联合风险投资网络能提升企业投资效率吗——基于创业板数据的PSM回归分析
Can the Joint Venture Capital Network Improve the Efficiency of Enterprise Investment——PSM Regression Analysis Based on GEM Data

随着创业投资领域风险投资人的广泛引入，联合风险投资对企业投资效率的影响受到关注。利用2011-2015年5年间中国创业板相关联合风险投资和企业投资效率数据，基于资源基础观理论，利用PSM估计，实证分析了联合风险投资对企业投资过度和投资不足的不同影响作用，进而分析了行业层面和风险投资人层面不同调节变量的调节作用，并据此提出了相关的政策和企业战略建议
With the extensive introduction of venture capital investors in venture investment, the influence of joint venture capital on efficiency of enterprise investment is gaining increasingly more attention. Based on 2011-2015 data of China's GEM related to joint venture capital investment and enterprise investment efficiency, the paper uses PSM estimates to do an empirical analysis of different effects of the joint venture capital to excessive and inadequate enterprise investment from the perspective of resource-based theory, then analyzes the effects of the moderating variables differing with the industry level and venture capitalists level. Accordingly, it puts forward the corresponding advice for policy and strategy.