风险投资支持的企业的经营绩效趋于相同。

This article selects 244 companies listed on GEM, using propensity score matching to eliminate selection bias, and studies the impact of the involvement of venture capital on firm performance. The study found that the involvement of venture capital has a certain negative impact on firm performance. The extent and significance of this impact first rises and then declines, showing an "inverted U-type" relationship. In the 2-4 years after the company’s listing, venture capital has the greatest inhibitory effect on firm performance, and its impact effect is also the most significant. With the time go by, venture capital gradually withdraws from the enterprises, and the performance of the invested enterprise and the enterprises supported by risk-free investment converge.