风险投资驱动企业“脱虚向实”了吗

近年来，企业金融化现象在学术界备受关注。国内外研究表明，风险投资对企业投资和企业创新均具有积极影响，那么风险投资能否影响企业金融投资行为？以2009—2019年沪深两市首次公开发行的A股上市公司为研究样本，实证分析风险投资对企业金融化的影响。结果表明：风险投资对企业金融化具有显著抑制作用，且这种抑制作用存在异质性。具体而言，风险投资对企业金融化的抑制效应主要体现在制造企业、盈利能力较弱企业、非国有企业以及东部区域企业中。同时，机构投资者持股比例越高，风险投资对企业金融化的抑制作用越强。机制分析结果表明，风险投资通过促进企业实体投资抑制企业金融化。进一步分析发现，风险投资能够缓解被投企业融资约束，而融资约束的改善并未促进企业金融化，而是促进企业创新。结论可丰富风险投资与企业金融化相关领域研究，证明风险投资能够驱动实体企业“脱虚向实”，对政府发展多层次资本市场，引导金融回归实体具有一定的参考价值。

Venture Capital and Enterprises' Transformation from Virtual Economy to Substantial Economy

In recent years, more and more domestic enterprises have made profits by allocating financial assets such as bank financial products and securities funds. There are two reasons why financial investment is popular in enterprises. On one hand, since the reform and opening up, the financial industry and the real estate industry have prospered unprecedentedly, attracting the continuous influx of capital and sharing high dividends. On the other hand, despite of the rapid development, China is facing many economic problems, such as declining growth rate and structural imbalance. The position of China in global industrial chain has not been fundamentally changed, the labor cost advantage has gradually been lost, and the return on investment in substantial economy has decreased significantly. Financial investment with its short cycle and quick effect, is favored by more and more enterprises. The phenomenon of enterprise financialization is quite common and the whole economic activities exhibit a trend of transforming from substantial economy to virtual economy. This phenomena has aroused wide concerns of government regulators and academia. Several studies have shown that there are many negative effects of enterprise financialization. Firstly it will restrain investment in substantial economy; secondly it will cause crowd-out effect to enterprise innovation; thirdly it will aggravate the risk of stock price crash; last but not least, it will interfere with the normal role of monetary policy. It has important theoretical value and practical significance to clarify the factors influencing enterprise financialization for preventing financial risks and promoting the development of substantial economy. Venture capital plays the role of certification and supervision, which has a positive impact on both enterprise investment and enterprise innovation. In that way, is there any influence of venture capital participation on enterprise financialization? Few scholars pay attention to this question. Therefore this article focuses on the relationship between venture capital and enterprise financialization to supplement the existing research.#br#This article chooses non-financial listed companies with IPO in Shanghai and Shenzhen A-share markets from 2009 to 2019 as samples to conduct the following research. Firstly, the multiple mixed regression model is adopted to empirically analyze the impact of venture capital on enterprise financialization. Secondly, the heterogeneity of the impact of venture capital on enterprise financialization is analyzed from the perspective of industry, profitability, property right and regional attribute. Thirdly, the moderating effect of institutional investors' shareholding is examined. Fourthly, the Mediating Effect Model is applied to analyze the mechanism for the impact of venture capital on enterprise financialization. Fifthly, Propensity Score Matching (PSM) is used for the robustness test, and lastly is the expanding analysis.#br#The results show that there is a significant negative relationship between venture capital and enterprise financialization, that is, venture capital has a heterogeneously inhibitory effect on enterprise financialization. Specifically, the inhibitory effect of venture capital on enterprise financialization is mainly reflected in manufacturing enterprises, enterprises with weak profitability, non-state-owned enterprises, and enterprises in eastern regions. In addition, the higher shareholding ratio of institutional investors, the stronger inhibitory effect of venture capital on enterprise financialization. Moreover, venture capital restrains enterprise financialization by promoting real sector investment, thus, it is concluded that venture capital drives enterprises to transform from virtual economy to substantial economy. Furthermore, venture capital alleviates the financing constraint of the invested enterprises. The improvements of financing constraint does not promote enterprise financialization, but it promotes enterprise innovation.#br#Different from previous literature, this article integrates research results in the field of venture capital, corporate governance, enterprise financialization and enterprise innovation. It takes venture capital and enterprise financialization as the research object, expanding the research of venture capital on corporate governance, enriching the research on the influencing factors of enterprise financialization. From a unique perspective, this article analyzes the interaction between institutional investors and venture capital on enterprise financialization, and finds out a mechanism for the impact of venture capital on enterprise innovation, based on the perspective of financing constraint . This article also has important policy implications. The research conclusions provide some reference for government about how to improve financial services to the substantial economy, develop multi-level capital market and promote innovation-driven development strategies.#br#