風險資本在促進經濟轉型和企業可持續發展中有重要作用。現有研究主要集中在風險資本對改善公司治理、提高投資效率等整體性影響,尚未深入到具體投資活動。本文以A股公司為樣本,基于投資偏好,考察風險資本改善企業投資效率的內在方式。結果發現,有風險資本參與的企業長期投資強度更高而短期交易水平顯著降低,尤其是資本性支出顯著高于沒有風險資本參與的企業;并且在制度效率較好的地區,上述影響更為明顯;聯合投資方式和風險資本的國有背景,均能對長期投資強度產生顯著正向影響,但沒有證據表明外資背景的風險資本具有顯著影響投資決策的能力。考察風險資本對成熟企業投資偏好的影響,為探索風險資本促進傳統產業轉型升級提供了可行方向。

This paper chooses the A-share listed companies as the sample,based on corporate investment preferences,to explore the specific way in which venture capital help corporations to improve their investment efficiency.We find that,compared to non-VC-backed firms,VC-backed firms’long-term investment intensity is significantly higher while short-term investment intensity is lower,especially their capital expenditure is significantly higher.The positive effect is more obvious in the regions with better institutional efficiency.Syndication and the governmental background of venture capital both have positive effect on the long-term investment intensity of firms,while foreign background doesn’t.The study of the impact of venture capital on the investment preferences of mature enterprises provides a feasible direction for future study of how venture capital promotes the transformation and upgrading of traditional industries.