风险投资对创业企业作用的实证研究

文章从风险投资对创业企业作用的机理分析出发，实证研究风险投资对创业企业创生和企业成长的作用。对企业创生作用的研究表明风险投资活动的发展和增长有助于地区新企业的创生，一方面风险投资为那些无法从传统渠道融资的创业企业提供资金支持，另一方面也刺激地区创新，促使新经济部门、新技术、新产品的出现，为创业者创业活动提供更多机遇。有关风险投资对创业企业成长作用的研究采用倾向得分匹配法，该方法有效剔除了风险投资家“选择作用”对研究结果造成的偏差。研究结果表明风险投资不但有助于企业规模的不断扩大，同时也有助于企业研发创新等各项成长能力的提升，有效促进了企业竞争优势，帮助企业做大做强。

Empirical Research on the Effects of the Venture Capital on Entrepreneurial Enterprise

Starting from the analysis of the effect of the venture capital on entrepreneurial enterprises, this paper conducts an empirical study to explore the function of venture capital on creation and growth of entrepreneurial enterprises. The study on creation of enterprises reveals that the development and growth of venture capital activities are conducive to the creation of regional new enterprises; on one hand, venture capital provides financial support for entrepreneurial enterprises which can not finance from traditional finance channels; on the other hand, venture capital stimulates regional innovation and promotes the emergence of new economic departments, new technologies and new products to provide more opportunities for entrepreneurs' activities. Studying on the role of venture capital for entrepreneurial enterprises' growth adopts PSM which removes the “selecting effect” of venture capitalists on the research results. The results show that venture capital will not only help to expand business scale, but also help to enhance development of different abilities including research and innovation etc., promote the cultivation of competitive advantage so as to make the enterprises bigger and stronger.