风险投资逆向选择、市场化程度与创业企业绩效

Adverse Selection of Venture Capital,Marketization and Performance of New Ventures

从创业企业资源需求的角度来分析风险投资逆向选择、市场化程度与创业企业绩效之间的关系,认为在中国情境下逆向选择是影响风险投资与创业企业绩效之间关系的重要机制,而市场化程度反映资源的可获取性,一方面能够为创业企业提供充裕资源,提升创业企业绩效;另一方面,市场化程度高可能导致创业企业选择非风险投资的其它融资方式,进而加剧风险投资逆向选择问题。收集2009-2012年中国创业板上市公司的数据开展实证研究,结果表明:获得风险投资的创业企业绩效更低,证实了中国情境下风险投资的确存在逆向选择问题;市场化程度能够提升企业绩效,但是未能证明市场化程度显著影响逆向选择问题。

This paper analyzes the relationships between adverse selection of venture capital,marketization and performance of new ventures from the perspective of resource requirement.The paper advances that adverse selection plays a key role influencing the relationships between venture capital and performance of new ventures,and marketization,which indicates the accessibility of resource,has two effects.Firstly,high marketization means abundant resource and then improves the performance of new ventures.Secondly,high marketization provides other alternative financial resources,could result in selection of other financial resources than venture capital and then modify the adverse selection.The empirical study with the data from enterprises of China’s Growth Enterprise Market from 2009 to 2012 finds VC-backed ventures have interior performance,which indicates the existence of adverse selection in Chinese context.The results also indicate that the regional resource abundance and mobilization in terms of regional marketization index can improve the performance of new ventures,but doesn’t modify adverse selection.