摘要
以2010—2018年所有A股上市公司为样本,手工整理风险投资持股及特征相关数据,实证检验风险投资持股以及不同风险投资特征对企业风险承担的影响。结果发现,风险投资持股与企业风险承担之间存在显著的正相关关系,即风险投资持股的公司风险承担水平更高。对于风险投资特征的研究发现,风险投资持股比例越高、风险投资联合投资、风险投资声誉较高时,企业风险承担水平更高。进一步的机制检验发现,当企业代理成本较高、融资约束程度较高时,风险投资对企业风险承担的促进作用更为明显。文章结论对于促进企业风险承担以及引导风险投资行业发展具有重要的启示。
Using 2010-2018 all a-share listed companies as a sample and manually collated data of venture capital and its characteristics,this paper empirically tests the impact of venture capital holdings and different venture capital characteristics on corporate risk taking.It was found that there was a significant positive correlation between venture capital holdings and corporate risk taking,that is,companies backed by venture capital had higher levels of risk taking.The research on the characteristics of venture capital found that when the proportion of venture capital holdings is higher,venture capital jointly invest,and the reputation of venture capital is higher,the level of corporate risk taking is higher.Further test of the mechanism found that when the agency cost of the company is high and the degree of financing constraints is high,the role of venture capital in promoting corporate risk taking is more obvious.The conclusion of the article has important implications for promoting enterprise risk-taking and guiding the development of venture capital industry.
作者
邵艳
贾西猛
李西文
SHAO Yan;JIA Ximeng;LI Xiwen(School of Business,Nankai University,Tianjin 300071,China;School of Business,Sichuan University,Chengdu Sichuan 610000,China;School of Accounting,Hebei University of Economics and Business,Shijiazhuang Hebei 050061,China)
出处
《未来与发展》
2021年第3期70-79,共10页
Future and Development
基金
国家自然科学基金青年项目“非财务信息披露、股价信息含量与股价效率”(71802112)
国家社会科学基金项目“风险投资异质性对企业创新的影响及可持续性发展”(17BGL072)
教育部人文社会科学研究青年基金项目“国有风险资本异质性对企业创新活动的影响研究”(19YJC630062)
山东省自然科学基金项目“公司风险资本对高科技创业企业成长的影响机制研究”(ZR2018PG003)。
关键词
风险投资
企业风险承担
风险投资特征
代理成本
融资约束
venture capital
corporate risk-taking
characteristics of venture capital
agency cost
financing constraint
