风险投资对企业创新的影响机制:风投参股与派驻董事

Mechanism of Venture Capital’s Impact on Enterprise Innovation:Participation of Venture Capital and Accredited Directors

基于现有研究,以2010—2011年在创业板上市的公司为样本,样本期为2009—2016年,使用倾向得分匹配法来避免风险投资机构对企业的选择偏差,研究风险投资对企业创新绩效的影响是风险资本的推动还是派驻董事的推动。结果表明:风险投资对企业创新绩效有一定的推动作用,但这种推动作用的来源不在于风险投资机构作为股东为被投资企业带来的资金,而在于风险投资机构派驻的董事参与被投资企业的治理;风险投资机构虽然给所投资企业提供了资金方面的帮助,但对被投资企业的创新绩效影响不明显;风投董事的加入,可以监督企业经理人的工作、参与企业的日常经营管理、物色高素质的人才团队、帮助企业制定激励体系等,从而提升企业的治理水平,推动企业创新绩效的提升。最后从风险投资机构、企业、政府和社会4个角度提出了相对应的建议,以供风险投资机构进行投资和初创企业提升创新绩效时参考。

Based on the existing research,this paper analyzes whether the impact of venture capital on the innovation performance of enterprises is the capital or the presence of accredited directors.To avoid selection bias of venture capital institutions,the propensity score matching method is used in the company samples listed on the GEM in 2010-2011,and the sample period is 2009-2016.The result shows that venture capital plays a certain role in promoting the innovation performance of enterprises,but the source of this promotion is not the funds brought by the shareholders,but the collaborative governance of accredited directors.Although venture capital institutions provide financial assistance to the invested companies,they have little impact on the innovation performance of the invested companies.The participation of venture capital directors can supervise the work of enterprise managers,participate in the daily operation and management of enterprises,identify high-quality talent teams,help enterprises to develop incentive systems,etc.,thereby improving enterprise governance and promoting the improvement of innovation performance.According to the results,this paper puts forward suggestions from the perspectives of venture capital institutions,enterprises,government and society.It has certain enlightening significance for venture capital institutions to invest and startups to improve innovation performance.