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| 论文编号： | 7418 | |
| 作者编号： | 2120132414 | |
| 上传时间： | 2015/6/9 17:54:48 | |
| 中文题目： | 风险资本对创业板上市公司成长性的影响 | |
| 英文题目： | A Study on the Impact of Venture Capital on Corporate Growth of GEM | |
| 指导老师： | 黄福广 | |
| 中文关键字： | 风险资本；“筛选”效应；“增值”效应；创业板；成长性 | |
| 英文关键字： | venture capital; screening effect; value-adding effect; GEM; growth | |
| 中文摘要： | 出于投资收益的考虑，风险资本十分重视对创业公司成长性的培育。多数 研究表明，风险资本对创业公司的成长性存在正面的影响，不过这种影响的因 果关系仍是一个有待研究的问题。本文旨在明确风险资本对创业板上市公司成 长性的影响是来自于“筛选”效应还是“增值”效应，这对于进一步促进风险 资本的成熟、提升其治理能力、促进初创企业稳定持久的发展等都有指导意义。 本文以 2009 年至 2012 年期间在深圳创业板上市的 340 家公司为研究样本， 通过实证分析，研究风险资本对创业板公司成长性的影响，旨在回答两个问题： 1. 风险资本对创业板上市公司成长性是否存在正面的影响； 2. 若存在正面的影 响，是由于风险资本的“筛选”效应还是“增值”效应。本文对有无风险资本 参与的创业板上市公司在控制行业、资产规模、上市时间等因素后，进行研究， 分别比较风险资本进入前、风险资本进入后以及风险资本退出后公司成长性之 间的差别。最后得出结论，风险资本对创业板上市公司的成长性存在正面的影 响，这种正面的影响主要来自风险资本事后的“增值”效应，而非事前的“筛 选”效应，并且这种“增值”效应并不持久，仅在风险资本退出前有所体现。 本文的创新点是在研究风险资本对创业板上市公司成长性影响的基础之上， 进一步分析明确这种影响是来自于风险资本的 “增值”效应而非“筛选”效应 从而深入分析风险资本的作用。 | |
| 英文摘要： | Several previous firm-level studies investigated the relationship between VC funding and firm performance. On average, they show that VC-backed firms grow faster, patent more, have higher productivity and are more likely to go public than non-VC-backed ones. However, the causality of the impact of VC on firm performance is still a pending research question. In other words, the higher growth of VC-backed firms (compared to non-VC-backed ones) might be due to either ‘screening’ or ‘value added’ provided by VC investors. Although VC has invested lots of the GEM listed corporations, the average growth of the GEM listed firms is not so good. Based on this, this study takes 340 corporations, which were listed on the GEM during 2009 to 2012, as the samples to do the the empirical analysis about VC effect and the growth of GEM listed corporations. This study compares portfolio firms’ growth before and after the first VC round and finds that the growth is not significantly different between VC and non-VC-backed firms before the first round of VC financing, whereas significant differences are found in the first to second years after the investment event. We also find that the value-adding services provided by VC investors don’t 'imprint' the portfolio firm at all. The innovative point of this paper is that the study did further analysis about the VC’s “screening” and “value-adding” effect on the higher growth of VC-backed firms listed on the GEM (compared to non-VC-backed ones). | |
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