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论文编号：	9287
作者编号：	2120152499
上传时间：	2017/6/19 18:21:51
中文题目：	创业资本、企业家控制权与公司投资水平——来自中国民营上市公司的证据
英文题目：	Venture Capital、Control Rights of Entrepreneurs and Corporate Investment——Evidence from Listed Companies Controlled by Private in China
指导老师：	覃家琦
中文关键字：	创业资本；创业企业；企业家控制权；投资水平
英文关键字：	Venture capital; Start-up businesses; Control rights of entrepreneurs
中文摘要：	中国的创业资本自2006年以来快速推进，支持了高新产业的蓬勃发展，在缓解民营企业资金短缺问题上发挥了重大作用。通过文献回顾和理论分析，我们发现创业资本大多数流向处于初创时期的中小企业，由于信息不对称，企业管理不成熟，契约具有不完全性等特点，为了保证自己的利益，降低代理成本，创业资本家一般会要求介入公司治理过程，这会对企业家控制权产生影响。企业家拥有的不同程度的控制权会对投资活动施加不同的影响，影响投资水平，带来不同的资金收益。而创业资本可以对企业家的经营活动发挥监督作用，同时运用自己的专业知识，经验人脉等为公司提供一系列增值服务，可以帮助创业企业提高公司投资水平，增加企业价值。本文试图在微观层面探索创业资本进入企业后的作用“黑箱”，想通过企业家控制权这一链条来发现创业资本和公司投资水平之间的关系，就是探索创业资本怎样影响企业家控制权，然后再接着看它是否可以通过这一路径来提升企业投资水平。由此本文提出三个假设：引入创业资本后，企业家控制权被削弱；引入创业资本后，企业投资水平提高；引入创业资本后，企业家控制权和投资水平的关系会受到影响。本文采用两个指标：以现金流权代表的实际控制权和独立董事人数从正面和侧面两个方面来衡量企业家控制权，通过选取2000-2014中国民营上市公司的数据做样本，通过实证分析进一步研究发现，引入创业资本后，独立董事人数增加，投资水平增加，企业家控制权与企业投资之间的影响发生变化，这证实了我们的假设，创业资本确实通过企业家控制权这一途径来帮助提高创业企业的投资水平。
英文摘要：	Venture capital has grown rapidly since 2006 in China, helping to promote the rapid development of high-tech industries. It plays a significant role in alleviating the shortage of funds for private enterprises. It is generally believed that venture capital can help to improve corporate governance, promote scientific and technological innovation, and ultimately enhance the value of the company. Through literature review and theoretical analysis, we found that most venture capital is invested in small or medium-sized start-ups, the capitalists usually involve in corporate governance in order to protect their interests due to information asymmetry, imperfect management system and incomplete contracts. Entrepreneurs’ different levels of control rights over the company will exert different effects on investment activities, thus leading to different capital gains. Venture capitalists can play a supervisory role in invested companies, use their professional knowledge, network and so on to provide a series of value-added services for the company, which can help to improve the investment level. This paper attempts to explore the role of venture capital in enterprises, to find out how venture capital affects entrepreneur control, and then to see if it can improve the level of business investment through this path. This paper puts forward three hypotheses: Venture capital will weaken entrepreneur control; Venture capital will improve the level of corporate investment; Venture capital will affect the relationship between control rights of entrepreneurs and the level of investment. With the sample of listed companies controlled by private in China from 2000 to 2014, this paper analyzes the relation between venture capital and investment based on entrepreneur’s control rights. Two indicators are used to measure these rights: the actual cash flow rights and the number of independent directors. Through empirical analysis, a conclusion has been reached that venture capitalists use their professional background to provide value-added services, though entrepreneurs control over the company is weakened to a certain extent, they help to improve corporate investment.
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