风险投资对创业板公司追加战略投资行为研究

我国创业板经过了3年多的发展已形成一定的规模。风险投资的适当参与有利于创业板机制效率的有效发挥。本文从金融行为的角度出发创新性地引入不完全契约理论框架和合作博弈的Shapley值分析法构建理论模型,通过线性回归实证证明了风险投资对创业板上市公司追加战略投资量与目标投资规模和经营规模存在显著的正相关关系,并再次运用Shapley值分析法对实证结论进行了进一步的验证,以保证结论的可靠性。

A Study on the Behavior of Venture CapitalMaking Strategic Additional Investment to GEM Listed Companies

With the development for over three years, Growth Enterprises Market (GEM) in China has formed acertain scale. Proper involvement of venture capital is good for the efficiency of GEM mechanism. This article, fromthe viewpoint of financial behavior, innovatively introduces GHM theory and Shapley Value method in cooperativegame theory to build the theory model, and uses Multiple Linear Regression method to prove that the volume ofstrategic additional investment from venture capital to GEM listed companies is significantly related to targetinvestment scale and business scale. To ensure the reliability of the conclusion, Shapley Value method will again beused to do the further empirical test.