风险投资对我国创业板公司业绩增长的影响

本文以2010年10月30日前在深交所创业板上市的134家公司为研究样本,实证检验了风险投资对创业板公司业绩增长的影响。研究发现:有风险投资背景的公司业绩增长显著高于无风险投资背景公司,表明风险投资的介入对创业板公司的业绩增长起到一定促进作用;但随着风险投资参与度的增大,创业板公司的业绩增长并未出现明显提升,相反,当风险投资持股比例超过30%后,创业板公司的业绩增长状况明显变差,这表明我国风险投资的运营与发展尚未成熟,创业企业对风险投资的引入应当适度。

The Effect of Venture Capital on the Performance Growth of China GEM Companies

Taking the 134 companies listed on Shenzhen Growth Enterprises Market (GEM) as sample,this paper examines how Venture Capital(VCs) influenced the performance growth of China GEM companies.The empirical results show that: the companies with VCs’ funding showed significantly higher performance growth rate than that of the non-VC funding companies,showing that the VCs can promote the performance growth of GEM companies to some extent;however,the performance growth did not show obvious improve along with the increase of VCs participation,the growing trend was significantly worse when VCs overall participation exceed 30%.The results implied that the operation and development of China’s VCs are still immature and the start-up enterprises should limit their VCs funding at a moderate level.