论PE和VC对新三板企业成长性和盈利性的影响
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摘要
基于2007年至2017年新三板企业的数据,通过回归分析,研究了PE和VC对企业成长性和盈利性的影响。研究结果表明,PE和VC与企业成长性显著正相关且存在因果关系,PE和VC与企业盈利性显著负相关且存在因果关系;这可能是因为PE和VC为实现尽早退出和高溢价退出,以牺牲投资期内的盈利为代价,着重引导企业快速成长。
Based on the data of NEEQ firms from 2007 to 2017,we studied the impact of PE and VC on the growth and profitability of firms by regression analysis.The result shows that there is a significantly positive causal relationship between PE,VC and firms' growth,and a significantly negative causal relationship between PE,VC and firms' profitability.The explanation may be that PE and VC try to have an early exit with high premium,so they focus on the rapid growth of firms at the expense of profitability during their investment period.
Based on the data of NEEQ firms from 2007 to 2017,we studied the impact of PE and VC on the growth and profitability of firms by regression analysis.The result shows that there is a significantly positive causal relationship between PE,VC and firms' growth,and a significantly negative causal relationship between PE,VC and firms' profitability.The explanation may be that PE and VC try to have an early exit with high premium,so they focus on the rapid growth of firms at the expense of profitability during their investment period.
引文
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[13]周萍,蔺楠.创业导向企业的成长性:激励型与监督型公司治理的作用--基于中国创业板上市公司的实证研究[J].经济管理,2015(3):44-55.
[2]蒋伟,顾汶杰.风险投资对创业企业作用的实证研究[J].商业经济与管理,2015(11):54-67.
[3]董静,汪江平,翟海燕,等.服务还是监控:风险投资机构对创业企业的管理--行业专长与不确定性的视角[J].管理世界,2017(6):82-103+187-188.
[4]Bernstein S,Lerner J,Sorensen M,et al.Private Equity and Industry Performance[J].Management Science,2016(4):1198-1213.
[5]吴涛,赵增耀.风险投资对创业板上市公司技术创新影响的实证研究[J].科技管理研究,2016(14):12-17+23.
[6]Bloom N,Sadun R,Van reenen JM.Do Private Equity Owned Firms Have Better Management Practices?[J].American Economic Review,2015(5):442-446.
[7]蒋序怀,苏月中,陈小燕.私募股权投资有助于提升中小企业绩效吗?[J].广东财经大学学报,2015(4):103-113.
[8]赵玮,温军.风险投资介入是否可以提高战略性新兴产业的绩效?[J].产业经济研究,2015(2):79-89.
[9]Yan A,Hübner G,Lobet F.How Does Governmental Versus Private Venture Capital Backing Affect a Firm's Efficiency?Evidence From Belgium[J].Journal of Business Venturing,2015(4):508-525.
[10]Colombo MG,Cumming DJ,Vismara S.Governmental Venture Capital for Innovative Young Firms[J].Journal of Technology Transfer,2016(1):10-24.
[11]Grilli L,Murtinu S.Government,Venture Capital and the Growth of European High-tech Entrepreneurial Firms[J].Research Policy,2014(9):1523-1543.
[12]陈德萍,曾智海.资本结构与企业绩效的互动关系研究--基于创业板上市公司的实证检验[J].会计研究,2012(8):66-71+97.
[13]周萍,蔺楠.创业导向企业的成长性:激励型与监督型公司治理的作用--基于中国创业板上市公司的实证研究[J].经济管理,2015(3):44-55.