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论文编号：	14056
作者编号：	2120213305
上传时间：	2023/6/8 10:45:04
中文题目：	风险资本对目标公司融资约束的影响——基于新三板创新层公司数据的分析
英文题目：	The Impact of Venture Capital on the Financing Constraints of the Target Company : An Analysis Based on the Data of Innovative Companies on the New Third Board
指导老师：	黄福广
中文关键字：	风险资本;融资约束;风险资本声誉;联合投资
英文关键字：	Venture capital;Financing constraints;Heterogeneity characteristics;Risk capital reputation;Joint investment
中文摘要：	处于企业成长周期前期的公司存在的融资约束问题是制约其发展的重要因素之一，而风险资本作为一种专注于投资和培育初创公司的资本形式为缓解被投资目标公司的融资约束提供了一个行之有效的解决方案。由于目前我国存在大量正面临着融资约束问题的中小微型公司，因而以我国资本市场为背景来研究风险资本是否能够缓解此类公司的融资约束是一个有意义的议题。 本文主要着眼于两项现实问题，即风险资本的投入是否能够影响目标公司的融资约束程度，以及具有何种特征的风险资本以何种程度参与到目标公司的公司治理当中能够更加有效的起到缓解企业融资约束的作用。本文以2015-2019年新三板创新层挂牌公司作为研究样本，借助实证分析的方法对以上两项现实问题进行了探讨。首先本文从整体样本的角度出发，借助多元回归分析的方式来探究风险资本投入是否能够对公司的融资约束程度产生影响。在此基础上，本文进一步从风险资本在投入目标公司时具有的不同特征与风险资本对目标公司治理的参与程度这两个角度出发，讨论什么样的风险资本以何种程度参与到目标公司的公司治理当中可以更加有效的缓解目标公司的融资约束。 经过实证分析，本文共得到以下五点结论：（1）风险资本的投入能够对企业的融资约束产生一定程度上的缓解作用；（2）声誉较高的风险资本往往能够比声誉较低的风险资本起到更强的缓解融资约束的作用；（3）有多个风险资本采用联合投资的形式投入比起单个风险资本投入能起到更强的缓解融资约束的作用；（4）风险资本的董事会席位占比较高比占比较低能够起到更强的缓解融资约束的作用；（5）风险资本持股比例较高相较于持股比例较低能够起到更强的缓解融资约束的作用。最后，本文通过对于研究结论的分析与讨论，有针对性的提出了几项政策建议，可以为我国相关部门进一步发展健全风险资本行业的法律法规以及促进风险资本投入初创企业，培育中小微型公司发展提供参考。
英文摘要：	The financing constraints of companies in the early stages of their growth cycle are one of the important factors restricting their development. As a form of capital focused on investing and cultivating startups, venture capital provides an effective solution to alleviate the financing constraints of invested target companies. Due to the existence of a large number of small and medium-sized micro companies facing financing constraints in China, it is a meaningful issue to study whether venture capital can alleviate the financing constraints of such companies in the context of China's capital market. This article mainly focuses on two practical issues, namely, whether the investment of venture capital can affect the degree of financing constraints of the target company, and what characteristics of venture capital can participate in the corporate governance of the target company to what extent to play a more effective role in alleviating corporate financing constraints. This article takes the companies listed on the innovation level of the New Third Board from 2015 to 2019 as a research sample, and explores the above two practical issues through empirical analysis. Firstly, from the perspective of the overall sample, this article uses multiple regression analysis to explore whether venture capital investment can have an impact on the degree of financing constraints of companies. On this basis, this article further discusses the different characteristics of venture capital investment in the target company and the degree of participation of venture capital in the governance of the target company, and discusses what kind of venture capital participation in the corporate governance of the target company can more effectively alleviate the financing constraints of the target company. Through empirical analysis, this article has reached the following five conclusions: (1) The investment of venture capital can alleviate the financing constraints of enterprises to a certain extent; (2) Risk capital with higher reputation can often play a stronger role in mitigating financing constraints than risk capital with lower reputation; (3) There are multiple venture capital investments in the form of joint investment, which can play a stronger role in alleviating financing constraints than a single venture capital investment; (4) A relatively high proportion of board seats in venture capital and a relatively low proportion can play a stronger role in alleviating financing constraints; (5) A higher shareholding ratio of venture capital can play a stronger role in alleviating financing constraints than a lower shareholding ratio. Finally, through the analysis and discussion of the research conclusions, this article proposes several targeted policy recommendations that can provide reference for relevant departments in China to further develop and improve laws and regulations in the venture capital industry, promote venture capital investment in start-ups, and cultivate the development of small and medium-sized micro companies.
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