创业资本如何影响负债融资?——来自中国工业企业的证据

How Does Venture Capital Affect Debt Financing? Evidence from Chinese Industrial Enterprises

本文将中国工业企业数据库(1998-2009年)与中国投中集团CVSource数据库相匹配,以受到创业资本支持的工业企业为研究对象,实证检验创业资本在介入企业后如何影响企业的负债融资。研究发现,当基于纵向视角并以创业资本介入前的情况为参照系时,企业负债融资额和负债比例在创业资本介入后均下降,且这种下降来自短期负债;当基于横向视角并以无创业资本支持的企业为参照系时,受到创业资本支持的企业具有更高的负债融资额但具有更低的负债比例,后者源于短期负债。在基于倾向得分匹配的双重差分检验中,纵向视角和横向视角的结果仍然成立。研究结果有助于增进对创业企业债务融资、创业资本家与债权人关系等问题的理解。

We merge Chinese Industrial Enterprises Database during 1998-2009 with CVSource Database,take industrial firms backed by venture capital as objects,investigate how venture capital affects debt financing after they entering in enterprises.The findings are as follows.From the longitudinal perspective and taking the situation before VC entrance as reference,both the amount and percentage of debt financing continue to decrease after VC entering.This decrease is largely due to the reduction of short-term debt.From the horizontal perspective and taking firms without VC financing as reference,firms backed by VC have higher amount of debt financing but lower leverage,which comes from the lower percentage of short-term debt.The difference-in-differences test based on propensity score matching confirms these results.The results can help us understand debt financing of venture enterprises and the relationship between venture capitalists and creditors better.