国有风险资本与企业融资约束 : 如愿以偿还是事与愿违?

Government-sponsored Venture Capital and Corporate Financial Constraints : Wish-fulfilled or Backfired?

Research output: Journal Publications and Reviews (RGC: 21, 22, 62)21_Publication in refereed journalpeer-review

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Author(s)

  • 强皓凡
  • 严晗
  • 张文铖
  • 肖康康

Related Research Unit(s)

Detail(s)

Original languageChinese (Simplified)
Pages (from-to)154-169
Journal / Publication财经研究
Volume47
Issue number11
Publication statusPublished - Nov 2021

Abstract

我国国有风险资本是否实现了设立之初的目标,即是否纾解了企业融资困难呢?文章基于上市企业微观数据和手动采集的国有风险资本数据对此进行了系统研究。实证结果稳健地显示,国有风险资本可有效缓解企业后续融资约束,我国政府参与风险投资活动是有效的。进一步地,高持股比例、多联合投资、高政治层级的国有风险资本对受资助企业融资约束的缓解作用更强;且国有风险资本对经济欠发达、低制度质量环境下的企业、面临高环境不确定性和高竞争程度企业、民营企业、成长期与动荡期企业能产生更大的影响。机制检验表明,国有风险资本既能通过认证作用显著降低企业信息不对称程度,又能发挥政治关联的资源效应,包括显著促进银企关系和企业的商业信贷获取能力,并提升企业获得政府补贴的水平,从而减轻企业资金负担,缓解其融资约束。经济后果分析表明,国有风险资本能显著降低企业外部融资的股权资金成本和债务资金成本,帮助改善企业融资贵的难题,而且国有风险资本有助于企业在创新和经营方面的良性发展。但国有风险资本并未起到有效监督作用,不能缓解企业代理问题,尤其是会导致第一类代理成本的明显提高,而高管薪酬提升是其中的重要原因。据此,文章认为在未来的国有风险资本发展中,要把握"政府角色"介入的尺度,完善国有风险资本对企业的监督管理机制。同时适当兼顾各地区发展不平衡的情况,对中西部地区的国有风险资本发展提供适当且必要的帮助,以促进国有风险资本在新时期的长足发展。
Has the establishment goal of China’s government-sponsored venture capital to alleviate corporate financing difficulties achieved? This paper conducts a systematic study on this based on the micro data of listed companies and manually collected government-sponsored venture capital data. The empirical results steadily show that government-sponsored venture capital can effectively alleviate the degree of subsequent corporate financial constraints, thus the Chinese government’s involvement in venture capital activities has been effective and largely achieved the original purpose for which it was established. Furthermore, government-sponsored venture capital with a higher shareholding ratio, multi-joint investments, and higher political levels has a stronger effect on alleviating the financial constraints of funded enterprises. Heterogeneity analysis shows that government-sponsored venture capital has a stronger effect on enterprises in the environment of underdeveloped economy and low institutional quality, enterprises facing high environmental uncertainty and high competition, private enterprises, and enterprises in the period of growth and turbulence, the feature of which is like “timely help”. The mechanism test shows that government-sponsored venture capital can not only significantly reduce the degree of corporate information asymmetry through the role of certification, but also exert the resource effect of political connections, including significantly promoting bank-enterprise relations and the ability of enterprises to obtain trade credit, and increasing the government subsidies that enterprises receive, thereby reducing the financial burden of enterprises and alleviating their financial constraints. The analysis of economic consequences shows that government-sponsored venture capital can significantly reduce the cost of equity capital and debt capital for the external financing of enterprises, helping to improve the problem of expensive financing for enterprises, and contributes to the sound development of enterprises in innovation and operation. However, government-sponsored venture capital has not played an effective role in supervision, and cannot alleviate the principal-agent conflicts of enterprises, especially it will lead to a significant increase in the first type of agency costs, and the increase in executive compensation plays an important role. Therefore, in the future development of government-sponsored venture capital, it is necessary to grasp the degree of “government role” intervention, and improve the supervision and management mechanism of government-sponsored venture capital over enterprises. At the same time, taking into account the uneven development of regions, it is important to provide appropriate and necessary assistance to the development of government-sponsored venture capital in the central and western regions, so as to promote the rapid development of government-sponsored venture capital in the new era.

Research Area(s)

  • 国有风险资本, 融资约束, 认证作用, 监督作用, 政治关联, government-sponsored venture capital, financial constraints, certification role, supervisory role, political connection

Citation Format(s)

国有风险资本与企业融资约束 : 如愿以偿还是事与愿违?. / 强皓凡; 严晗; 张文铖; 肖康康.

In: 财经研究, Vol. 47, No. 11, 11.2021, p. 154-169.

Research output: Journal Publications and Reviews (RGC: 21, 22, 62)21_Publication in refereed journalpeer-review