Journal of Corporate Finance · Volume 35, December 2015, Pages 159–176

风险投资与成长型高科技公司的投资曲线

作者：Fabio Bertoni (EMLYON Business School), Annalisa Croce (Politecnico di Milano, DIG, Italy), Massimiliano Guerini (Politecnico di Milano, DIG, Italy)

摘要：这篇文章探讨风险资本（VC）如何和何时缓解投资组合公司的融资约束。在一个包含了128个具有风险投资支持的和233个通过倾向评分匹配识别出的不具有风险投资支持的公司样本中，我们通过考虑投资曲线可能由于资本市场缺陷而呈U形的事实来估计误差修正模型。研究结果表明，风险资本引导投资组合公司的投资曲线变平，这表明融资约束的减弱。但是，只有在公司接受后续风投资金时，这种影响在经济和统计学上才是显著的。因为平均而言，后续不涉及更大的投资额，并且具有比初始轮次投资更强的信息内容，我们对这个结果的解释表明风险投资认证对缓解投资组合公司的融资约束具有重要的意义。有关风险投资支持公司获得信贷的证据证实了对结果的这种解释。

关键词：风险投资；投资曲线；成长型高科技公司；融资约束；分期；认证

Venture capital and the investment curve of young high-tech companies

Fabio Bertoni (EMLYON Business School), Annalisa Croce (Politecnico di Milano, DIG, Italy), Massimiliano Guerini (Politecnico di Milano, DIG, Italy)

ABSTRACT

We explore how and when venture capital (VC) alleviates the financial constraints of portfolio companies. Using a sample comprising 128 VC-backed companies and 233 non-VC-backed companies identified by propensity score matching, we estimate an error-correction model by accounting for the fact that the investment curve may be U shaped because of capital market imperfections. Our findings show that VC leads the investment curve to flatten in portfolio companies, which indicates an alleviation of financial constraints. This effect, however, is economically and statistically significant only after companies receive a follow-on round of VC financing. Because follow-on rounds, on average, do not involve larger amounts invested but have stronger informative content than initial rounds of investment, we interpret this result to indicate the importance of VC certification for the alleviation of financial constraints in portfolio companies. Evidence regarding the access to credit by VC-backed companies confirms this interpretation of the results.

Keywords: Venture capital; Investment curve; Young high-tech companies; Financial constraints; Staging; Certification

原文链接：

http://www.sciencedirect.com/science/article/pii/S0929119915001030

翻译：熊进宗