董事会席位对风投机构投融资的影响
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摘要
利用CSMAR数据库和私募通数据库,搜集2009—2016年A股上市企业董事会数据和风投机构投融资数据,分析风投机构占据上市企业董事会席位对自身投融资的影响。结果显示:①占据上市企业董事会席位能提升风投机构的融资金额和融资次数;②占据上市企业董事会席位能提升风投机构投资早期企业和高科技行业企业比例;③风投机构市场地位负向调节董事会席位对风投机构投融资的影响。
Using the data of directors of A-share listed companies collected from CSMAR and the data of VC fundrasing and investment collected from PEdata during 2009 to 2016,this paper investigates the influence of venture capital firm(VC) holding directorships in listed companies on VCs' fundrasing and investment.Results show that:①holding directorships in listed companies can increase the amount and times of VC's financing;②holding directorships in listed companies can increase proportion of VC investing in early-stage and high-tech enterprises;③market status negatively moderate the relationship between directorship and fundrasing and investment.
Using the data of directors of A-share listed companies collected from CSMAR and the data of VC fundrasing and investment collected from PEdata during 2009 to 2016,this paper investigates the influence of venture capital firm(VC) holding directorships in listed companies on VCs' fundrasing and investment.Results show that:①holding directorships in listed companies can increase the amount and times of VC's financing;②holding directorships in listed companies can increase proportion of VC investing in early-stage and high-tech enterprises;③market status negatively moderate the relationship between directorship and fundrasing and investment.
引文
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[17] PODOLNY J M.Status signals:a sociological study of market competition[M].New Jersey:Princeton University Press,2005.
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[19] MILANOV H,SHEPHERD D A.The importance of the first relationship:the ongoing influence of initial network on future status[J].Strategic Management Journal,2013,34(6):727-750.
[20] BERNSTEIN S,GIROUD X,TOWNSEND R R.The impact of venture capital monitoring[J].The Journal of Finance,2016,71(4):1591-1622.
[21] 董静,汪江平,翟海燕,等.服务还是监控:风险投资机构对创业企业的管理——行业专长与不确定性的视角[J].管理世界,2017(6):82-103.
[22] GOMPERS P A,LERNER J.What drives venture capital fundraising[J].Social Science Electronic Publishing,1998(7):149-204.
[23] 董建卫,杨敏利,郭立宏.宏观经济环境、“飞向品质”与风险资本筹集[J].管理评论,2014,26(1):23-29+87.
[24] 党兴华,施国平,仵永恒.政治关联与风险资本筹集[J].预测,2015,34(6):45-50.
[25] 叶小杰.风险投资声誉、产权性质与基金募集[J].山西财经大学学报,2017,39(3):30-43.
[2] HELLMANN T,PURI M.Venture capital and the professionalization of start-up firms:empirical evidence[J].The Journal of Finance,2002,57(1):169-197.
[3] LINDSEY L.Blurring firm boundaries:the role of venture capital in strategic alliances[J].The Journal of Finance,2008,63(3):1137-1168.
[4] GORMAN M,SAHLMAN W A.What do venture capitalists do[J].Journal of Business Venturing,1989,4(4):231-248.
[5] CELIKYURT U,SEVILIR M,SHIVDASANI A.Venture capitalists on boards of mature public firms[J].Review of Financial Studies,2014,27(1):56-101.
[6] DESSI R,YIN N.Venture capital and knowledge transfer[R].SSRN Working Paper,2015,No.2642596.
[7] 吴超鹏,张媛.风险投资对上市公司股利政策影响的实证研究[J].金融研究,2017(9):178-191.
[8] 陈闯,张岩,吴晓晖.风险投资、创始人与高管薪酬——多边代理视角[J].管理科学学报,2017,20(6):78-88.
[9] 施国平,陈德棉,丁文虎.双重网络嵌入对创业投资资本筹集的影响研究[J].管理学报,2018,15(5):695-702.
[10] HOCHBERG Y V,LJUNGQVIST A,LU Y.Whom you know matters?venture capital networks and investment performance[J].The Journal of Finance,2007,62(1):251-301.
[11] LEE P M,WAHAL S.Grandstanding,certification and the underpricing of venture capital backed IPOs[J].Journal of Financial Economics,2004,73(2):375-407.
[12] PAHNKE E C,KATILA R,EISENHARDT K M.Who takes you to the dance?how partners' institutional logics influence innovation in young firms[J].Administrative Science Quarterly,2015,60(4):596-633.
[13] HASAN I,KHURSHED A,MOHAMED A,et al.Do venture capital firms benefit from a presence on boards of directors of mature public companies[J].Journal of Corporate Finance,2018(49):125-140.
[14] KHURSHED A,MOHAMED A,SCHWIENBACHER A,et al.How do local venture capital firms benefit from cross-border syndications with foreign partners[R].SSRN Working Paper,NO.114039,2017.
[15] SAUDER M,LYNN F,PODOLNY J M.Status:insights from organizational sociology[J].Annual Review of Sociology,2012,38(1):267-283.
[16] POLLOCK T G,LEE P M,JIN K,et al.(Un)tangled exploring the asymmetric coevolution of new venture capital firms′ reputation and status[J].Administrative Science Quarterly,2015,60(3):482-517.
[17] PODOLNY J M.Status signals:a sociological study of market competition[M].New Jersey:Princeton University Press,2005.
[18] 冯冰,党兴华,杨敏利.网络地位对风险投资机构跨区域筹资的影响研究[J].预测,2015(2):48-53.
[19] MILANOV H,SHEPHERD D A.The importance of the first relationship:the ongoing influence of initial network on future status[J].Strategic Management Journal,2013,34(6):727-750.
[20] BERNSTEIN S,GIROUD X,TOWNSEND R R.The impact of venture capital monitoring[J].The Journal of Finance,2016,71(4):1591-1622.
[21] 董静,汪江平,翟海燕,等.服务还是监控:风险投资机构对创业企业的管理——行业专长与不确定性的视角[J].管理世界,2017(6):82-103.
[22] GOMPERS P A,LERNER J.What drives venture capital fundraising[J].Social Science Electronic Publishing,1998(7):149-204.
[23] 董建卫,杨敏利,郭立宏.宏观经济环境、“飞向品质”与风险资本筹集[J].管理评论,2014,26(1):23-29+87.
[24] 党兴华,施国平,仵永恒.政治关联与风险资本筹集[J].预测,2015,34(6):45-50.
[25] 叶小杰.风险投资声誉、产权性质与基金募集[J].山西财经大学学报,2017,39(3):30-43.