公司型风险投资增加了新创企业的价值吗

摘要

Based on the sample of venture capital institutions invested into the listed companies on the SMEs board,this paper discusses the value-adding ability of CVC on start-up firms.This paper finds that, CVC-backed start-ups obtain lower valuation at the IPO and worsen the short-run performance than inde-pendent venture capital (IVC)-backed ones.The further empirical investigation proves that only when the start-ups have a strategic fit with the CVCS�parent corporations,there would be a significant positive effect on valuation.Besides,this effect is not completely from the superior proj ect selection ability of CVCS�parent corporations.According to the findings,this paper puts forward some advice on CVC activi-ties,expecting this paper can promote the development of CVC in China.%本文以我国中小板2007—2014年间有风险投资机构参与的上市公司为样本，分析了公司型风险投资机构对新创企业价值增值的影响。研究发现，与独立风险投资(IVC)相比，公司型风险投资参与的上市公司在IPO 时获得的估值较低，并且在上市短期(1年)内的经营绩效较差。而当公司型风险投资中的母公司与新创企业之间存在战略协同时，会对公司的价值增值产生显著的正效应，且这种正效应并不完全来自于 CVC卓越的项目挑选能力。根据实证研究结论，本文提出了一些建议，希望能促进我国公司型风险投资更好地发展。