摘要
本文以2006年1月1日至2008年12月31日在深圳中小板上市的92家公司为样本,验证了创业投资对创业企业的经营绩效有积极的影响作用。然后,通过回归分析,证明了公司治理和社会网络两个方面的增值服务对创业企业经营绩效有积极影响。创业投资董事会席位、创业投资持股比例、创业投资从业年限、持股的创业投资数量和创业投资的资产规模等表示创业投资增值活动的变量,对创业企业经营绩效有显著的积极作用。
Based on the data from 92 listed companies of Shenzhen SME Board between 2006 and 2008, this paper first matches pairs between the VC-backed and Non-VC-backed samples, adopts independent samples T-test and nonparametric Mann-Whitney test. The study finds that venture capitals have a positive influence on the operating performance of new enterprises.Then,by regression analysis, the study finds that value-added services both on corporate governance and social network perspectives have a positive impact on operating performance of new enterprises. Factors such as board seats of Venture capitals, the proportion of new enterprises venture capital holding, age of venture capitals, the number of venture capital Supporting one new enterprise,and assets of venture capital representing value-added activities,have significant positive effects on the performance of the new enterprises.
出处
《投资研究》
北大核心
2012年第2期67-77,共11页
Review of Investment Studies
关键词
创业投资
增值活动
经营绩效
Venture capital, Value-added Activities, Operating performance
