风险投资持股:“追爱”or“逐利”?——基于企业家精神视角的调节检验

Venture Capital Holding Shares: "Pursuing Love" or "Questing for Profit"?——Adjustment Test Based on the Perspective of Entrepreneurship

风险投资是以科创型企业为投资对象的股权式投资,是向创新型企业提供融资来源的重要金融创新。本文以2009年以来的创业板上市公司为研究对象构建Tobit模型。实证结果表明,风险投资持股上市公司既存在鼓励企业研发投入的"追爱"行为,同时也存在满足自身利益诉求的短期"逐利"行为,且两者间存在挤出效应。企业家精神能够鼓励企业创新,同时对风险投资持股的两种行为存在调节作用。对此,本文分别从非正式制度环境和正式制度环境建设两个方面,提出了培育和弘扬企业家精神的对策建议,以期充分实现风险投资持股上市公司的"追爱"行为,有效培育经济发展的创新动能,实现我国经济向高质量发展转型。

Venture capital is a kind of equity investment for scientific and innovative enterprises as the investment object.It is an important financial innovation to provide financial sources for innovative enterprises.Based on the oretical analysis,Tobit model has been established in this paper with companies listed on the GEM since 2009 as the research object.The empirical results show that venture capital holding listed companies not only have the behavior of'pursuing love'which means encouraging enterprises to invest in research and development,but also have the short-term behavior of'questing for profit'to meet their own interest demands,and there is an'extrusion'mechanism between these two behaviors.Entrepreneurship can encourage enterprise innovation and regulate the two behaviors of venture capital.In this regard,this paper puts forward countermeasures and suggestions to cultivate and promote entrepreneurship from informal institutional environment and formal institutional environment respectively,in order to fully realize the'pursuing love'behavior of venture capital holding listed companies,as well as effectively cultivate the innovative driving force of economic development and realize high-quality economic development transformation in China.