风险投资对高新技术企业融资约束的影响研究——基于中国上市公司的面板数据

Research on the Impact of Venture Capital on the Financing Constraints of High-tech Enterprises:Based on Panel Data of Listed Companies in China

摘要:

风险投资是连接金融与创新的桥梁，是缓解高新技术企业融资约束的有效途径。本文以2012—2017年上市的高新技术企业的面板数据，实证检验了风险投资对高新技术企业融资约束的影响，并将样本按国有背景和非国有背景，成长期、成熟期和衰退期进行分类，深化研究。结果表明：风险投资能缓解高新技术企业融资约束，不同特征的风险投资机构对其融资约束影响也存在明显差异，非政府背景风险投资缓解效果更好；风险投资持股比例越高，高新技术企业的融资约束越低；联合投资对高新技术企业的融资约束影响不显著；风险投资有助于成长期和成熟期高新技术企业的融资约束的缓解，尤其是成长期的高新技术企业效果更为明显。

Abstract:

Venture capital is a bridge connecting finance and innovation, and is an effective way to ease the financing constraints of high-tech enterprises. This paper takes all listed high-tech enterprises from 2012 to 2017 as a sample, and demonstrates the impact of venture capital on the financing constraints of high-tech enterprises. The sample is classified according to the state-owned background and non-state-owned background, growth period, maturity period and recession period the study. The results show that the higher the proportion of venture capital shareholding, the risk investment is non-government background, the lower the financing constraint of high-tech enterprises; the joint investment has no significant impact on the financing constraints of high-tech enterprises. Venture capital can alleviate the financing constraints of high-tech enterprises, and there are also significant differences in the impact of different types of venture capital institutions on their financing constraints. Venture capital can help ease the financing constraints of high-tech enterprises in the long-term and mature periods, especially in the high-tech enterprises in the long-term.