联合风险投资和被投资企业绩效
United Venture Capital Investment and Performance of Invested Enterprise
赵凤楠 1彭新育1
作者信息
- 1. 华南理工大学 工商管理学院,广东 广州 510641
- 折叠
摘要
本文以2009-2019年有两家或两家以上风险投资支持的上市公司为研究样本,探究联合风险投资数量以及风险投资的特征异性对被投资企业财务绩效的影响.结果表明:在接受两家及以上风险投资的上市公司中,被投资企业的财务绩效随着联合投资机构数目的增加而先增加后降低,即联合投资机构数目和被投资企业财务绩效呈倒U型关系.通过对联合投资异质性的分析,发现联合投资机构之间的行业经验、公司类型、声誉差异性越大,被投资企业的财务绩效越好.
Abstract
Taking the listed companies supported by two or more venture capital from 2009 to 2019 as the re-search sample,this paper explores the impact of the number of joint venture capital and the characteristics of venture capital on the financial performance of the invested enterprises.The results show that among the listed companies that accept two or more venture capital,the financial performance of the invested compa-nies first increases and then decreases with the increase of the number of joint investment institutions,that is,the number of joint investment institutions has an inverted U-shaped relationship with the finan-cial performance of the invested companies.Through the analysis of the heterogeneity of joint investment,it is found that the greater the difference of industry experience and company type between joint investment institutions,the better the financial performance of the invested enterprises.
关键词
联合风险投资/异质性/财务绩效Key words
Venture Syndication/Heterogeneity/Financial Performance引用本文复制引用
基金项目
国家自然科学基金(B5132140)
广东省自然科学基金(B6100470)
出版年
2024
NETL
NSTL
万方数据