The Effects of Venture Capital on the Entrepreneurial Firms' Investment
以2009-2012年中国创业板355家上市公司为样本，研究发现有风险投资支持的企业投资率和投资速度更高，且风险投资参与公司治理、持股比例高或有多家风险投资时效果更显著。
This paper selects 355 Hsted firms between 2009 and 2012 on China's Growth Enterprises Market as the sample,and investigates how venture capital affects entrepreneurial firms' investment The results show that,relative to those non- VC- financed firms,VC- financed firms have higher investment rate and investment speed.Further tests show that the effects are more significant for firms with venture capital participating in firms' corporate governance,higher venture capital shareholdings,or multiple venture capital investments.However,other variables such as characteristics of venture capital are not significantly associated with firms' investment.This paper suggests that in order to successfully exit from entrepreneurial firms,venture capital affects entrepreneurial firms' investment through contractual arrangement