风险投资对上市公司全要素生产率的影响——基于独立创业投资与公司创业投资的比较分析

摘要/Abstract

摘要： 基于中国上市公司数据,应用LP法测算了1097家公司IPO当年的全要素生产率,运用OLS回归与倾向得分匹配分析研究了风险投资(包括独立创业投资和公司创业投资)对上市公司全要素生产率的影响。结果发现,在IPO当年,获得风险投资的上市公司全要素生产率提高1.53%,这种提升作用是由独立创业投资实现的,而公司创业投资阻碍了上市公司生产效率的提高。研究结果表明,我国资本市场的风险投资基本能够起到提升上市公司生产效率的作用。同时,短期内我国公司创业投资的专业程度、服务能力还不及独立创业投资,需进一步发展。

关键词: 风险投资, 独立创业投资, 公司创业投资, 全要素生产率, 倾向得分匹配

Abstract: Based on the data of listed companies in China, this paper uses LP method to calculate the total factor productivity (TFP) of 1097 companies examine the impact of venture capital (VC), including independent venture capital (IVC) and corporate venture capital (CVC), on the TFP of listed companies that the TFP of the VC-backed listed companies outperforms the ones VC by 1.53% in the IPO year. However, this promotion is achieved by IVC, and CVC has hindered the production efficiency of listed companies from improving. This shows that VCs in China's capital market can play a role in enhancing the production efficiency of listed companies basically. At the same time, China's CVCs' professional level and service capacity are less than IVCs in the short term. As a consequence, these CVCs need further development.

Key words: Venture Capital, Independent Venture Capital, Corporate Venture Capital, Total Factor Productivity, Propensity Score Method

中图分类号:

F272

王雷, 王新文. 风险投资对上市公司全要素生产率的影响——基于独立创业投资与公司创业投资的比较分析[J]. 财经论丛, 2020, 36(10): 55-63.

WANG Lei, WANG Xinwen. The Impact of Venture Capital on the Total Factor Productivity of Listed Companies ——Based on the Comparative Analysis of IVC and CVC[J]. , 2020, 36(10): 55-63.

参考文献

[1] 孙晓华, 王昀. R&D投资与企业生产率——基于中国工业企业微观数据的PSM分析[J]. 科研管理, 2014, (11):92-99.
[2] Kortum S., Lerner J. Assessing the Contribution of Venture Capital to Innovation[J]. Rand Journal of Economics, 2000, 31(4):674-692.
[3] Levinsohn J., Petrin A. Estimating Production Functions Using Inputs to Control for Unobservables[J]. The Review of Economic Studies, 2003, 70(2): 317-341.
[4] Chemmanur T. J., Loutskina E., Tian X. Corporate Venture Capital, Value Creation, and Innovation[J]. Review of Financial Studies, 2014, 27(8): 2434-2473.
[5] Lerner J. Venture Capitalists and the Decision to Go Public[J]. Journal of Financial Economics, 1994, 35(3): 293-316.
[6] 吴江林, 柏政成, 周孝华. 创业企业创新与风险投资最优退出方式选择[J]. 科学学与科学技术管理, 2011, (2): 58-63.
[7] 靳明, 王娟. 风险投资介入中小企业公司治理的机理与效果研究[J]. 财经论丛, 2010,(6): 84-90.
[8] Guo D., Jiang K. Venture Capital Investment and the Performance of Entrepreneurial Firms: Evidence from China[J]. Journal of Corporate Finance, 2013, 22(3): 375-395.
[9] 赵静梅, 傅立立, 申宇. 风险投资与企业生产效率: 助力还是阻力?[J]. 金融研究, 2015,(11): 159-174.
[10] 苏洪, 刘渝琳. 制约全要素生产率增长的潜路径影响分析[J]. 管理世界, 2015,(1):167-168.
[11] 鲁晓东, 连玉君. 中国工业企业全要素生产率估计:1999—2007[J]. 经济学(季刊), 2012, (2):541-558.
[12] 谢千里, 罗斯基, 张轶凡. 中国工业生产率的增长与收敛[J]. 经济学(季刊), 2008, (3): 809-826.
[13] 张杰, 李勇, 刘志彪. 出口与中国本土企业生产率——基于江苏制造业企业的实证分析[J]. 管理世界, 2008,(11):50-64.
[14] 张倩肖, 李丹丹. 基于半参数法的中国跨地区全要素生产率研究[J]. 华东经济管理, 2016, (3):50-56.
[15] Tang Meng Chi, Chyi Yih Luan. Legal Environments, Venture Capital, and Total Factor Productivity Growth of Taiwanese Industry[J]. Contemporary Economic Policy, 2008, 26(3): 468-481.
[16] Hirukawa M., Ueda M. Venture Capital and Innovation: Which is First?[J]. Pacific Economic Review, 2011, 16(4): 421-465.
[17] 吴超鹏, 吴世农, 程静雅,等. 风险投资对上市公司投融资行为影响的实证研究[J]. 经济研究, 2012,(1):105-119.
[18] 周方召, 仲深, 王雷. 财税补贴、风险投资与高新技术企业的生产效率——来自中国物联网板块上市公司的经验证据[J]. 软科学, 2013, (3): 100-105.
[19] Bertoni F., Colombo M. G., Grilli L. Venture Capital Financing and the Growth of High-tech Start-ups: Disentangling Treatment From Selection Effects[J]. Research Policy, 2011, 40(7):1028-1043.
[20] Chemmanur T. J., Krishnan K., Nandy D. K. How does Venture Capital Financing Improve Efficiency in Private Firms? A Look Beneath the Surface[J]. Review of Financial Studies, 2008, 24(12):4037-4090.
[21] Allen S. A., Hevert K. T. Venture Capital Investing by Information Technology Companies: Did it Pay? [J]. Journal of Business Venturing, 2007, 22(2): 262-282.
[22] Bertoni F., Colombo M., Grilli L. Venture Capital Investor Type and the Growth Mode of New Technology-based Firms[J]. Small Business Economics, 2013, 40(3):527-552.
[23] Colombo M. G., Murtinu S. Venture Capital Investments in Europe and Firm Productivity: Independent versus Corporate Investors[J]. Journal of Economics & Management Strategy, 2017, 26(1):35-66.
[24] 陈见丽. 风险投资能促进高新技术企业的技术创新吗?——基于中国创业板上市公司的经验证据[J]. 经济管理, 2011,(2):71-77.
[25] 吴涛, 赵增耀. 风险投资对创业板上市公司技术创新影响的实证研究[J]. 科技管理研究, 2016, (14): 12-17.
[26] 林子尧, 李新春. 公司创业投资与上市公司绩效:基于中国数据的实证研究[J]. 南方经济, 2012, (6):3-14.
[27] 苟燕楠, 董静. 风险投资背景对企业技术创新的影响研究[J]. 科研管理, 2014, (2):35-42.
[28] 吴延兵. R&D与生产率——基于中国制造业的实证研究[J]. 经济研究, 2006, (11):60-71.
[29] 李宾. 国内研发阻碍了我国全要素生产率的提高吗?[J]. 科学学研究, 2010, (7):1035-1042.
[30] Maula M., Autio E., Murra G. Corporate Venture Capitalists and Independent Venture Capitalists: What do They Know, Who do They Know and Should Entrepreneurs Care?[J]. Venture Capital: An International Journal of Entrepreneurial Finance, 2005, 7(1): 3-21.
[31] Rosenbaum P. R., Rubin D. B. Constructing a Control Group Using Multivariate Matched Sampling Methods that Incorporate the Propensity Score[J]. The American Statistician, 1985, 39(1): 33-38.