创业企业IPO靠自己还是靠“风投”?——基于双边选择效应视角的经验证据被引量：13

Do the Initial Public Offerings of Entrepreneurial Firms Depend on Firms Themselves or VCs? Empirical Evidence from the Perspective of Double-sided Selection Effect

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摘要风险投资的增值职能对创业企业至关重要,是风险投资领域最重要的研究问题之一。现有文献侧重于风险投资增值职能与单边选择效应的分离识别。文章提出双边选择效应与风险投资增值职能的区分,研究了风险投资增值职能对企业IPO结果的作用机制。文章利用1999-2009年风险投资机构投资中国创业企业的1 623个样本,以及截至2016年6月30日被投资企业IPO成功与否的数据,考察了风险投资机构是否发挥了增值职能。文章在充分考虑"好风投"与"好企业"更容易结合的双边选择效应基础上,同时考察了风险投资机构和创业企业自身在IPO过程中可能存在的"增值效应"。实证分析和稳健性检验均表明,"好风投"未能充分发挥对创业企业的增值效应,在推动IPO方面的影响并不显著,而创业企业的自身优势才是其更容易成功IPO的主要决定因素。文章的研究为理解风险投资机构的增值职能提供了新的视角,有助于正确认识风险投资机构和创业企业的行为特征及其经济效率。 The value-added function of VCs is very important to entrepreneurial firms,and is also a very essential issue in the venture capital field.The existing literature mainly focuses on the separation identification of VCs＇ value-added function and single-sided selection effect.This paper tries to identify double-sided selection effect and value-added function of VCs,and further explore the impact of VCs＇ value-added function on IPOs results.It applies 1623 samples of entrepreneurial firms invested by VCs from 1999 to 2009and the data of the success of invested firms by June 30,2016,to explore the exertion of value-added function of VCs.Considering fully the double-sided selection effect about more easy combination of good VCs and firms,it also explores possible value-added effects of VCs and entrepreneurial firms in the IPOs.Empirical analysis and robustness test show that good VCs cannot fully exert the value-added effect on entrepreneurial firms and do not have the significant effect on the promotion of IPOs,and the self advantages of entrepreneurial firms are actually the main determinant of easier success of IPOs.It provides a new perspective for us to understand the value-added function of VCs,and helps us to correctly know the behavioral characteristics and economic efficiency of VCs and entrepreneurial firms.

作者付辉周方召

机构地区江南大学商学院

出处《财经研究》 CSSCI 北大核心 2017年第5期130-144,共15页 Journal of Finance and Economics

基金国家自然科学基金青年项目(71602077) 江苏省高校哲学社会科学研究项目(2016SJD790019) 中央高校基本科研业务费专项基金(JUSRP11612)

关键词风险投资创业企业首次公开发行双边选择效应增值效应 venture capital entrepreneurial firm initial public offering double-sided selection effect value-added effect

分类号 F83 [经济管理—金融学]