CAJ | 학술논문

以成长期权作为衡量公司投资效率与未来发展潜力的指标，从风险投资机构为企业提供投资指引增值服务的视角，利用2009-2010年我国创业板上市公司的数据，采用加权最小二乘法估计回归模型，探究风险投资机构对我国风险企业的引导作用及其投资动机。结果显示：风险投资机构的参与、数量以及持股比例均显著降低公司成长期权的价值；多家风险投资机构同时参与具有合谋套利的行为表现，追逐资本的快速增值是风险投资机构的主要投资动机。这说明目前我国风险投资机构并未切实发挥改善风险企业的融资环境和管理水平的积极效应。
이성장기권작위형량공사투자효솔여미래발전잠력적지표，종풍험투자궤구위기업제공투자지인증치복무적시각，이용2009-2010년아국창업판상시공사적수거，채용가권최소이승법고계회귀모형，탐구풍험투자궤구대아국풍험기업적인도작용급기투자동궤。결과현시：풍험투자궤구적삼여、수량이급지고비례균현저강저공사성장기권적개치；다가풍험투자궤구동시삼여구유합모투리적행위표현，추축자본적쾌속증치시풍험투자궤구적주요투자동궤。저설명목전아국풍험투자궤구병미절실발휘개선풍험기업적융자배경화관리수평적적겁효응。
Taking growth option as the index of measuring corporate＇s investment efficiency and future development potential,and using the da ta of GEM listed companies in China from 2009 to 2010,this paper empirically studies the effect of venture capital as well as its investment motivation from the perspective of valueadded service of investment guideline by the method of weighted least square. The results show as follows： there is a significant negative correlation between venture capital participation and eompanyrs longterm investment value the participation of more than one venture capital institution shows collusion arbitrage as the result of chasing rapid capital appreciation. That＇s to say, nowadays venture capital does not play positive roles in the improvement of financial environment and corporate management in China.