风险投资对企业风险承担水平的影响--来自中国A股上市公司的经验证据

The Impact of Venture Capital on Corporate Risk-Taking--Empirical Evidences of Chinese A-Share Listed Companies

本文选取2010-2018年沪深A股上市公司数据,考察风险投资在企业风险承担中的作用及其影响机制。研究表明,风险投资可以有效提高企业的风险承担水平,不同风险投资特征对企业风险承担水平的影响不同:当风险投资具有高持股比例、联合持股以及民营性质等特征时,对企业风险承担水平的提高作用更为显著。影响机制的检验结果表明,提供资金支持和改善公司治理水平在风险投资提高企业风险承担水平作用中发挥了中介效应。

Based on the data of A-share listed companies in Shanghai and Shenzhen during 2010-2018,this paper examines the role of venture capital in corporate risk-taking and the impact mechanism.Research shows that the venture capital can effectively increase the level of corporate risk-taking;the impact of every venture capital characteristic on risk taking is different;the characteristics of venture capital such as high shareholding ratio,joint shareholding and private naturehave more significant effects on increasing risk taking.The test results of impact mechanism show that providing financial support and improving corporate governance have mediating effects in the role of venture capital in increasing the level of enterprise risk-taking.