股权投资“借力”与独角兽企业培育

Equity Investment“Leverage”and Unicorn Enterprise Cultivation

如何培育独角兽企业是我国地方政府的现实难题,而独角兽实证数据的缺乏则是学术界面临的困境。文章以2014—2020年在沪深两市首次发行新股的上市公司为研究样本,运用“最近融资价格”法筛选出上市时已符合独角兽标准的公司,从资本经营视角,考察股权投资与独角兽培育间的关系。通过大样本实证研究发现:股权投资能够促进本企业成长为独角兽企业。进一步研究发现:控制类股权投资有助于促进独角兽企业的形成,而非控制类股权投资与独角兽企业培育之间呈倒U形关系;从企业的估值机理来看,股权投资促进了投资企业的经营活动价值创造能力,提升了投资企业的成本控制能力、资产管理能力与产品市场竞争能力。研究启示在于,企业可借力股权投资以加强与被投资企业间的资源整合,发挥股权投资对优化企业主营业务、促进企业成长和价值增值的积极作用;企业可权衡股权投资比例和数量,以发挥股权投资对独角兽企业培育的最佳效用。

Unicorn enterprises refer to non-listed start-up companies that have been established within ten years and have a valuation of more than one billion dollars.Unicorn enterprises have effectively promoted technological progress and economic development in various places.Therefore,the development of unicorn enterprises has become the focus of the Chinese government and practitioners.How to cultivate unicorn enterprises is a realistic problem for local governments in China,and the“unlisted”characteristics of unicorn enterprises and the lack of empirical data are the dilemma faced by academia.This paper takes the listed companies that issued new shares for the first time in Shanghai and Shenzhen stock markets from 2014 to 2020 as the research samples,and uses the“recent financing price”method to select the companies that have met the unicorn standard when they are listed.From the perspective of capital operation in financial management,this study examines the role of cultivating investors to become unicorn enterprises,and further expands the research on the differential effect of controlling and noncontrolling equity investments from the perspective of independent variables.From the perspective of dependent variables,the mechanism that affects the overvaluation of unicorn enterprises,namely,the ability to create value from operating activities,is explored,providing inspiration for the cultivation of unicorn enterprises in practice.Through large-scale empirical research,it has been found that equity investment can promote the growth of a company into a unicorn.The mechanism lies in the fact that equity investment can bring heterogeneous resources to the investing enterprise,thereby optimizing the value creation ability of the enterprise’s operating activities,which is manifested in promoting the efficiency of fund allocation in the enterprise’s operating activities,and enhancing the value creation ability of the enterprise in cost control,asset management,and product market competition.Further research finds that controlling equity investment helps to promote the formation of unicorn enterprises,while noncontrolling equity investment has an inverted U-shaped relationship with unicorn enterprise cultivation.From the perspective of enterprise valuation mechanism,equity investment promotes the efficiency of fund allocation in investing enterprises’operating activities,and enhances their cost control ability,asset management ability,and product market competitiveness.The research inspiration is that:Enterprises can strengthen resource integration with invested enterprises through equity investment,and leverage the positive role of equity investment in optimizing the main business of enterprises and promoting enterprise growth and value appreciation;enterprises can balance the proportion and quantity of equity investment to maximize the effectiveness of equity investment in cultivating unicorn enterprises.