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论文编号：	8525
作者编号：	1120110762
上传时间：	2016/6/16 11:50:20
中文题目：	公司风险资本对被投资企业成长的影响机制
英文题目：	The impact mechanism of corporate venture capital on the growth of investee firms
指导老师：	黄福广
中文关键字：	公司风险资本；母公司资源差异；企业成长方式；社会网络
英文关键字：	corporate venture capital; parent company resource differences; investee firms’ growth mode; social network
中文摘要：	本文考察公司风险资本对被投资企业规模成长、盈利能力成长和运营能力成长的影响，并探索其影响机制。公司风险资本是指非金融的实业企业设立风险投资基金或机构，以股权形式投资于有成长潜力的未上市企业。公司风险资本的特征导致其与其他类型风险资本的价值增值能力不同，价值增值的差异又会导致公司风险资本对被投资企业成长影响的差异。本文的研究有利于理解公司风险资本的价值增值能力，为创业企业选择不同风险资本提供理论依据。 基于企业成长理论、资源基础理论和社会资本理论，本文提出了公司风险资本影响被投资企业成长的两种价值增值机制——母公司资源获取机制和网络资源获取机制，补充已有公司风险资本价值增值机制的研究。母公司资源获取机制是公司风险资本将母公司的经营资源通过价值增值服务传递给被投资企业，网络资源获取机制是公司风险资本的社会网络关系可以为被投资企业带来的潜在资源。两种机制既有区别又有联系。 使用2004-2014年中小板和创业板上市公司为研究样本，截取时间为上市前三年及IPO后公司风险资本锁定期内，采用公开财务数据和手工搜集的公司风险资本及其母公司相关数据，形成非平衡面板数据，得出的主要结论如下。 第一，不同风险资本类型对创业企业成长方式产生不同影响。公司风险资本相对于独立风险资本在促进被投资企业短期规模成长和盈利能力成长方面较差，而战略投资动机的公司风险资本显著积极影响被投资企业运营能力成长。第二，母公司资源差异是理解公司风险资本价值增值服务的重要因素。本文采用母公司行业地位和总资产规模作为母公司资源差异的代理变量，实证结果表明母公司资源丰富度显著正向影响被投资企业成长。第三，公司风险资本社会网络是影响被投资企业成长的又一重要因素。本文将公司风险资本社会网络分为内部社会网络和外部社会网络，内外部社会网络均对被投资企业运营能力成长有显著作用。第四，母公司资源与公司风险资本社会网络资源在影响被投资企业成长过程中存在交互效应。实证研究表明母公司资源与公司风险资本内外部社会网络是显著替代关系，互补关系统计不显著。 本文的创新之处主要体现在以下几个方面：第一，将母公司资源差异纳入到公司风险资本对被投资企业成长方式的影响研究中，实证检验了母公司资源差异的影响作用；第二，基于社会资本理论和已有公司风险资本研究，构建了公司风险资本社会网络的衡量指标，并提供了公司风险资本社会网络影响被投资企业成长方式的实证检验；第三，提供公司风险资本对被投资企业成长方式的实证证据，弥补现有企业成长理论研究中关注成长率而忽略成长路径的缺陷。
英文摘要：	The thesis investigate the impact of corporate venture capital on investee firms’ growth of scale, profitability, operating. Corporate venture capital refers to the non financial industrial enterprises to set up venture capital funds or institutions, which invest non-listed companies in the form of equity. The features make corporate venture capital have different ability of value added, and the differences lead to have different impact on young firms’ growth. The dissertation clarifies the resources transition between parent company and investee firms, and provides theory and evidence support for corporate venture capital significantly impacts on investee firms. The study is good for understanding the ability of value added of corporate venture capital. Based on the theory of firm growth, resource based theory and social capital theory, the dissertation puts forward two kinds of value added mechanism of corporate venture capital impacting on investee firms’ growth, which are resource of parent company acquisition mechanism and resource of network acquisition mechanism. The resource of parent company acquisition mechanism means that the corporate venture capital provides the parent company's business resources for investee firms through the valu-added service. The recource of network acquisition mechanism is that social network of corporate venture capital may provide investee firms resources. Using a sample of year 2004 to 2014 listed in SME board and Chinext, and cutting down a period of the three years before IPO and lock-up period, and adopting public financial data of start-ups and hand-collected data of corporate venture capital to finally form an unbalanced panel data. The main conclusions of the paper are following. First, different types of venture capital have different impact on firm growth. Independent venture capital is better at promoting start-ups short-term scale growth and profitability growth than corporate venture capital, while strategic corporate venture capital significantly impact on start-ups the ability to operation. Second, the different resources of parent companies is the key factor to understand the relationship between corporate venture capital and invetee firms. Using the industry status and total asset of parent companies’ as the proxy variable of parent company resource differences, empirical results show that parent companies’ resources richness significant positively impacts start-ups growth. Third, the social network of corporate venture capital is an important mechanism of CVC influencing invtee firm growth. The social network of corporate venture capital has significant positive impact on start-ups operating ability growth. Fouth, there is a substitution effect between the parent companies’ resources differences and the social network of corporate venture capital when corporate venture capital have impact on investee firms’ growth; and there is a complementary effect between the parent companies’ resources differences and the external social network of corporate venture capital, but the relationship is not significant. The innovation of this dissertation is mainly reflected in the following aspects: Firstly, adding the parent companies’ resources differences to the study of corporate venture capital impacting on investee firms, and providing the empirical evidence for the role of parent companies’ resources richness; secondly, based on social capital theory and existing corporate venture capital theory, the dissertation constructs the measures of corporate venture capital social network, and provide the empirical evidence for the role of social network of corporate venture capital on investee firms growth; thirdly, the study provides evidence for coporate venture capital impacting on different growth modes of investee firms, to make up for the shortcomings of the existing theory of firm growth, most researchers only pay attention on growth rate and ignore the growth path.
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