风险投资参与是否影响企业“脱实向虚”？——基于中国资本市场的经验证据

摘要/Abstract

摘要： “脱实向虚”对经济高质量发展的负面影响引起了实务界的关注，对“脱实向虚”动因和后果的理论研究也成为了学术界的热点。本文以2015—2019年A股制造业公司为研究对象，基于风险投资的视角探讨其可能对上市公司“脱实向虚”行为产生的影响。结果表明：（1）风险投资参与驱动了企业“脱实向虚”，且相较于国有背景风险投资，非国有背景风险投资对企业“脱实向虚”的影响越显著;（2）相比较国有企业，风险投资对非国有企业“脱实向虚”的驱动效应越显著；（3）市场竞争程度越高，风险投资对企业“脱实向虚”的影响越明显。进一步从企业决策者的视角出发，考察CEO背景特征对上述关系的影响发现：当CEO具备技术背景、海外经历、贫困经历、更高的受教育水平或者长任职期限的特征时，风险投资驱动企业“脱实向虚”的效应会被削弱甚至抑制。本文不仅揭示了风险投资参与对非金融企业“脱实向虚”的影响，为非金融企业金融化动因分析提供了新的视角，同时也为国家精准出台化解企业“脱实向虚”的政策组合提供了经验证据。

关键词: 风险投资, 实体经济, “脱实向虚”, 市场竞争程度, CEO特征

Abstract: The negative impact of financialization on the high-quality economic development has arouseed attention in the business world, and theoretical researches on the motivation and consequences of financialization have also become a hot spot in academia. This paper takes the 2015—2019 A-share listed manufacturing companies as the research object to discuss what impact venture capital (VC) brings to their financialization. The results show that: (1) the higher proportion of investment a listed company receives from VC, the greater impact it will get in terms of financialization, and compared with state-owned VC, non-state-owned VC has a more significant impact on the company's financialization; (2) the driving effect of VC on non-state-owned enterprises' financialization is more significant than that on state-owned enterprises; and (3) the more competitive market a company operates in, the more significant impact VC will have on its financialization. Further analysis, from the perspective of corporate decision makers, of what impact CEO's background may have on the above mentioned relationship shows that in a company where its CEO has technical background, overseas experience, poverty experience, high level of academic qualification or a long tenure of office, the driving effect of VC on the company's financialization will be weakened or even suppressed. This paper not only reveals the impact of VC on non-financial companies' financialization, and provides a new perspective for the analysis of the motivations of non-financial companies' financialization, but also provides empirical evidence for the government to accurately introduce a policy mix against enterprises' financialization.

Key words: venture capital, real economy, financialization, market competition, CEO characteristics

吴斌, 沃鹏飞, 楼雯倩. 风险投资参与是否影响企业“脱实向虚”？——基于中国资本市场的经验证据[J]. 管理评论, 2023, 35(6): 15-32.

Wu Bin, Wo Pengfei, Lou Wenqian. Does Venture Capital Affect the Financialization of Enterprises?——Practical Evidence from China Capital Market[J]. Management Review, 2023, 35(6): 15-32.

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