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风险投资的增值职能对创业企业至关重要,是风险投资领域最重要的研究问题之一。现有文献侧重于风险投资增值职能与单边选择效应的分离识别。文章提出双边选择效应与风险投资增值职能的区分,研究了风险投资增值职能对企业IPO结果的作用机制。文章利用1999-2009年风险投资机构投资中国创业企业的1 623个样本,以及截至2016年6月30日被投资企业IPO成功与否的数据,考察了风险投资机构是否发挥了增值职能。文章在充分考虑“好风投”与“好企业”更容易结合的双边选择效应基础上,同时考察了风险投资机构和创业企业自身在IPO过程中可能存在的“增值效应”。实证分析和稳健性检验均表明,“好风投”未能充分发挥对创业企业的增值效应,在推动IPO方面的影响并不显著,而创业企业的自身优势才是其更容易成功IPO的主要决定因素。文章的研究为理解风险投资机构的增值职能提供了新的视角,有助于正确认识风险投资机构和创业企业的行为特征及其经济效率。
The value-added functions of venture capital are very important to start-ups and one of the most important research issues in venture capital. The existing literature focuses on the separation and identification of value-added functions of venture capital and unilateral selection effects. The article puts forward the distinction between the bilateral selection effect and the value-added function of venture capital and studies the mechanism of the value-added function of venture capital on the result of IPO. Using the data of 1 623 VC firms investing in Chinese start-ups in 1999-2009 and the successful IPOs of investees as of June 30, 2016, the paper examines whether VCs play a value-adding role. On the basis of fully considering the bilateral selection effect that “good venture capital ” and “good business ” are more easily combined, the article also examines the possible “value-added effect” of venture capital institutions and start-ups in the IPO process, “. Empirical analysis and robustness test show that ”good venture capital " failed to give full play to the value-added effect of the start-up enterprises, the impact in promoting the IPO is not significant, but the entrepreneur’s own advantage is its more successful IPO The main determinant The study of the article provides a new perspective for understanding the value-added functions of venture capital institutions and helps to correctly understand the behavioral characteristics and economic efficiency of venture capital firms and start-ups.