CAJ | 학술논문

以2009—2013年在中国创业板上市的199家企业为样本，实证检验风险资本持股对创业家族企业和非创业家族企业绩效影响的差异。研究发现，相对于风险资本持股的非创业家族企业，风险资本持股的创业家族企业具有更高的销售收入增长率和员工人数增长率。进一步的研究发现，风险资本持股较高时，风险资本在企业扩张期进入时，以及企业所在地区成熟度较高时，风险资本对创业家族和非家族企业成长转型作用差异明显。因而，有必要强调风险资本投资方式和外部经营环境在创业家族引进风险资本过程中的重要性。
이2009—2013년재중국창업판상시적199가기업위양본，실증검험풍험자본지고대창업가족기업화비창업가족기업적효영향적차이。연구발현，상대우풍험자본지고적비창업가족기업，풍험자본지고적창업가족기업구유경고적소수수입증장솔화원공인수증장솔。진일보적연구발현，풍험자본지고교고시，풍험자본재기업확장기진입시，이급기업소재지구성숙도교고시，풍험자본대창업가족화비가족기업성장전형작용차이명현。인이，유필요강조풍험자본투자방식화외부경영배경재창업가족인진풍험자본과정중적중요성。
Based on the sample of 199 companies listed on GEM in China from 2009 to 2013, this paper empiri-cally examines the different effects of venture capital (VC) on the growth performance of the family business en-terprises and non-family business. The study finds that, compared with VC-backed non-family business, sales growth and employee growth of VC-backed family business enterprises increase more rapidly. Further studies find that when VC has more shareholdings, VC invests at the expansion stage of companies, or the companies are lo-cated in market-orientation areas, venture capital significantly different effect on family and non-family business en-terprise growth transformation. Therefore, it is essential for family business enterprises to pay attention to the in-vestment patterns of VC and working environment when they seek VC financing.