风险投资对初创企业出口供应链多元的影响研究

A Study of the Impact of Venture Capital on Export Supply Chain Diversity of Startups

初创企业稳定发展是塑造“专精特新”企业和维护产业链供应链安全的重要保障,研究风险投资对初创企业出口供应链多元的影响对提出重塑创新主体和构建安全、富有韧性的供应链具有重要意义。在测度初创企业出口供应链多元指数的基础上,整合多方数据库,利用双重差分法检验了风险投资对企业出口供应链多元的影响效应和作用渠道。研究发现,初创企业存在较高的供应链波动,供应链多元程度较低,值得更多关注;风险投资对企业供应链多元存在提升作用,特别是对企业出口市场多元化的提升作用更明显;缓解融资约束和促进初创企业创新,是风险投资提升企业供应链多元的重要渠道。进一步考察风险投资对企业出口供应链韧性影响,发现风险投资提升了企业出口供应链效率,也提升了企业存货及存货周转率,实现了兼顾供应链的“效率和安全”。

The stable development of startups is an important guarantee for shaping"specialized,special and new"enterprises and maintaining the security of the industrial chain and supply chain,and the study of the impact of venture capital on the diversification of the export supply chain of startups is of great significance in proposing the reshaping of the main body of innovation and the construction of a secure and resilient supply chain.On the basis of measuring the index of export supply chain plurality of startup enterprises,integrating multiple databases,we test the influence effect and impact channel of venture capital on the enterprise export supply chain plurality by using double difference method.It is found that startups have higher supply chain volatility and lower degree of supply chain diversification,which deserve more attention;venture capital has an enhancing effect on enterprise supply chain diversification,especially on enterprise export market diversification;alleviating financing constraints and promoting startups'innovation are important channels for venture capital to enhance enterprise supply chain diversification.Further examination of the impact of venture capital on the resilience of enterprise export supply chain reveals that venture capital improves the efficiency of enterprise export supply chain,and also improves the inventory and inventory turnover rate of enterprises,which realizes the balance between supply chain"efficiency and security".