风险投资对中国新三板挂牌企业绩效的影响

风险投资是推动“大众创业、万众创新”的新型金融工具和重要资本力量,对产业结构调整和经济转型具有重要作用。风险投资通过提供企业战略咨询、关键商业网络资源、人力资源管理以及监控活动等多方面支持影响被投资企业绩效。选取2010—2018年新三板844家获得风险投资和9 415家未获得风险投资的企业,通过风险投资机构的年龄、历史IPO数量以及累计退出金额衡量投资经验,检验风险投资机构的投资经验对新三板挂牌企业绩效的影响,并利用工具变量通过二阶段最小二乘法（2SLS）解决了模型的内生性问题。实证结果表明,风险投资对企业财务绩效和成长能力均呈现显著正向影响,且风险投资机构成立年份越久,在投资经验方面越丰富,对企业绩效正向影响越显著,同时,风险投资退出业绩越好,行业内对其能力的评价越高,越有利于为企业提供附加资源支持,从而提升企业业绩。

Impact of Venture Capital on Performance of NEEQ Listed Firms

Venture capital is a new financial instrument that promotes "mass entrepreneurship and innovation", and plays an important role in promoting industrial restructuring and economic transformation. Venture capital firms affect the performance of portfolio firms by providing business strategy, key business network resources, human resource management, monitoring activities, etc. 844 VC-backed and 9 415 non VC-backed firms listed on the NEEQ from 2010 to 2018 were select as our sample, and the impact of venture capital on the performance of the portfolio firms were studied from the perspective of investment experience. Moreover, the instrumental variable was used to solve the endogeneity problem of the model through 2SLS. The empirical results show that venture capital has a significant positive impact on portfolio firms'' financial performance as well as their growth. Furthermore, older venture capital firms are richer in investment experience, and significantly promote portfolio firm performance. At the same time, venture capital firms with better exit performance make higher evaluation of its capabilities within the industry, and further provide additional resources and subsequent financing for portfolio firms, thereby improving portfolio firms'' performance.