摘要
本文基于CVSource数据库的风险资本投资数据,深入研究了风险投资机构外资背景对其投资绩效的影响,以及退出战略选择对投资绩效的差异化影响。研究发现:①有外资背景的VC,其所投资企业通过IPO退出投资的比例更高;②有外资背景的VC,其所投资企业通过IPO退出的投资绩效也更高;③相对战略型有外资背景的VC而言,孵化型有外资背景的VC从所投资企业IPO退出的投资绩效更高,更注重短期利益。本文进一步研究发现,战略型有外资背景的VC以价值投资为导向,在所投资企业IPO后长期绩效高。且中介检验结果表明,战略型有外资背景的VC能够通过提升所投资企业创新能力和引进更多研发人才,提高长期绩效。
This paper conducts an in-depth analysis of the impact of foreign background of venture capital on venture capital investment performance and the impact of venture capital exit strategy choices on venture capital investment performance based on data from the CVSource database of venture capital investments.The research findings are as follows:(1)VC with foreign background have higher proportion of exit through IPO of invested companies;(2)VC with foreign background also has higher return from exit through IPO of invested companies;(3)In comparison to strategic VC,short-term VC with foreign background has higher return from exit through IPO of invested companies,and pay more attention to short-term interests..Furthermore,this study finds that strategic VC with foreign background,focuing on value investment,has higher long-term performance after IPO of invested companies.The mediation analysis results indicate that strategic VC with a foreign background enhance long-term performance by improving the innovation capability of their invested companies and attracting more research and development talent.
作者
郭慧婷
尚煜欣
贺丽如
Huiting Guo;Yuxin Shang;Liru He(School of Economics and Management,Chang’an University,Xi’an,Shaanxi,China 710064)
出处
《当代会计评论》
2023年第1期159-182,共24页
Contemporary Accounting Review
基金
国家自然科学基金面上项目“资本市场全面开放,机构投资者网络与前瞻性信息披露:影响路径与经济后果研究”(72072143)
中国学位与研究生教育学会面上项目“线上线下融合,打造会计研究方法论精品课程”(2020MSA182)
教育部产学合作协同育人项目“基于用友“云财务”内部控制与风险管理实践课程建设”(201902296043)
2023年长安大学研究生教育教学改革项目“数智时代会计研究生教育教学改革”(300103131015)的阶段性成果
关键词
风险投资
外资背景
投资绩效
退出战略选择
增值服务机制
venture capital
foreign investment background
investment
performance
exit strategy choice
value-added service mechanism
