摘要
以2012-2017年上市的高新技术企业的面板数据,实证检验风险投资对高新技术企业融资约束的影响,并将样本按国有背景和非国有背景,成长期、成熟期和衰退期进行分类,深化研究。结果表明,风险投资能缓解高新技术企业融资约束,不同特征的风险投资机构对其融资约束影响也存在明显差异,非政府背景风险投资缓解效果更好;风险投资持股比例越高,高新技术企业的融资约束越低;联合投资对高新技术企业的融资约束影响不显著;风险投资有助于成长期和成熟期高新技术企业的融资约束的缓解,尤其是成长期的高新技术企业效果更为明显。
This paper takes all listed high-tech enterprises from 2012 to 2017 as a sample, and demonstrates the impact of venture capital on the financing constraints of high-tech enterprises. The sample is classified according to the state-owned background and non-state-owned background, growth period, maturity period and recession period the study. The results show that the higher the proportion of venture capital shareholding, the risk investment is non-government background,the lower the financing constraint of high-tech enterprises;the joint investment has no significant impact on the financing constraints of high-tech enterprises. Venture capital can alleviate the financing constraints of high-tech enterprises, and there are also significant differences in the impact of different types of venture capital institutions on their financing constraints. Venture capital can help ease the financing constraints of high-tech enterprises in the long-term and mature periods, especially in the high-tech enterprises in the long-term.
作者
杨艳萍
尚明利
Yang Yanping;Shang Mingli(School of Management,Henan University of Technology,Zhengzhou 450001,China)
出处
《科技管理研究》
CSSCI
北大核心
2019年第22期227-236,共10页
Science and Technology Management Research
基金
国家社会科学基金项目“基于社会网络演化的创业投资风险缓解动态机制及多维策略研究”(16BGL026)
关键词
风险投资
融资约束
高新技术企业
面板数据回归
venture capital
financing constraints
high-tech enterprises
panel data regression
