风险投资、内部控制与新能源企业投资效率

Venture Capital,Internal Control and Investment Efficiency of New Energy Enterprises

以2014—2021年我国新能源上市企业为样本,研究风险投资对新能源企业投资效率的影响和作用机制。结果表明:风险投资能够抑制新能源企业的过度投资与投资不足,并且风险投资持股比例越高,越能够抑制新能源企业的过度投资与投资不足。从内部控制的作用机制分析结果来看,风险投资能够通过提高新能源企业内部控制质量进而抑制投资不足。进一步分析发现,与国有新能源企业相比,风险投资更能抑制非国有新能源企业的过度投资和投资不足。建议积极推进风险投资和新能源企业之间的良性互动,推动新能源企业可持续发展。

This paper takes listed new energy enterprises from 2012 to 2021 as the samples to study the impact and mechanism of venture capital on investment efficiency of new energy enterprises.The results show that venture capital can restrain the over-investment and under-investment of new energy enterprises,and the higher the proportion of venture capital shares,the more it can curb the over-investment and under-investment of new energy enterprises.From the analysis results of the mechanism of internal control,venture capital can inhibit under-investment by improving the quality of internal control of new energy enterprises.Further analysis shows that compared with state-owned new energy enterprises,venture capital is more able to restrain over-investment and under-investment in non-state-owned new energy enterprises.It is suggested to actively promote the positive interaction between venture capital and new energy enterprises,and promote the sustainable development of new energy enterprises.