合作伙伴、行业特征与风险资本投资绩效
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摘要
以创业企业合作伙伴和行业特征为研究视角,对2009—2016年深交所创业板上市的具有风险投资背景的224家公司进行研究,从风险投资绩效产出和效益两个层面构建风险投资绩效指标,实证检验了创业企业合作伙伴和行业特征对风险资本投资绩效的影响作用。研究显示:(1)在上市公司特有的经济背景下,风险资本合作伙伴效应呈现出负面效应;(2)合作伙伴关联度与行业特征的联合选择会对风险资本的投资绩效产生显著负相关关系,但在行业特征明显的高新技术领域,行业特征的选择对风险资本效益层面的投资绩效有一定的积极影响;(3)风险投资项目持有时间同风险资本产出层面的投资绩效有明显的积极影响。
From the perspective of business partners and industry characteristics,the paper studies 224 companies listed on the start-up board of Shenzhen with the background of venture capital from 2009 to2016,constructs the performance indicators of venture investment from the aspects of output level and benefit level,and then demonstrates the influence of business partner and industry characteristics on venture capital investment performance. Research shows that:( 1) in the economic background of listed companies,the effect of venture capital partners takes on the negative influence;( 2) the joint selection of the associate degree of partners and the characteristics of the industry will have a significant negative correlation on venture capital investment performance,but in the field of new and high technology industry,the selection of industrial characteristics have certain positive influence on the investment performance at the benefit level of venture capital;( 3)the holding time of venture capital project has a significantly positive effects on the investment performance at the output level of venture capital.
From the perspective of business partners and industry characteristics,the paper studies 224 companies listed on the start-up board of Shenzhen with the background of venture capital from 2009 to2016,constructs the performance indicators of venture investment from the aspects of output level and benefit level,and then demonstrates the influence of business partner and industry characteristics on venture capital investment performance. Research shows that:( 1) in the economic background of listed companies,the effect of venture capital partners takes on the negative influence;( 2) the joint selection of the associate degree of partners and the characteristics of the industry will have a significant negative correlation on venture capital investment performance,but in the field of new and high technology industry,the selection of industrial characteristics have certain positive influence on the investment performance at the benefit level of venture capital;( 3)the holding time of venture capital project has a significantly positive effects on the investment performance at the output level of venture capital.
引文
[1]张学勇,廖理.风险投资背景与公司IPO:市场表现与内在机理[J].经济研究,2011(6).
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[2]Bottazzi L,Rin M D,Hellmann T.Who are the active investors?evidence from venture capital[J].Journal of Financial Economics,2008,89(3).
[3]Baum J,Silverman.Picking winners or building them?Alliance,intellectual,and human capital as selection criteria in venture financing and performance of biotechnology startups[J].Journal of Business Venturing,2004,19(3).
[4]木志荣,李盈陆.创业投资的增值活动真的有用吗---来自深圳中小板上市公司的经验证据[J].投资研究,2012(2).
[5]Das S R,Jo H,Kim Y.Polishing diamonds in the rough:The sources of syndicated venture performance[J].Journal of Financial Intermediation,2011,20(2).
[6]张士军.海外市场导向、进入模式选择与投资绩效---基于沪深上市公司微观数据[J].财会月刊,2017(15).
[7]沈维涛,胡刘芬.专业化投资策略对风险投资绩效的影响及机理[J].山西财经大学学报,2014(5).
[8]Faria A P,Barbosa N.Does venture capital really foster innovation[J].Economics Letters,2014,122(2).
[9]Fried V H,Bruton G D,Hrisrich R D.Strategy and the Board of Directors in Venture Captial-backed Firms[J].Journal of Business Vrntureing,1998,13(6).
[10]Dimov D,De Clercq D.Venture capital investment strategy and portfolio failure rate:A longitudinal study[J].Entrepreneurship Theory and Practice,2006,30(2).
[11]Kaplana,Stromberg.Financial Contraeting Theory Meetsthe Real World[J].Reviewof Eeonomie Studies,2003(70).
[12]Gompers,Lerner.Venture Capital Distributions[J].Journalof Finance,1998(6).
[13]Du Q.Birds of a feather or celebrating differences?The formation and impact of venture capital syndication[R].Unpublished Working Paper,University of British Columbia,2009.