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论文编号：	13168
作者编号：	1120170894
上传时间：	2022/6/7 9:09:27
中文题目：	多轮次融资对创业企业价值的影响研究
英文题目：	Research on the Impact of Multiple Rounds of Financing on the Value of Entrepreneurial Enterprises
指导老师：	黄福广教授
中文关键字：	多轮次融资；创业企业；企业价值；风险资本；不确定性
英文关键字：	multiple rounds of financing; entrepreneurial enterprises; firm value; venture capital; uncertainty
中文摘要：	“取日新以图自强，去因循以历天下”，科技强则国强，创业企业作为科技创新的主力军肩负着重要的责任。然而，在现实中创业企业的发展仍存在诸多困境，如资金短缺、管理团队经验不足和人才流失严重等，而其中资金不足是创业企业成长过程中面临的最主要难题。由于信息不对称与不确定性程度较高，创业企业很难获得银行贷款等债务融资，因而向风险资本等投资者寻求股权融资成为创业企业的首选融资渠道。在实践中，多轮次融资是创业企业常见的股权融资模式。创业企业对某一项目的融资计划，通常是分轮次融资的，而不是一次性将所需资金筹集完毕。 创业企业进行多轮次融资，既有益处，也存在一定的成本。一方面，随着企业的发展前景逐渐明朗，通过每次价值再评估，企业价值得以被市场发现，创业企业可以以更高的价格进行再融资，避免了对现有股东股权的过度稀释。同时，多轮次融资具有价值揭示效应，风险资本的不断参与揭示了高质量创业企业的价值，从而吸引了更多的潜在投资者注资。但另一方面，每轮融资创始人和投资者都需要重新制定协议和谈判，并需要对创业企业进行再次评估。因此，多轮次融资增加了企业合同制定成本、评估成本和谈判成本等交易成本。因而，创业企业进行多轮次融资是否会提高企业价值，仍是值得深入研究的重要问题。选取 2014-2019 年在新三板挂牌的创业企业作为研究样本，采用万德数据库、国泰安数据库和投中数据库等公开数据，并结合部分手工整理，从融资企业视角，系统论述创业企业采取多轮次融资方式对企业价值的影响，并进行了影响机制检验，通过理论分析和实证检验，本文得出以下主要研究结论。 第一，多轮次融资显著提高了企业价值，融资轮次和融资规模与企业价值显著正相关，而融资时间间隔与企业价值显著负相关。进一步检验了多轮次融资对企业成长性的影响，发现多轮次融资会显著提高企业的销售增长率和总资产周转率。此外，根据空间异质性、行业特性和股权结构对企业进行划分，进行分组回归检验，发现多轮次融资对企业价值的影响在东部和中部地区、高科技行业以及股权集中度较低组中更加显著。第二，探讨多轮次融资影响企业价值的三种机制路径，包括权益资本成本、企业风险承担和公司治理水平。通过中介效应模型检验表明，多轮次融资能够显著降低权益资本成本、提高企业风险承担和公司治理水平，进而提高企业价值。第三，发现不确定性程度越高，多轮次融资对企业价值的提升作用越显著。如上结论表明，不确定性是影响创业企业采用多轮次融资策略的主要因素，而随着创业企业的发展前景逐渐明朗，企业不确定性降低，企业的融资成本也随之降低。 本研究的创新之处如下：第一，以往文献主要集中于投资人视角，主要研究同一风险资本的分阶段投资对创业企业的影响，认为多轮次融资是投资人降低代理成本和控制风险的手段。本研究从融资企业视角进行分析，聚焦于创业企业的融资轮次，其每一轮的融资来源可以相同，也可以不同，可以是高管团队，也可以是风险资本，本研究认为多轮次融资是创业企业的一种融资策略。第二，拓展了多轮次融资与企业价值的影响机制相关研究。以往研究或仅检验融资结构对企业价值的影响，未考虑融资轮次之间的关系，或仅以案例研究的方式讨论多轮次融资与企业价值之间的关系，而基于融资企业视角的计量研究尚未发现。本文不仅利用经验数据实证检验了多轮次融资对企业价值的影响，还对二者之间的机制进行了理论与实证分析。第三，从不确定性的角度设定了创业企业开展多轮次融资的限定情境，弥补了已有创业企业多轮次融资驱动因素研究情境的缺失。本研究认为多轮次融资策略适用范围是创业企业，成熟企业并不需要使用多轮次融资策略。由于成熟企业发展不确定性较低，其对于所需要的资金金额，通常采取一次性融资方式获得。创业企业通过多轮次融资，可以让投资者在不同融资阶段和轮次中，充分认识到企业未来的发展潜力，降低投资者对企业未来发展不确定性的担忧，从而降低了融资成本，促进企业增加投资，最终实现企业价值提升。
英文摘要：	‘Pursue new technologies for self-advancement, eliminate conformism for national revitalisation’, science and technology build China into a strong country. As the main force of science and technology innovation, entrepreneurial enterprises shoulder important responsibilities. However, in reality, there are still many difficulties in the development of entrepreneurial enterprises, such as shortage of funds, lack of experience in management teams and serious brain drain, among which lack of funds is the most important problem for the growth of entrepreneurial enterprises. Due to the high information asymmetry and uncertainty of entrepreneurial enterprises, it is difficult to obtain debt financing such as bank loans. Therefore, seeking equity financing from venture capital has become the preferred financing channel for entrepreneurial enterprises. In practice, multiple rounds of financing is a common equity financing model for entrepreneurial enterprises. The capital needs of entrepreneurial enterprises for a certain financing plan are usually financed in stages and rounds, rather than raising the required funds at one time. There are both benefits and costs for entrepreneurial enterprises to conduct multiple rounds of financing. On the one hand, as the development prospects of start-ups gradually become clear, through each value re-evaluation, the value of the enterprise can be discovered by the market, and the entrepreneurial enterprises can refinance at a higher price, avoiding excessive dilution of existing shareholders' equity. At the same time, multiple rounds of financing have a value-revealing effect, and the constant participation of venture capital reveals the value of high-quality startups, thereby attracting more potential investors to inject capital. But on the other hand, with each funding round, founders and investors need to rework their protocols and negotiations, and need to re-evaluate the entrepreneurial enterprises. Therefore, multiple rounds of financing increase transaction costs such as contract formulation costs, evaluation costs, and negotiation costs. Then, the impact of multiple rounds of financing on firm value is still an important issue which is worth in-depth study. Selecting 2014-2019 entrepreneurial enterprises listed on the New Third Board as the research sample, using the public data such as Wind database, Csmar database and Cvsource database, and combining some manual sorting, from the perspective of financing companies, this paper systematically discusses the impact of multi-round financing on firm value, and tests the impact mechanism. Through theoretical analysis and empirical test, the paper draws the following main research conclusions. Firstly, multiple rounds of financing significantly increases firm value, and the number of financing rounds and financing scale are significantly and positively related to firm value, while financing time interval is significantly and negatively related to firm value. The impact of multiple rounds of financing on firm growth is further examined, and it is found that multiple rounds of financing significantly increases the sales growth rate and total asset turnover of firms. Additionally, group regression tests are conducted to segment firms according to spatial heterogeneity, industry characteristics and equity structure. The results find that the impact of multiple rounds of financing on firm value is more pronounced in the eastern and central regions, high-tech industries, and groups with lower ownership concentration. Secondly, this study explores three mechanism paths through which multiple rounds of financing affect firm value, including cost of equity capital, corporate risk-taking and corporate governance levels. The test of the intermediary effect model shows that multiple rounds of financing can significantly reduce the cost of equity capital, improve the level of corporate risk-taking and corporate governance, and then increase corporate value. Thirdly, it is found that the higher the degree of firm uncertainty, the better the effect of multiple rounds of financing on firm value. The above conclusion shows that under the condition of multiple rounds of financing for entrepreneurial enterprises, uncertainty is the main factor affecting enterprise financing. As the development prospects of start-up enterprises gradually become clear, the uncertainty of enterprises is reduced, and the financing cost of enterprises is also reduced. The innovations of this study are as follows: First, the previous literature mainly focuses on the investor's perspective, mainly studying the impact of the same venture capital's staged investment on the enterprise, and believes that multiple rounds of financing are the means for investors to reduce agency costs and control risks. This research analyzes from the perspective of financing firms, focusing on the financing rounds of startup companies. The source of financing for each round can be the same or different, which can be the senior management team or venture capital. However, this study considers that multiple rounds of financing is a financing strategy for start-ups. Second, the research on the impact mechanism of multiple rounds of financing and corporate value is expanded. Previous studies either only examined the impact of financing structure on firm value, without considering the relationship between financing rounds, or only discussed the relationship between multiple rounds of financing and firm value in the form of case studies. However, quantitative studies have yet to find out. This paper not only uses empirical data to empirically test the impact of multiple rounds of financing on enterprise value, but also conducts theoretical and empirical analysis on the mechanism between multiple rounds of financing and firm value. Third, from the perspective of uncertainty, it sets a limited scenario for entrepreneurial enterprises to carry out multiple rounds of financing, which makes up for the lack of research scenarios on the driving factors of multiple rounds of financing for existing entrepreneurial enterprises. The multi-round financing strategy is applicable to entrepreneurial enterprises, and mature companies do not need to use the multi-round financing strategy. Due to the low uncertainty in the development of mature enterprises, the amount of funds they need is usually obtained by one-off financing. However, entrepreneurial enterprises can use multiple rounds of financing to allow investors to fully recognize the future development potential of the company in different financing stages and rounds, and reduce investors' worries about the uncertainty of the enterprise's future development, thus reduces the financing cost, promotes the enterprise to increase the investment, finally realizes the firm value creation.
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