| 摘要: |
| 本文选取2008-2018年在中小板上市并有风险投资介入的企业为样本，从机构持股比例和委派董事数量两个维度探究了风投机构介入对企业创新投入的影响，以及股权集中度的调节作用。实证结果发现：风险机构在投后管理阶段增加持股比例或委派董事数量，均有利于提高企业创新投入；股权集中度在风险投资介入与企业创新投入之间关系发挥负向调节作用，即当股权集中度越高，风险机构介入对企业创新投入的正向影响会弱化。进一步研究发现，股权制衡可约束控股股东的行为，强化风投机构参与对企业创新投入的正向影响，也验证了股权集中度的负向调节作用。据此，本文从风投机构促进企业创新的角度，提出一些完善企业股权结构的建议。 |
| 关键词: 风险投资；企业创新；股权结构；双调节模型 |
| DOI： |
| 分类号:F832 |
| 基金项目: |
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| Ownership Concentration and Innovation Input under the Background of Venture Capital |
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XU Yao
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School of Finance，Zhejiang Gongshang University
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| Abstract: |
| This article selects the companies listed on the small and medium sized board from 2008 to 2018 and involved in venture capital investment as a sample.From the two dimensions of institutional shareholding ratio and the number of appointed directors，this paper explores the impact of venture capital institution intervention on enterprise innovation investment.The empirical results find that the increase in the shareholding ratio or the number of directors appointed by the risk institution in the post-investment management stage is conducive to increasing the enterprise’s innovation investment；the equity concentration plays a negative regulatory role in the relationship between venture capital intervention and enterprise innovation investment，namely when the higher the concentration of equity，the positive impact of risk agency intervention on corporate innovation investment will be weakened.Further research finds that equity checks and balances can constrain the behavior of controlling shareholders，strengthen the positive impact of venture capital institutions’ participation on corporate innovation investment，and also verify the negative adjustment effect of equity concentration.Based on this，this article puts forward some suggestions for improving the enterprise’s shareholding structure from the perspective of VC institutions promoting enterprise innovation. |
| Key words: Venture Capital；Innovation Investment；Equity Concentration；Double RegulationModel |
