创业投资对中国未上市中小企业管理提升和企业成长的影响
Chinese Venture Capital, Management Support and Firms’ Growth: Survey on Private SMEs

摘要 结合未上市中小企业的211份调查问卷数据以及部分手工收集的数据，研究了创业投资对企业成长的影响作用。实证结果表明，创业投资对未上市中小企业成长具有显著正向影响，但是创业投资的联合投资对企业成长有显著负向作用。中国创业投资通过提升未上市中小企业的管理能力，提高企业整合供应链能力，最终促进企业成长。在这一路径中，创业投资持股比例、外资创业投资的管理提升中介效应显著。创业投资与企业冲突不明显，关系较为融洽。
The study examines the effect of Chinese venture capital on firms’ growth based on survey and partly handcollected data on 211 private SMEs. The empirical results show that venture capital has significant positive impact on firms’ growth, but venture capital syndication has significant negative effect on firms’ growth. Venture capitals help integrate supply chain and improve the ability of management to promote private SMEs growth. And the mediating effect of venture capital’s shareholding ratio and foreign venture capital is significant in the effect of venture capital on firms’ growth. The conflicts between venture capital and entrepreneurs are inconspicuous while the relationship is harmonious