风险资本对创业企业投资行为影响.pdfVIP

稿件信息 文章标题：风险资本对创业企业投资行为的影响 作者：彭涛，Peng Tao 单位：南开大学商学院，Business School of Nankai University 研究领域：公司财务、证券投资、风险投资 通讯作者：彭涛 地址：天津市南开区南开大学商学院706 室 电话 电子邮件：zhansheng911@126.com 致谢：本文得到国家自然科学基金重点项目），国家自然科学基金面 上项目）的资助。 1 风险资本对创业企业投资行为的影响 内容提要：本文选取2009 至2011 年在中国创业板上市的281 家企业为样本，研究了风 险资本对创业企业投资行为的影响。研究发现，相对于无风险资本支持的企业，有风险资本 支持的企业具有较高的投资水平，并且没有表现出明显的投资—现金流敏感性，这符合激进 性投资特征。风险资本对于企业的影响不仅仅是缓解投资不足，而且会引起激进性投资。进 一步的检验发现，当企业位于创新性的高科技行业，风险资本的持股比例较高，风险资本采 取联合投资时，激进性投资行为更加明显，而风险资本的投资期限和产权性质等其它变量对 激进性投资影响不显著。本文的研究表明，风险资本是缓解创业企业融资约束，加快企业成 长的重要金融中介。 关键词：风险资本 创业企业 激进性投资 The impacts of venture capital on the entrepreneurial firms’ investment behavior Abstract : This paper selects 28 1 listed firms going public between 2009 and 2011 in China’s Growth Enterprises Market as the sample ，and investigates how venture capital affects entrepreneurial firms’ investment behavior. The results show that, relative to those non-VC-financed firms, VC-financed firms have higher level of investment and don’t show significant investment-cash flow sensitivities. These evidences are consistent with active investment characteristics. Venture capital not only releases entrepreneurial firms’ underinvestment, but also motivates entrepreneurial firms to make active investment. Further tests show that active investment behavior is more evident when enterprises lie in innovative high-tech industries, venture capital has large shareholdings, or venture capital syndicates. However, other variables such as the investment length or ownership of venture capital are not significantly associated with active investment. Our findings suggest that venture capital is an important financial intermediary for releasing entrepreneurial firms’ financial constraints and a