CAJ | 학술논문

选取2004年至2012年中国沪、深两市首次公开发行上市的1216家公司作为研究对象，采用相关分析、多元回归分析和工具变量等多种统计分析方法，从代理成本视角探讨创业投资时中国上市公司的治理作用。从总体上检验创业投资参与对中国上市公司代理成本的影响，进一步检验创业投资的参与程度和背景特征是否影响其治理作用的发挥。研究结果表明，有创业投资机构参与的上市公司，其代理成本显著低于无创业投资机构参与的上市公司；创业投资的参与程度越深，即创业投资机构家数越多、持股比例越高、投资期限越长，上市公司的代理成本就越低；与本土背景的创业投资机构相比，外资背景的创业投资机构更能降低上市公司的代理成本。研究结论对上市公司、创业投资机构和政策制定者具有重要借鉴意义和参考价值。
선취2004년지2012년중국호、심량시수차공개발행상시적1216가공사작위연구대상，채용상관분석、다원회귀분석화공구변량등다충통계분석방법，종대리성본시각탐토창업투자시중국상시공사적치리작용。종총체상검험창업투자삼여대중국상시공사대리성본적영향，진일보검험창업투자적삼여정도화배경특정시부영향기치리작용적발휘。연구결과표명，유창업투자궤구삼여적상시공사，기대리성본현저저우무창업투자궤구삼여적상시공사；창업투자적삼여정도월심，즉창업투자궤구가수월다、지고비례월고、투자기한월장，상시공사적대리성본취월저；여본토배경적창업투자궤구상비，외자배경적창업투자궤구경능강저상시공사적대리성본。연구결론대상시공사、창업투자궤구화정책제정자구유중요차감의의화삼고개치。
Selecting 1216 IPO firms on the Shenzhen and Shanghai stock exchange during 2004-2012 as the object of the study, this paper analyzes the effect of venture capital （VC） on corporate governance in the Chinese listed firm from the agency cost per- spective by applying correlation analysis, multiple regression analysis, and instrumental variable methods. The paper firstly ex- amines the overall effect of venture capital involvement on the agency cost of Chinese listed firm, and then examines whether this effect depends on the involvement level and thebackground of VCs. The empirical results show that： ①as a whole, compared with non-VC backed firms, VC backed firms have significantly lower agency cost; ②the lower agency cost can be attained when the VC＇s involvement is deeper, a situation happened with large numbers of VCs investing in the same company; high VC＇s shareholding, or long VC＇s investment horizon; and ③compared with domestic VCs, VCs with foreign background plays a stronger role in reducing the agency cost.