风险投资对上市公司投融资行为影响的实证研究

本文研究风险投资机构对上市公司投融资行为的影响机制和作用效果,结果发现:风险投资的加入不仅可以抑制公司对自由现金流的过度投资,而且可以增加公司的短期有息债务融资和外部权益融资,并在一定程度上缓解因现金流短缺所导致的投资不足问题。进一步研究还发现不同特征的风险投资机构均可起到抑制自由现金流过度投资的作用,但只有高持股比例、高声誉、联合投资或非国有背景的风险投资机构才能够显著地改善外部融资环境,缓解现金短缺公司的投资不足问题。综合本文研究结果,作者认为企业上市后仍然可以利用风险投资机构的监督职能、声誉资源和融资关系网络来解决代理问题和信息不对称问题,进而促进企业投融资行为的规范化和理性化。

The Role of Venture Capital in the Investment and Financing Behavior of Listed Companies:Evidence from China

While there is a large amount of financial literature on the contribution of venture capital to start-up companies,there are relatively few empirical studies that identify the role of venture capital in listed companies.This paper investigates the impact of venture capital on investment and financing behavior of listed companies.The result finds that listed companies with a venture capital institute as the shareholder mitigate the over-investment of free cash flow.Venture capital backed companies could also access more short-term debt and external equity,therefore VC could help the companies with in-sufficient internal cash flow to mitigate underinvestment problem.Finally,we find the VC-specific factors including shareholding,syndication,reputation and government background shape the role of VC in the investment and financing decisions of listed companies.