Abstract: From the perspective of dealing with the endogenous relationship between Venture Capital and entrepreneurial firms, this paper aims to examine whether it is the superior performance of entrepreneurial firms that attracts the entry of VC investments or the active involvement of VC investments that leads to the performance improvement of ventures. Based on the panel data of PSM matched sample firms on the SME and ChiNext boards in China, this paper uses logit models, DID treatment regressions and the two-stage Heckman models combined with endogenous switching methodology to differentiate VC firms’ ex-ante and ex-post impact on the performance of entrepreneurial firms. The results demonstrate that VC firms can screen the better-performed ventures during the ex-ante process, but impose the significant treatment effect on the ventures’ operational performance in a negative way after the entry of VC investments. Furthermore, the characteristics of VC investments have significant moderating impact on VC firms’ ex-post effect. The young and inexperienced VC firms exert greater negative ex-post effect on the venture firms’ performance than those mature VC firms; the late stage VC programs have greater negative ex-post effect than early stage VC programs; the VC programs in traditional industries exert greater negative ex-post effect than those in high-tech industries.

Key words: venture capital investment, operational performance, screening effect, incremental effect

摘要： 基于风险投资与企业绩效的内生性关系视角,即是风险投资事前选择了业绩更优的项目,还是其事后监督辅助提升了参与企业的绩效,本文对深圳创业板与中小板上市企业进行PSM配对,并对配对样本在2001至2014年的面板数据进行回归分析,研究发现与同质非风投支持企业相比,风投支持的企业总体上表现出了显著的绩效优势,但这种绩效优势仅仅源自于企业的自身发展能力。风险投资机构在投资前对优质项目具备积极的筛选能力;但在控制了风险投资的筛选效应后,风险投资机构的事后介入对受资企业的绩效甚至起到一定程度的抑制作用。在Heckman两阶段模型结合内生转置回归模型检验中同样证明了风险投资机构具有积极的事前筛选效应;但其事后介入对受资企业的经营绩效产生负向处理效应。此外,风险投资的特征因素对其事后处理效应具有显著的调节作用:相比成熟的风投机构,年轻风投对企业的经营绩效表现出更大的负面事后处理效应;而相比在企业初创阶段介入的风投机构,在企业后期发展阶段介入的风投对参与企业经营绩效表现出更大的负面事后处理效应;相比新兴产业,在传统产业中风投对企业经营绩效表现出更大的负面事后处理效应。

关键词: 风险投资, 经营绩效, 筛选效应, 增值效应