CAJ | 학술논문

本文选取2009至2012年在中国创业板上市的355家企业为样本，研究风险资本对创业企业投资行为的影响。研究发现，相对于无风险资本支持的企业，有风险资本支持的企业具有更高的投资水平，更快的投资速度。进一步的检验发现，当风险资本参与创业企业公司治理，风险资本的持股比例较高，风险资本采取联合投资时，风险资本的作用更加明显，而风险资本的背景特征等其他变量对企业投资影响不显著。研究结果表明，风险资本通过投资契约影响企业投资行为，从而顺利退出企业。
본문선취2009지2012년재중국창업판상시적355가기업위양본，연구풍험자본대창업기업투자행위적영향。연구발현，상대우무풍험자본지지적기업，유풍험자본지지적기업구유경고적투자수평，경쾌적투자속도。진일보적검험발현，당풍험자본삼여창업기업공사치리，풍험자본적지고비례교고，풍험자본채취연합투자시，풍험자본적작용경가명현，이풍험자본적배경특정등기타변량대기업투자영향불현저。연구결과표명，풍험자본통과투자계약영향기업투자행위，종이순리퇴출기업。
This paper selects 355 listed firms between 2009 and 2012 on China＇s Growth Enterprises Market as the sample, and investigates how venture capital affects entrepreneurial firms＇ investment. The results show that, relative to those non -VC -financed firms, VC -financed firms have higher investment rate and investment speed. Further tests show that the effects are more significant for firms with venture capital participating in firms＇ corporate governance, higher venture capital shareholdings, or multiple venture capital investments. However, other variables such as characteristics of venture capital are not significantly associated with firms＇ in- vestment. This paper suggests that in order to successfully exit from entrepreneurial firms, venture capital af- fects entrepreneurial firms＇ investment through contractual arrangement.