摘要
基于实物期权视角,本文以2015―2018年958家新三板做市转让企业为样本,研究机构投资者参股行为对新三板企业实物期权价值的影响。研究发现,企业法人参股与实物期权价值负相关,同时削弱技术创新、盈利能力和成长性对实物期权价值的正向影响,这类机构投资者是企业利益侵占者;VC/PE和基金资管参股与实物期权价值正相关,有助于提升企业实物期权价值,此类机构投资者是命运共同体。进一步研究发现,VC/PE对新三板企业发展的外部驱动作用有限,表明新三板企业长期发展与期权价值的实现主要依靠内生创新动力。企业法人参股更关注自身商业利益,可能抑制高新技术企业期权价值实现,对此需强化监管与约束机制。
Based on the perspective of real options,this paper takes 958 NEEQ market making transfer enterprise as a sample to study the impact of institutional investors’equity participation on the real options value.It shows that the participation of corporates is negatively correlated with the real options value,and weakens the positive effects of technological innovation,profitability and growth on the real options value.Such institutional investors may be the usurpers of corporate interests.VC/PE and funds’equity participations are positively related to the value of real options,which helps to improve the options value.Such institutional investors may be comrades with a common destiny.Further research shows that some VC/PE investors do not play a significant role in driving the options value,which indicates that the value growth of NEEQ enterprises mainly depends on endogenous innovation power.The participated corporates pay more attention to their own business interests,potentially inhibiting the realization of the high-tech enterprises option value,which calls for the enhancement of the supervision and restraint mechanism.
出处
《证券市场导报》
CSSCI
北大核心
2020年第8期31-39,共9页
Securities Market Herald
关键词
机构投资者
新三板
做市转让企业
实物期权
institutional investors
NEEQ
market making transfer enterprise
real options
