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论文编号：	14099
作者编号：	2120213313
上传时间：	2023/6/9 9:37:20
中文题目：	签订业绩承诺对融资公司研发投入的影响
英文题目：	The Impact of Performance Commitments Signed by Financing Firms on R&D Expenditures
指导老师：	黄福广
中文关键字：	风险资本;业绩承诺;研发投入;挤占效应;契约弹性治理
英文关键字：	venture capital;performance commitments;R&D expenditures;crowding out effect;contract flexible governance
中文摘要：	公司在融资过程中通常只与风险资本签订业绩承诺。业绩承诺有利于协调定价，促成风险资本与融资公司之间的交易。双方签订的业绩承诺会对融资公司短期和长期业绩产生影响，由于业绩承诺约定的是短期业绩目标，会激励创始人采取短视行为而减少形成长期竞争优势的研发活动。研发投入会对公司创新绩效以及长期市场份额产生一定的影响，是一项重要的支出，减少研发支出不利于公司长远发展。因此研究风险资本融资中融资公司签订业绩承诺对融资公司研发投入的影响具备一定的意义。此外，以往学者分别探究业绩承诺对销售费用和研发投入的影响，本文研究结果证明销售费用在签订业绩承诺对研发投入的影响中起部分中介作用，补充了签订业绩承诺与销售费用以及研发投入三者之间的关系。同时，鲜有文章探究弹性治理在风险资本契约治理中的作用；而本文研究发现对融资公司进行契约弹性治理有助于缓解业绩承诺对融资公司研发投入的不利影响。因此，本文的研究具备一定的创新性。 本文梳理了关于风险资本契约、业绩承诺以及研发投入等重要概念及其相互作用的文献，以此作为所提假设的基础。在实证部分，本文构建五个多元OLS回归模型对四个假设进行检验，选取 2013-2021 年在新三板挂牌的有风险资本支持的公司作为研究样本，并使用 stata17.0 进行描述性与相关性统计分析、回归分析以及稳健性检验，结果表明四个假设均显著成立。回归分析结果显示签订业绩承诺会显著降低融资公司研发投入，而且销售费用在其中发挥部分中介作用。本文还研究了独立董事和弹性治理对主效应的调节作用，以探究公司治理水平和契约弹性治理对业绩承诺和研发投入之间相关关系的影响，从而为缓解签订业绩承诺对融资公司研发投入不利影响提出建议。最后，为避免内生性对研究结果的影响，本文利用 PSM、熵平衡匹配法以及 Heckman 两阶段模型进行稳健性检验，检验结果显示上述结果仍然显著成立。 研究成果表明：（1）融资公司与风险资本签订业绩承诺协议会对其研发投入产生负向影响；（2）本文研究了业绩承诺与研发投入两者间的作用机制，签订业绩承诺会导致更多资源被用于销售渠道建设，从而挤占用于研发的资源；（3）本文研究发现风险投资机构进行弹性治理会缓解签订业绩承诺对融资公司研发投入的负向作用，因此风险资本通过参与董事会等方式进行弹性治理有助于融资公司技术创新；（4）此外，本文的研究结果表明融资公司董事会中更高的独立董事比例，有利于缓解签订业绩承诺对融资公司研发投入的负向作用。最后，本文为签订业绩承诺的双方提出建议，以期业绩承诺赋能公司发展，实现各方共赢。
英文摘要：	In the process of financing, firms usually only sign performance commitments with venture capital. Performance commitments help to coordinate pricing and facilitate venture capital transactions. The performance commitment signed by both parties will have an impact on the short-term and long-term performance of the financing firm. Since the performance commitment agrees on short-term performance goals, it will encourage the founders to take short-sighted behaviors and reduce the R&D activities that form long-term competitive advantages. R&D expenditures will have a certain impact on the firm's innovation performance and long-term market share, which is important. Reducing R&D expenditures is not conducive to the firm's long-term development. Therefore, it is of certain significance to study the impact of performance commitments signed by financing firms on R&D expenditures in venture capital financing. In addition, previous scholars have explored the impact of performance commitments on sales input and R&D expenditures respectively. The research results of this paper prove that sales input plays a partial mediating role in the impact of performance commitment signing on R&D expenditures, which supplements the relationship between performance commitment signing, sales input and R&D expenditures. At the same time, few papers have explored the role of flexible governance in venture capital contract governance, but this study found that contractual flexible governance of venture capital can help alleviate the adverse impact of performance commitments on R&D expenditures of financing firms. Therefore, the research of this paper has certain innovation. This paper reviews the literature on such important concepts as venture capital contracts, performance commitments, and R&D expenditures and their interactions as the basis for the assumptions presented. In the empirical part, this paper selects venture capital-backed companies listed on the New Third Board from 2013 to 2021 as research samples, constructs five models to test the four hypotheses, and the test results show that the four hypotheses are significantly valid. In this paper, stata 17.0 was used for descriptive statistical analysis, correlation analysis, regression analysis and robustness test. The results of regression analysis show that the performance commitment will significantly reduce the financing firm's R&D expenditures, and sales input play a partial intermediary role. This paper also studies the moderating effect of the proportion of independent director and flexible governance on the main effect, in order to explore the influence of corporate governance level and contractual flexible governance on the correlation between performance commitments and R&D expenditures, so as to put forward suggestions for alleviating the negative impact of performance commitments signing on the R&D expenditures of financing firms. Finally, in order to avoid the influence of endogeneity on the research results, this paper uses PSM,entropy balance matching method and Heckman two-stage model to conduct robustness test, and the test results show that the above results are still significantly valid. The results show that: (1) Signing performance commitment will negatively affect the R&D expenditures of the target firm; (2) This paper studies the mechanism between performance commitments and R&D expenditures. Signing performance commitments will lead to more resources being used for sales channel construction, thus crowding out resources used for R&D ; (3) This paper finds that the flexible governance of venture capital can alleviate the negative effect of performance commitments on R&D expenditures. Therefore, the flexible governance of venture capital by participating in the board of directors is conducive to the technological innovation of target firms; (4) In addition, the results of this study show that a higher proportion of independent directors on the board of directors of financing firms is conducive to mitigating the negative impact of performance commitments on R&D expenditures. Finally, this paper puts forward suggestions for both parties to sign performance commitment, so as to enable the development of the firm and achieve win-win results for both parties.
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