多轮次融资对创业企业价值的影响机制研究——以启奥科技为例
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摘要
多轮次融资是创业企业常见的融资模式,以往研究主要基于投资人视角,认为多轮次融资是投资人提高监控、控制风险的手段,也是企业避免控制权和股权被过度稀释的结果。本文从融资企业视角,以启奥科技为例,剖析多轮次融资对创业企业价值的影响机制。研究发现:多轮次融资可产生价值揭示效应,强化管理团队与核心员工的激励作用,促进创业企业价值的快速成长,并能吸引外部投资者注资;创业企业主要通过员工及高管持股、引入风险资本等途径实现企业价值提升,但两者影响路径存在明显差异;同时,创业企业融资轮次间及融资周期还可对企业价值产生影响,前轮融资会对后轮融资产生影响,融资轮次间形成融资周期,进而影响企业价值。
Multiple rounds of financing are a common financing model for start-up businesses.Previous stu-dies are mainly based on the investor's perspective and believe that multiple rounds of financing are the means by which investors improve their monitoring and control of risks.Also,it is used by the founders to avoid the dilution of control rights and equity values.Take Qi Ao Tech Company as an example,this study attempts to use the perspective of a financing company to focus on the role of multiple rounds of financing in the startup companies.The research results show that multiple rounds of financing produce a value revealing effect,which strengthens the incentive role of the management teams and core employees,promotes the rapid growth of the value of start-up firms,and attracts funds from outside investors,Entrepreneurial enterprises mainly achieve value enhancement through employee and executive shareholding and introduction of venture capital.However,there are obvious differences in the influencing paths.At the same time,the financing rounds and financing cycles of startup enterprises can also have an impact on the value of enterprises.The previous round of financing will have an impact on the next round of financing,and financing cycles can also be formed between financing rounds,which in turn affects the corporate value.
Multiple rounds of financing are a common financing model for start-up businesses.Previous stu-dies are mainly based on the investor's perspective and believe that multiple rounds of financing are the means by which investors improve their monitoring and control of risks.Also,it is used by the founders to avoid the dilution of control rights and equity values.Take Qi Ao Tech Company as an example,this study attempts to use the perspective of a financing company to focus on the role of multiple rounds of financing in the startup companies.The research results show that multiple rounds of financing produce a value revealing effect,which strengthens the incentive role of the management teams and core employees,promotes the rapid growth of the value of start-up firms,and attracts funds from outside investors,Entrepreneurial enterprises mainly achieve value enhancement through employee and executive shareholding and introduction of venture capital.However,there are obvious differences in the influencing paths.At the same time,the financing rounds and financing cycles of startup enterprises can also have an impact on the value of enterprises.The previous round of financing will have an impact on the next round of financing,and financing cycles can also be formed between financing rounds,which in turn affects the corporate value.
引文
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[30]宗文龙,王玉涛,魏紫.股权激励能留住高管吗?---基于中国证券市场的经验证据[J].会计研究,2013(9):58-63.
[31]Jochem T,Ladika T,Sautner Z.The retention effects of unvested equity:Evidence from accelerated option vesting[OL].Social Science Electronic Publishing,2016.
[32]Aggarwal R K,Samwick A A.Empire-builders and shirkers:Investment,firm performance,and managerial incentives[J].Journal of Corporate Finance,2006,12(3):489-515.
[33]吕长江,张海平.股权激励计划对公司投资行为的影响[J].管理世界,2011(11):118-126.
[34]徐倩.不确定性,股权激励与非效率投资[J].会计研究,2014(3):41-48.
[35]苏冬蔚,林大庞.股权激励,盈余管理与公司治理[J].经济研究,2010(11):88-100.
[36]Sakakibara H,Ishida S,Natori T,et al.A study of a venture company’s control rights allocation model[J].Asian Social Science,2017,14(1):160-168.
[37]黄福广,彭涛,邵艳.地理距离如何影响风险资本对新企业的投资[J].南开管理评论,2014,17(6):83-95.
[38]Wang S,Zhou H.Staged financing in venture capital:Moral hazard and risks[J].Journal of Corporate Finance,2004,10(1):131-155.
[39]Rosenbusch N,Brinckmann J,Müller V.Does acquiring venture capital pay off for the funded firms?A meta-analysis on the relationship between venture capital investment and funded firm financial performance[J].Journal of Business Venturing,2013,28(3):335-353.
[40]Sapienza H J.When do venture capitalists add value?[J].Journal of Business Venturing,1992,7(1):9-27.
[41]Sorensen M.How smart is smart money?A twosided matching model of venture capital[J].Journal of Finance,2007,62(6):2725-2762.
[42]Ewens M,Marx M.Founder replacement and startup performance[J].The Review of Financial Studies,2017,31(4):1532-1565.
[43]董静,汪立,吴友.地理距离与风险投资策略选择---兼论市场环境与机构特质的调节作用[J].南开管理评论,2017,20(2):4-16.
[2]Lukas E,M9lls S,Welling A.Venture capital,staged financing and optimal funding policies under uncertainty[J].European Journal of Operational Research,2016,25(1):305-313.
[3]Dahiya S,Ray K.Staged investments in entrepreneurial financing[J].Journal of Corporate Finance,2012,18(5):1193-1216.
[4]Kaplan S N,Str9mberg P.Characteristics,contracts,and actions:Evidence from venture capitalist analyses[J].Journal of Finance,2004,59(5):2177-2210.
[5]Fang L,Ivashina V,Lerner J.The disintermediation of financial markets:Direct investing in private equity[J].Journal of Financial Economics,2015,116(1):160-178.
[6]钱峰国.多次股权融资在创业融资中的应用研究[D].上海:上海交通大学,2014.
[7]黄福广,张晓,彭涛,等.创业投资对中国未上市中小企业管理提升和企业成长的影响[J].管理学报,2015,12(2):207-214.
[8]Black B S,Gilson R J.Venture capital and the structure of capital markets:Banks versus stock markets[J].Journal of Financial Economics,1998,47(3):243-277.
[9]Cornelli F,Yosha O.Stage financing and the role of convertible securities[J].The Review of Economic Studies,2003,70(1):1-32.
[10]Lindsey L.Blurring firm boundaries:The role of venture capital in strategic alliances[J].Journal of Finance,2008,63(3):1137-1168.
[11]Healy P M,Palepu G.Business analysis&valuation:Using financial statements[M].Singapore:Cengage Publications,2015.
[12]K9hn A.The determinants of startup valuation in the venture capital context:A systematic review and avenues for future research[J].Management Review Quarterly,2018,68(1):3-36.
[13]田增瑞,司春林.创业企业的价值评估与证券设计研究[J].研究与发展管理,2006,18(1):59-65.
[14]Islam M,Fremeth A,Marcus A.Signaling by early stage startups:US government research grants and venture capital funding[J].Journal of Business Venturing,2018,33(1):35-51.
[15]Kaplan S N,Stromberg P.Venture capital as principals:Contracting,screening,and monitoring[J].American Economic Review,2001,91(2):426-430.
[16]Kaplan S,Sensory B,Stromberg P.Should investors bet on the jockey or the horse?Evidence from the evolution of firms from early business plans to public companies[J].Journal of Finance,2009,64(1):75-115.
[17]Gompers P,Gornall W,Kaplan S N,et al.How do venture capitalists make decisions?[R].National Bureau of Economic Research,2016.
[18]Adamson J.Long term growth efforts:Pressures,incentives and outcomes[OL].Social Science Electronic Publishing 2017.
[19]王声凑,曾勇.阶段融资框架下的风险投资企业控制权配置研究[J].管理评论,2012,24(1):139-145.
[20]Markman G D,Gianiodis P T,Phan P H,et al.Entrepreneurship from the ivory tower:Do incentive systems matter?[J].Journal of Technology Transfer,2004,29(3-4):353-364.
[21]Eisenhardt K M,Graebner M E.Theory building from cases:Opportunities and challenges[J].Academy of Management Journal,2007,50(1):25-32.
[22]刘洋,应瑛.案例研究的三段旅程---构建理论、案例写作与发表[J].管理案例研究与评论,2015,8(2):189-198.
[23]Yin R K.Case study research:Design and methods[M].London:Sage Publications,2002.
[24]陈晓萍,徐淑英,樊景立.组织与管理研究的实证方法[M].北京:北京大学出版社,2012.
[25]Eisenhardt K M.Better stories and better constructs:The case for rigor and comparative logic[J].Academy of Management Review,1991,16(3):620-627.
[26]Jick T D.Mixing qualitative and quantitative methods:Triangulation in action[J].Administrative Science Quarterly,1979,24(4):602-611.
[27]Eisenhardt K M.Building theories from case study research[J].Academy of Management Review,1989,14(4):532-550.
[28]Miles M B,Huberman A M.Qualitative data analysis:An expanded sourcebook[M].London:Sage Publications,1994.
[29]Kumar N,Stern L W,Anderson J C.Conducting interorganizational research using key informants[J].Academy of Management Journal,1993,36(6):1633-1651.
[30]宗文龙,王玉涛,魏紫.股权激励能留住高管吗?---基于中国证券市场的经验证据[J].会计研究,2013(9):58-63.
[31]Jochem T,Ladika T,Sautner Z.The retention effects of unvested equity:Evidence from accelerated option vesting[OL].Social Science Electronic Publishing,2016.
[32]Aggarwal R K,Samwick A A.Empire-builders and shirkers:Investment,firm performance,and managerial incentives[J].Journal of Corporate Finance,2006,12(3):489-515.
[33]吕长江,张海平.股权激励计划对公司投资行为的影响[J].管理世界,2011(11):118-126.
[34]徐倩.不确定性,股权激励与非效率投资[J].会计研究,2014(3):41-48.
[35]苏冬蔚,林大庞.股权激励,盈余管理与公司治理[J].经济研究,2010(11):88-100.
[36]Sakakibara H,Ishida S,Natori T,et al.A study of a venture company’s control rights allocation model[J].Asian Social Science,2017,14(1):160-168.
[37]黄福广,彭涛,邵艳.地理距离如何影响风险资本对新企业的投资[J].南开管理评论,2014,17(6):83-95.
[38]Wang S,Zhou H.Staged financing in venture capital:Moral hazard and risks[J].Journal of Corporate Finance,2004,10(1):131-155.
[39]Rosenbusch N,Brinckmann J,Müller V.Does acquiring venture capital pay off for the funded firms?A meta-analysis on the relationship between venture capital investment and funded firm financial performance[J].Journal of Business Venturing,2013,28(3):335-353.
[40]Sapienza H J.When do venture capitalists add value?[J].Journal of Business Venturing,1992,7(1):9-27.
[41]Sorensen M.How smart is smart money?A twosided matching model of venture capital[J].Journal of Finance,2007,62(6):2725-2762.
[42]Ewens M,Marx M.Founder replacement and startup performance[J].The Review of Financial Studies,2017,31(4):1532-1565.
[43]董静,汪立,吴友.地理距离与风险投资策略选择---兼论市场环境与机构特质的调节作用[J].南开管理评论,2017,20(2):4-16.