风险投资机构社会资本始终促进创业企业的绩效吗？

摘要利用CVsource、私募通数据库,对2010—2017年间的VC融资事件进行了数据分析,运用Probit等回归分析检验了风险投资机构社会资本对创业企业各阶段绩效的影响效应。实证结果表明:风险投资机构各社会资本对创业企业的初期(融资)绩效都存在显著的正向影响;风险投资家在投行的工作经历、风险投资机构政治关联对创业企业成长绩效也存在显著的正向影响,但对其成熟期及后期的绩效有负向影响。

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关键词：风险投资机构社会资本创业企业融资绩效 IPO

Abstract： Based on CVsource and private equity database, this paper analyses data of the VC financing events from 2010 to 2017, and uses Probit and other regression analysis to test the effect of social capital on the performance of entrepreneurial enterprises at various stages. The empirical results show that the social capital of venture capital institutions has a significant positive impact on the early stage financing performance of entrepreneurial enterprises. The work experience in investment bank and political connections of venture capital institutions have a significant positive impact on the growth performance of entrepreneurial enterprises, but a negative one in maturity stage and afterwards.

Keywords： Venture Capital Institutions Social Capital Entrepreneurial Enterprises Financing Performance IPO

收稿日期 2018-08-15; 接受日期 ;

基金资助:国家社会科学基金项目(15BGL021);陕西省社会科学基金项目(2014P13);教育部人文社会科学青年基金项目(18YJC630046)

作者简介: 薛静(1976— ),女,陕西西安人,博士研究生,讲师,主要从事投融资创新与国际贸易、创业与创新管理研究;陈敏灵(1975— ),男,重庆人,博士,副教授,主要从事风险投资与创业管理研究。

引用本文:

薛静, 陈敏灵.风险投资机构社会资本始终促进创业企业的绩效吗？[J]. 经济经纬, 2019,3: 88-94

XUE Jing, CHEN Min-ling.Does Social Capital of Venture Capital Institutions Always Promote the Performance of Entrepreneurial Enterprises?[J] Economic Survey, 2019,V36(3): 88-94

链接本文:

http://www.jjjw.org.cn/CN/ 或 http://www.jjjw.org.cn/CN/Y2019/V36/I3/88

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