风险投资对创业企业创新投入的影响:基于筛选效应和增值效应
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摘要
在我国经济转型发展的关键时期,探究现阶段我国风险投资对创业企业创新投入的影响究竟是来自于风险投资进入前的筛选效应还是进入后的增值效应对促进创业企业创新具有重要的作用。本文手工搜集的风险投资数据,以创业板2009～2015年上市企业2006～2017年间的数据为例,运用倾向得分匹配模型(PSM),分析了风险投资对创业企业创新投入影响的筛选效应和增值效应。结果表明,风险投资在进入前对创业企业创新投入发挥了筛选效应;但在进入后,对创业企业上市当年的创新投入不存在增值效应;进一步研究发现,风险投资进入后对创业企业上市后1～3年的创新投入都不存在增值效应。由此,本文提出推动风险投资促进创业企业创新投入的政策建议。
At present, what on earth does the effect of venture capital in China on entrepreneurial firms' innovation investment stem from, the screening effect before the venture capital investment or the value-added effect after the venture capital investment? The answer to this question is important to promote entrepreneurial firms' innovation in the transformation period of China's economics. So, we manually collect the data of venture capital and examine whether venture capital screens or promotes entrepreneurial firms' innovation investment by the Propensity Score Matching method with entrepreneurial firms on the Growth Enterprises Market from 2009 to 2015. The results show that before the investment, venture capital has screening effect on entrepreneurial firms with high level of innovation investment. But after the investment, venture capital has no value-added effect on entrepreneurial firms' innovation investment in the IPO year. Further research finds that after the investment, venture capital also has no value-added effect on entrepreneurial firms' innovation investment in the 1～3 years after the IPO. Based on that, we put forward some suggestions for driving venture capital to promote entrepreneurial firms' innovation.
At present, what on earth does the effect of venture capital in China on entrepreneurial firms' innovation investment stem from, the screening effect before the venture capital investment or the value-added effect after the venture capital investment? The answer to this question is important to promote entrepreneurial firms' innovation in the transformation period of China's economics. So, we manually collect the data of venture capital and examine whether venture capital screens or promotes entrepreneurial firms' innovation investment by the Propensity Score Matching method with entrepreneurial firms on the Growth Enterprises Market from 2009 to 2015. The results show that before the investment, venture capital has screening effect on entrepreneurial firms with high level of innovation investment. But after the investment, venture capital has no value-added effect on entrepreneurial firms' innovation investment in the IPO year. Further research finds that after the investment, venture capital also has no value-added effect on entrepreneurial firms' innovation investment in the 1～3 years after the IPO. Based on that, we put forward some suggestions for driving venture capital to promote entrepreneurial firms' innovation.
引文
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[23] 陈爽英,井润田,廖开容.社会资本、公司治理对研发投资强度影响——基于中国民营企业的实证[J].科学学研究,2012,30(6):916-922.
[24] Suchard J A.The impact of venture capital backing on the corporate governance of australian initial public offerings[J].Journal of Banking & Finance,2009,33(4):765-774.
[25] Smith J A,Todd P E.Does matching overcome lalonde’s critique of nonexperimental estimators[J].Journal of Econometrics,2005,125(1-2):305-353.
[26] Rosenbaum P R,Rubin D B.Constructing a control group using multivariate matched sampling methods that incorporate the propensity score[J].American Statistician,1985,39(1):33-38.
[27] 段海艳.不同来源金融资本对企业研发投入的影响研究——以中小板上市公司为例[J].科技进步与对策,2016,33(14):88-92.
[2] Pruthi S,Wright M,Lockett A.Do foreign and domestic venture capital firms differ in their monitoring of investees[J].Asia Pacific Journal of Management,2003,20(2):175-204.
[3] Kortum S,Lerner J.Assessing the contribution of venture capital to innovation[J].Rand Journal of Economics,2000,31(4):674- 692.
[4] 邵同尧,潘彦.风险投资、研发投入与区域创新——基于商标的省级面板研究[J].科学学研究,2011,29(5):793-799.
[5] Hellmann T,Puri M.The interaction between product market and financing strategy:the role of venture capital[J].Review of Financial Studies,2000,13(4):959-984.
[6] 赵静梅,傅立立,申宇.风险投资与企业生产效率:动力还是阻力?[J].金融研究,2015,(11):159-174.
[7] 苟燕楠,董静.风险投资进入时机对企业技术创新的影响研究[J].中国软科学,2013,(3):132-140.
[8] Engel D,Keilbach M.Firm-level implications of early stage venture capital investment:an empirical investigation[J].Journal of Empirical Finance,2007,14(2):150-167.
[9] Chemmanur T J,Krishnan K,Nandy D K.How does venture capital financing improve efficiency in private firms?A look beneath the surface[J].Review of Finance Studies,2011,24(12):4037- 4090.
[10] Croce A,Martí J,Murtinu S.The impact of venture capital on the productivity growth of European entrepreneurial firms:‘screening’ or ‘value added’ effect[J].Journal of Business Venturing,2013,28(4):489-510.
[11] Amit R,Brander J,Zott C.Why do venture capital firms exist?Theory and Canadian evidence[J].Journal of Business Venturing,1988,13(6):441- 466.
[12] Boisot M H,Child J.From fiefs to clans and network capitalism:explaining China’s emerging economic order[J].Administrative Science Quarterly,1996,41(4):600- 628.
[13] Van Deventer B,Mlambo C.Factors influencing venture capitalists’ project financing decisions in South Africa[J].South Africa Journal of Business Management,2009,40(1):33- 41.
[14] Ajagbe M A,Ismail K.Factors influencing venture capital assessment of high growth companies in Malaysia[J].International Journal of Entrepreneurship and Small Business,2014,21(4):457- 494.
[15] Hsu D K,Haynie J M,Simmons S A,et al..What matters,matters differently:a conjoint analysis of the decision policies of angel and venture capital investors[J].Venture Capital,2014,16(1):1-25.
[16] 吴超鹏,吴世农,程静雅,等.风险投资对上市公司投融资行为影响的实证研究[J].经济研究,2012,(1):105-160.
[17] Hochberg Y V.Venture capital and corporate governance in the newly public firm[J].Review of finance,2012,16(2):429- 480.
[18] 吴运建,周良毅.企业技术创新风险分析[J].科研管理,1996,17(3):34-38.
[19] 杨其静,程商政,朱玉.VC真在努力甄选和培育优质创业型企业吗?——基于深圳创业板上市公司的研究[J].金融研究,2015,(4):192-206.
[20] Caselli S,Gatti S,Perrini F.Are venture capitalists a catalyst for innovation[J].European Financial Management,2009,15(1):92-111.
[21] 刘煜辉,熊鹏.股权分置、政府管制和中国IPO抑价[J].经济研究,2005,(5):85-95.
[22] Cao J,Liu Q,Tian G G.Do venture capitalists play a monitoring role in an emerging market?Evidence from the pay-performance relationship of Chinese entrepreneurial firms[J].Pacific-Basin Finance Journal,2014,29:121-145.
[23] 陈爽英,井润田,廖开容.社会资本、公司治理对研发投资强度影响——基于中国民营企业的实证[J].科学学研究,2012,30(6):916-922.
[24] Suchard J A.The impact of venture capital backing on the corporate governance of australian initial public offerings[J].Journal of Banking & Finance,2009,33(4):765-774.
[25] Smith J A,Todd P E.Does matching overcome lalonde’s critique of nonexperimental estimators[J].Journal of Econometrics,2005,125(1-2):305-353.
[26] Rosenbaum P R,Rubin D B.Constructing a control group using multivariate matched sampling methods that incorporate the propensity score[J].American Statistician,1985,39(1):33-38.
[27] 段海艳.不同来源金融资本对企业研发投入的影响研究——以中小板上市公司为例[J].科技进步与对策,2016,33(14):88-92.