风险投资背景下上市公司非效率投资的实证分析
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摘要
现有的关于厂商投资效率的实证分析和研究,主要集中在成本和收益的度量及其比较等方面,而对厂商投资规模变动引致的投资效率问题没有给予足够的关注。其实,厂商的投资不足或投资过度等也会导致投资非效率,我国上市公司就存在这种情形。基于上市公司投资与具有风险投资性质的创业公司投资有关联,我们研究上市公司投资的非效率时不可绕避风险投资背景。本文利用513家中国创业板上市公司2013-2017年数据进行实证研究,发现创业板上市公司现金持有水平对改善投资非效率性方面具有调节效应,风险投资在动态现金流量下对投资非效率性的作用机制呈现U型,并且对管理层投资决策兼具放大功能和抑制作用;另一方面,我们发现具有外资背景的风险投资可改善上市(创业)公司的投资不足,具备国资背景且高比率持股的风险投资会造成投资过度,而资金短缺下的风险投资高持股比、国资背景以及联合投资等因素,对于缓解投资过度的作用是有限的。本文试图在风险投资背景下提供一幅对上市公司非效率投资进行实证分析的图景。
引文
(1)吴超鹏等:《风险投资对上市公司投融资行为影响的实证研究》,《经济研究》2012第1期。
(2)Jensen,M. C.,Agency Costs of Free Cash Flow,Corporate Finance, and Takeovers,American Economic Review,1986,76(2) , pp.323-329. Lang,L. H. P. and R. H. Litzenberger,Dividend Announcements:Cash Flow Signaling vs. Free Cash Flow Hypothesis? ,Journal of Financial Economics,1989,24(1),pp.181-19.
(3)Dittmar,A. and S. J. Mahrt,Corporate Governance and the Value of Cash Holdings,Journal of Financial Economics,2007,83(3) ,pp.599-634.
(4)Fazzari,S. M.,et al.,Financing Constraints and Corporate Investment,Brookings Papers on Economic Activity,1988,1(1) ,pp.141-206.
(5)Brav,A. and P. A., Gompers,Myth or Reality? The Long-Run Underperformance of Initial Public Offerings: Evidence from Venture and Non-venture Capital-Backed Companies,Journal of Finance,1997,52(5),pp.1791-1821.Kortum,S. , and J. Lerner,Assessing the Contribution of Venture Capital to Innovation,Rand Journal of Economics,2000,31(4) ,pp.674-692.
(6)Kahneman,D. and A. Tversky,Prospect Theory: An Analysis of Decision Under Risk,Econometrica, 1979,47(2) ,pp. 263-291.
(7)Richardson,S.,Over-Investment of Free Cash Flow,Review of Accounting Studies,2006,11(2-3),pp.159-189.
(8)肖珉:《现金股利、内部现金流与投资效率》,《金融研究》2010年第10期。
(9)Jia,N. and D. Wang,Skin in the Game: General Partner Capital Commitment, Investment Behavior and Venture Capital Fund Performance,Journal of Corporate Finance,2017,47,pp.110-130.
(10)Bernanke,B. S.,M. Gertler and S. Gilchrist,The Financial Accelerator and the Flight to Quality,The Review of Economics and Statistics,78(1) ,1996,pp.1-15.
(11)Williamson,S. D.,Financial Intermediation, Business Failures and Rail Business Cycle,Journal of Political Economy,1987,95(6) ,pp.1196-1216.
(12)卡尔·E. 瓦什:《货币理论与政策》,王芳等译,北京,中国人民大学出版社,2001年。
(13)Modigliani,F. and M. Miller,The Cost of Capital, Corporate Finance and the Theory of Investment,American Economic Review, 48, 1958,pp.261-297.
(14)Calomiris,C.W. and R.G. Hubbard,Firm Heterogeneity, Internal Finance, and ‘Credit Rationing’,Economic Journal,1990,100,pp.90-104.
(15)曲进、高升好:《银行与企业关联提升抑或降低了企业投资效率?》,《数量经济技术经济研究》2015年第1期。
(2)Jensen,M. C.,Agency Costs of Free Cash Flow,Corporate Finance, and Takeovers,American Economic Review,1986,76(2) , pp.323-329. Lang,L. H. P. and R. H. Litzenberger,Dividend Announcements:Cash Flow Signaling vs. Free Cash Flow Hypothesis? ,Journal of Financial Economics,1989,24(1),pp.181-19.
(3)Dittmar,A. and S. J. Mahrt,Corporate Governance and the Value of Cash Holdings,Journal of Financial Economics,2007,83(3) ,pp.599-634.
(4)Fazzari,S. M.,et al.,Financing Constraints and Corporate Investment,Brookings Papers on Economic Activity,1988,1(1) ,pp.141-206.
(5)Brav,A. and P. A., Gompers,Myth or Reality? The Long-Run Underperformance of Initial Public Offerings: Evidence from Venture and Non-venture Capital-Backed Companies,Journal of Finance,1997,52(5),pp.1791-1821.Kortum,S. , and J. Lerner,Assessing the Contribution of Venture Capital to Innovation,Rand Journal of Economics,2000,31(4) ,pp.674-692.
(6)Kahneman,D. and A. Tversky,Prospect Theory: An Analysis of Decision Under Risk,Econometrica, 1979,47(2) ,pp. 263-291.
(7)Richardson,S.,Over-Investment of Free Cash Flow,Review of Accounting Studies,2006,11(2-3),pp.159-189.
(8)肖珉:《现金股利、内部现金流与投资效率》,《金融研究》2010年第10期。
(9)Jia,N. and D. Wang,Skin in the Game: General Partner Capital Commitment, Investment Behavior and Venture Capital Fund Performance,Journal of Corporate Finance,2017,47,pp.110-130.
(10)Bernanke,B. S.,M. Gertler and S. Gilchrist,The Financial Accelerator and the Flight to Quality,The Review of Economics and Statistics,78(1) ,1996,pp.1-15.
(11)Williamson,S. D.,Financial Intermediation, Business Failures and Rail Business Cycle,Journal of Political Economy,1987,95(6) ,pp.1196-1216.
(12)卡尔·E. 瓦什:《货币理论与政策》,王芳等译,北京,中国人民大学出版社,2001年。
(13)Modigliani,F. and M. Miller,The Cost of Capital, Corporate Finance and the Theory of Investment,American Economic Review, 48, 1958,pp.261-297.
(14)Calomiris,C.W. and R.G. Hubbard,Firm Heterogeneity, Internal Finance, and ‘Credit Rationing’,Economic Journal,1990,100,pp.90-104.
(15)曲进、高升好:《银行与企业关联提升抑或降低了企业投资效率?》,《数量经济技术经济研究》2015年第1期。