风险投资专长影响企业并购行为吗?——基于行业选择的视角

摘要/Abstract

摘要： 本文以创业板公司2011-2018年间的并购事件为样本,考察风险投资的行业专长对被投企业跨行业并购行为的影响。研究发现:风险投资的行业专长对企业选择具有较高风险的跨行业并购起到了促进作用;企业较强的吸收能力助推了利用风险投资行业专长开展跨行业并购的倾向;风险投资较高的参与程度抑制了风险投资行业专长对企业选择跨行业并购的促进作用;收购方所在地的市场化水平越高,风险投资行业专长越能促进企业选择跨行业并购;风险投资的行业专长、风险投资在并购标的企业所属行业的投资专长均有助于提升跨行业并购的绩效。本文对探究金融中介在推进企业重要战略实施中的作用、深化理解风险投资与被投企业这两类异质性主体之间的战略行为互动具有重要意义,也为企业开展跨行业并购及资本跨行业的流动提供了新的理论视角和现实参考。

关键词: 风险投资, 行业专长, 跨行业并购

Abstract: In this paper, we construct an analytical framework of the relationship between the industry expertise of venture capital and the cross-industry M&A choices of the invested enterprises, and make an empirical test based on the data of China's GEM listed companies from 2011 to 2018. The results show that industry expertise of venture capital plays a promoting role in cross industry M&A with higher risk; the strong absorptive capacity of enterprises promotes the tendency of using venture capital industry expertise to carry out cross industry M&A; the high participation degree of venture capital inhibits the promotion effect of venture capital industry expertise on cross industry M&A; the higher marketization level the acquirer is exposed to, the better able the venture capital industry expertise is to promote cross industry M&A; the industry expertise of venture capital and the investment expertise of venture capital in the industry of M&A target enterprises can help improve the performance of cross industry M&A. This paper is of great significance for exploring the role of financial intermediaries in promoting the important strategy of enterprises, and deepening the understanding of the strategic behavior interaction between venture capital institutions and invested enterprises. It also provides a new theoretical perspective and practical reference for enterprises to carry out cross industry mergers and acquisitions and capital flow across industries.

Key words: venture capital, industry expertise, cross industry M&A

余婕, 董静. 风险投资专长影响企业并购行为吗?——基于行业选择的视角[J]. 管理评论, 2023, 35(7): 96-111.

Yu Jie, Dong Jing. Does Venture Capital Expertise Affect the M&A Behavior of the Invested Enterprises?——From the Perspective of Industry Selection[J]. Management Review, 2023, 35(7): 96-111.

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