风险投资影响新三板企业价值:作用机制、内生性及企业异质性探讨

Venture Capital Affects the Value of New Third Board Enterprises:Discussion on Mechanism,Endogenous and Enterprise Heterogeneity

在我国“大众创业,万众创新”的政策驱动下,风险投资者作为创业者背后的创业者成长迅速。以2010—2017年新三板挂牌企业为样本,实证检验风险投资对企业价值的影响及作用机制。研究发现:风险投资对新三板企业价值的提升具有显著的正向作用,风险投资通过改善新三板企业的公司治理状况、股票流动性、外部融资能力实现公司价值增值,即在风险投资影响新三板企业价值增值过程中存在治理作用、认证作用和支持作用的中介效应。其中,股票流动性(认证作用)表现出完全中介效应,说明信息效率的改善在风险投资影响新三板企业价值增值的过程中发挥了十分重要的功能。进一步探讨了新三板挂牌企业异质性对风险投资作用效果的影响,发现新三板企业在收入增长能力、无形资产占比、治理规范性、股票流动性、股权融资方面的异质性对风险投资的增值作用有正向影响,企业规模、债权融资方面的异质性则存在负向影响。因此,应积极发展风险投资事业,充分发挥其对新三板企业的价值增值作用;新三板企业应培养自身的长期竞争力,以吸引更多优质风投机构的关注。

Driven by the policy of“mass entrepreneurship,mass innovation”,venture capital investors as the entrepreneur behind grow rapidly.Taking the listed companies on New Third Board during the years from 2010 to 2017 as sample,this paper empirically tests the impact of venture capital on enterprises value and explores the mechanism.The research finds the following.Venture capital has significantly positive effects on the value of the New Third Board enterprises.Venture capital can improve the value of the New Third Board enterprises by improving the corporate governance,stock liquidity and external financing ability,i.e,in the process of venture capital affecting the value-added of New Third Board enterprises,there are mediating effects of governance,certification and support.Among them,stock liquidity(certified role)shows a complete mediating effect,indicating that the improvement of information efficiency plays an important role in the process of venture capital affecting the value-added of New Third Board enterprises.Finally,this paper further explores the effects of venture capital investment on the New Third Board enterprises with different characteristics.It is found that the heterogeneity of the New Third Board enterprises in terms of income growth ability,intangible assets ratio,governance norm,stock liquidity,and equity financing has a positive impact on the value-added effect of venture capital.The heterogeneity of firm size and debt financing has a negative impact.Therefore,we should actively develop the venture capital and fully release its value-added effects.The New Third Board enterprises should cultivate its long-term competitiveness to attract the attention of more quality venture capital institutions.