创业投资对企业可持续发展的影响路径研究

Research on the influence paths of venture capital on the sustainable development of enterprises

各类环境、社会危机环伺的背景下,如何高效地引导企业可持续发展亟须得到解答。文章基于ESG视角,以2009—2020年A股上市公司为样本,探讨创业投资对企业可持续发展的作用机制,得到以下结论:(1)创业投资持股可以显著的促进企业可持续发展,该结论经过一系列内生性与稳健性检验后依旧成立;(2)创业投资主要通过资源赋予效应缓解企业融资约束、监督治理效应抑制管理层短视动机等渠道促进企业可持续发展;(3)进一步研究发现,有政府背景或持股年限较长的创业投资具有更强的动机与能力促进企业可持续发展,且这一促进效应在区域正式制度建设薄弱、社会信任程度缺失、董事会资源获取能力不足与内部监督治理能力较差的企业中尤为显著。文章丰富了企业可持续发展影响因素的研究,验证并延伸了创业投资投后治理理论,并对提升上市公司可持续发展能力具有重要启示意义。

In the face of the COVID-19 pandemic,frequent natural disasters,and energy scarcity,countries worldwide have redirected their investment and business development efforts from traditional economic value creation to the pursuit of social and environmental value creation.By examining the post-investment management behavior of venture capital,valuable insights can be gained.Therefore,this study focused on investigating the impact of venture capital on corporate sustainable development capabilities.Specifically,we analyzed the behavior of venture capital investors after making investments and its subsequent influence on sustainable development.A dataset of all A-share listed companies from 2009 to 2020 served as our research basis,with an aim to illuminate the effect of venture capital on corporate sustainability and unravel underlying mechanisms.The findings of our study are as follows:firstly,venture capital significantly contributes to the promotion of corporate sustainable development.Secondly,our mechanism analysis revealed that venture capital affects corporate sustainable development through two key channels.It helps alleviate financing constraints that companies may face,enabling them to invest in sustainable initiatives.Additionally,venture capital acts as a check against management short-sightedness,ensuring a long-term perspective in decision-making processes.Furthermore,our research indicated that venture capital with government backgrounds and long-term shareholding exhibits a stronger effect.Moreover,in regions with lower institutional development and in companies with smaller board sizes,the positive influence of venture capital becomes even more significant.This study made significant theoretical contributions in the following aspects:Firstly,it has broadened the research on post-investment governance of venture capital from the perspective of corporate sustainable development.While there is an abundance of existing research on the impact of venture capital on companies,most of them focus on market economic effects or internal governance within companies.There is a lack of research on the mechanisms and effects of venture capital on corporate sustainable development.This study aims to clarify the relationship between venture capital and corporate sustainable development capabilities,elucidating the underlying mechanisms.This study elucidated this relationship,offering novel insight into the post-investment governance of venture capital and providing fresh evidence for the ongoing theoretical debate around venture capital′s“arbitrage-seeking”and“certification supervision”.Secondly,it has enriched the research on the factors influencing corporate sustainable development capabilities.Both domestic and international research primarily focuses on evaluating the economic effects of sustainable development,with limited attention given to the factors influencing corporate sustainable development capabilities.This study went beyond the existing literature by expanding the perspective from economic consequences to guiding corporate sustainable development.Thirdly,this paper has also revealed the paths through which venture capital holdings influence corporate sustainable development.This study conducted an in-depth analysis of the mechanisms through which venture capital affects corporate sustainable development capabilities.By doing so,it clarified the channels of post-investment governance effects of venture capital,and identified the mechanisms and limitations of the impact of venture capital on corporate sustainable development.These findings will contribute to the establishment of a sound capital market system and the promotion of high-quality development among listed companies.