摘要
风险资本在支持创新创业和促进科技成果转化等方面发挥重要作用,但风险资本利益与企业长期发展目标并不完全一致。风险资本为了维护自身利益会积极参与公司治理,监督和影响企业管理层行为决策。已有研究较多关注风险资本对并购决策、员工管理和代理成本等方面的影响,但对企业社会责任的影响仍缺乏系统性的研究。基于逐名假说,从利益冲突的视角分析风险资本对企业承担社会责任状况的影响,并从资本来源和声誉异质性的角度,深入分析不同特征风险资本的调节作用。为了验证影响机制,进一步分析公司治理的中介作用以及风险资本退出的经济后果。选取2010年至2016年中国创业板上市企业作为研究样本,结合和讯网公布的企业社会责任评分,使用OLS回归、调节效应检验和中介效应检验等方法,实证研究风险资本与企业社会责任的内在联系。研究结果表明,风险资本降低企业社会责任承担水平,而外资风险资本促进企业社会责任承担水平,高声誉的风险资本对企业社会责任的负面影响更大。进一步的,风险资本主要抑制企业的股东责任和社会责任,并通过参与公司治理的方式影响企业社会责任;风险资本退出后,企业社会责任承担水平显著增加,除股东责任外,还提升企业在其他维度上的企业社会责任承担水平;良好的内部治理和外部治理环境能够降低风险资本对企业社会责任的负面影响。通过处理效应模型、倾向匹配得分法以及重新测量研究变量等方法,在克服潜在内生性问题后,研究结果依然稳健。从社会责任角度考察风险资本对企业经营决策的影响,深入分析影响的动机和机制,支持风险资本逐名假说和利益冲突假说。从金融中介层面拓展了企业社会责任影响因素,补充了新兴市场国家企业社会责任研究的经验证据。实践意义上,研究结果有助于增强大众对风险资本作用的认知,为企业选择风险资本以及国家完善风险资本经营管理办法提供经验证据。
Venture capital plays an important role in supporting innovation and entrepreneurship,promoting the transformation of scientific and technological achievements.However,the interests of venture capital and the long-term development goals of enterprise are not completely consistent.In order to safeguard their own interests,venture capital will actively participate in corporate governance and supervision,and influence the management decision-making behavior of enterprises.The impact of venture capital on M&A decisions,employee management,and agency costs has received significant attention in the literature,but corporate social responsibility(CSR)has not been systematically studied.Based on grandstanding hypothesis and from the view of interest conflict,this study investigates the impact of venture capital on CSR and analyzes the moderating effect of venture capital with different characteristics from the heterogeneity perspective of capital source and reputation.To verify the impact mechanism,this study further analyzes the mediating effect of corporate governance and the economic consequences of venture capital exit.Using data from the China Growth Enterprise Board(GEM)listed companies from 2010 to 2016,and the CSR score published by hexun.com,this study empirically tests the above research question by the methods of OLS,mediating effect test,and moderating effect test.The results reveal that venture capital will lower the level of CSR.Foreign venture capital will improve CSR,and the higher the reputation of venture capital,the greater the negative impact it will have on CSR.Further research indicates that venture capital mainly restrains“shareholder responsibility”and“social responsibility”.Venture capital influences CSR through its involvement in corporate governance.After the withdrawal of venture capital,the overall level of CSR increases significantly.Venture capital exit can increase the level of CSR in some specific dimensions,except for the“shareholder responsibility”dimension.And good internal governance and external governance environment can reduce the negative impact of venture capital on CSR.After overcoming potential endogeneity problems by using the treatment effect model,propensity matching score method,and re-measuring research variables,these research conclusions are still robust.Based on theoretical analysis and empirical research,this study examines the impact of venture capital on business decision-making activities from the social responsibility perspective.We then analyze the motivation and mechanism of the impact,and these results support the grandstanding hypothesis and the conflicts of interest hypothesis.In addition,it expands the research perspective on the factors influencing CSR from the perspective of financial intermediaries and provides new evidence for the research of CSR in emerging market countries.In practice,this study can help people gain a better understanding of the role of venture capital.Furthermore,it provides empirical evidence for enterprises to choose venture capital and for governments to improve the management methods of venture capital.
作者
贾西猛
陈沉
柯迪
JIA Ximeng;CHEN Chen;KE Di(Business School,Sichuan University,Chengdu 610064,China;School of Management,Guangdong University of Technology,Guangzhou 510520,China;School of Economics and Management,Civil Aviation University of China,Tianjin 300300,China)
出处
《管理科学》
CSSCI
北大核心
2022年第4期112-126,共15页
Journal of Management Science
基金
国家自然科学基金(72002144)
教育部人文社会科学研究项目(19YJC630062)
广东省哲学社会科学规划项目(GD18YGL02)
天津市教委社会科学重大项目(2018JWZD52)
关键词
风险资本
企业社会责任
公司治理
逐名假说
利益冲突假说
venture capital
corporate social responsibility
corporate governance
grandstanding hypothesis
conflicts of interest hypothesis
