The Impact of Venture Capital on the Total Factor Productivity of Listed Companies ——Based on the Comparative Analysis of IVC and CVC

Abstract

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

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

CLC Number:

F272

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.

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.

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