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论文编号：	14685
作者编号：	2120223676
上传时间：	2024/6/6 0:20:08
中文题目：	风险资本减持、公司治理与企业创新
英文题目：	Venture Capital Reduction, Corporate Governance and Corporate Innovation
指导老师：	黄福广
中文关键字：	资源配置；风险资本减持；企业创新；公司治理；机会主义
英文关键字：	resource allocation; venture capital exit; corporate innovation; corporate governance; opportunism
中文摘要：	近年来，在我国大力扶持高新技术企业发展的背景下，风险资本的参与促进了市场上科技前沿领域的发展。风险资本会根据自己的综合评价体系筛选出好的投资项目，向有高增长潜力的企业提供资金、资源、经验等方面的支持，填补了传统机构难以满足的融资需求，帮助企业优化运营、促进创新，推动市场整体的经济结构转型和优化，以实现资本市场资源的合理配置。 在完全有效的资本市场当中，不存在信息不对称与委托代理的问题，因此，风险资本的减持行为不会伴随着机会主义行为的实施，理论上不会对企业的可持续成长性造成冲击，为探究在如今非完全有效的市场当中这种影响是否存在，本文以2014年至2021年中小板和创业板上市的公司为研究样本，探讨风险资本减持是否会给企业创新水平带来负效应影响，并进一步考察公司治理水平对风险资本减持与企业创新水平之间关系的调节作用，以确定是否存在可以使风险资本回归成为有效资本的工具，从而抑制风险资本的减持对于企业可持续成长的影响。 研究发现：第一，存在风险资本减持的企业，企业创新水平会降低，且减持比例越大，创新水平下降更多。这种负面影响既具有短期内的冲击性，又具有一年期左右时间的长期性影响。第二，公司治理水平对风险资本的减持效应具有显著的抑制作用。将公司治理水平的综合指标进行拆分，得到各主成分对主效应的调节效果排序如下：董事的独立性水平＞股权集中度＞管理层激励。第三，与风险资本常规减持相比，公司治理水平更能够显著抑制风险资本机会主义减持对企业创新水平的负效应影响。本研究丰富了风险资本减持、公司治理与企业创新水平三者之间关联的相关文献，为监管部门出台更加完善的制度提供参考，提醒风险投资机构要制定合理的减持计划，同时引起企业对公司治理机制的重视并采取有效的预防措施，共同维护市场的平稳有序运行。 关键词：资源配置；风险资本减持；企业创新；公司治理；机会主义
英文摘要：	In the recent years, China has vigorously supported the development of high-tech enterprises, and the participation of venture capital has promoted the development of scientific and technological frontiers in the market. Venture capital will screen out good investment projects according to its own comprehensive evaluation system, provide support in terms of capital, resources and experience to enterprises with high growth potential, fill the financing needs that are difficult to be met by traditional institutions, help enterprises optimise their operations, promote innovation, and push forward the transformation and optimisation of the market's overall economic structure to achieve a rational allocation of capital market resources. In a fully efficient capital market, there is no information asymmetry and principal-agent problem, so the reduction of venture capital will not be accompanied by the implementation of opportunistic behaviours, and theoretically will not have an impact on the sustainable growth of enterprises, in order to explore whether this effect exists in today's imperfectly efficient market, this paper takes the companies listed on the Small and Medium-sized Board (SMB) and the Growth Enterprise Market (GEM) from 2014 to 2021 as a research sample to explore whether the reduction of venture capital will have a negative effect on the level of corporate innovation. In order to investigate whether this effect exists in today's imperfectly efficient market, this paper takes companies listed on the SME and GEM boards from 2014 to 2021 as the sample of the study, and explores whether the reduction of risky capital has a negative impact on the level of innovation of firms. It finds that, firstly, the level of corporate innovation decreases in firms with venture capital exit, and the larger the percentage of exit, the more the level of innovation decreases. This negative impact has both a short-term shock and a long-term effect over a period of about a year. Second, the level of corporate governance has a significant inhibitory effect on the exit effect of venture capital. Splitting the composite indicator of corporate governance level, the moderating effect of each principal component on the main effect is obtained as follows: director's independence level > equity concentration > management incentives.Third, the level of corporate governance is more able to significantly inhibit the negative effect of opportunistic exit of venture capital on firms' innovation level than conventional exit of venture capital. This study enriches the literature on the association between venture capital exit, corporate governance and enterprise innovation level, provides reference for regulators to introduce a more perfect system, reminds venture capital institutions to formulate a reasonable exit plan, and at the same time, leads enterprises to pay attention to the corporate governance mechanism and take effective preventive measures, so as to jointly maintain the smooth and orderly operation of the market. Key words: resource allocation; venture capital exit; corporate innovation; corporate governance; opportunism
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