摘要
以2000—2015年全球上市的中国企业为样本,考察外资风险投资对企业国际化的影响是否与企业上市进程及上市地点相关。研究发现,相对于内资风险投资,外资风险投资显著提升企业在海外上市的可能性,上述现象在国内创业板开通前更加明显;企业国际化是外资风险投资影响企业海外上市的主要渠道,外资风险投资通过加快企业国际化进程,进而实现海外上市的退出目标;但是,外资风险投资对企业国际化的积极影响不具有持续性,企业邻近上市时正向影响达到最大,企业上市后产生负向影响,且这种先升后降的关系尤其表现在海外上市企业。相对于企业国际化,外资风险投资更加看重企业能否海外上市。外资风险投资所推动的企业国际化是以海外上市为导向的机会主义国际化,而非战略意义的企业国际化。
Using Chinese firms listed globally from 2000 to 2015 as a sample,this paper examines the impact of FVC on firm internationalization,and whether the impact is related to the process of listing and the location of listing.Our results show that,compared with domestic venture capital(DVC),FVC significantly improves the possibility of overseas listing,which is more pronounced before the opening of the domestic Growth Enterprises Market Board.Firm internationalization is the main channel for FVC to affect overseas listing.FVC accelerates firm internationalization to achieve the exit goal of overseas listing.However,the positive impact of FVC on firm internationalization is not sustainable,and the impact reaches the highest when it comes to the listing year,and has a negative impact after successful listing.This relationship is especially manifested in overseas listed firms.These findings suggest that compared with firm internationalization,FVC pays more attention to overseas listing.The internationalization process promoted by FVC is opportunistic internationalization for the purpose of overseas listing,but not strategic internationalization.Our paper reveals the dynamic impact of FVC on firm internationalization.Previous literature holds that FVC plays a significant positive role in promoting firm internationalization.Contrary to popular belief,our paper finds that the impact of FVC on firm internationalization is closely related to the process of firm overseas listing,which shows that the impact of FVC on firm internationalization is dynamic.Also,our paper explores the main influencing factors of Chinese firms’overseas listing.The motivation of firm overseas listing is controversial in theory.Our results show that there is an alternative relationship between overseas listing and domestic listing,and overseas listing has no significant effect in promoting firm internationalization.We can conclude that compared with the“internationalization hypothesis”and the“corporate governance hypothesis”,the“financing hypothesis”and the“private benefits hypothesis”can better explain the motivation of Chinese firms’overseas listing.Lastly,our paper demonstrates the role of VC when firms choose the listing location and timing.By accelerating firm internationalization,FVC realizes the purpose of rapid exit by overseas listing.
作者
彭涛
黄福广
李娅
吴馨睿
Peng Tao;Huang Fuguang;Li Ya;Wu Xinrui(International School of Business&Finance,Sun Yat-sen University,Zhuhai 519082,China;Business School,Nankai University,Tianjin 300071,China;School of Economics and Management,Tiangong University,Tianjin 300387,China)
出处
《外国经济与管理》
CSSCI
北大核心
2020年第4期123-138,共16页
Foreign Economics & Management
基金
国家自然科学基金青年项目(71702203,71702128,71703176)
国家自然科学基金面上项目(71973052)
中山大学科研业务基本费青年培育项目(17wkpy32)。
关键词
外资风险投资
海外上市
企业国际化
foreign venture capital
overseas listing
firm internationalization
作者简介
彭涛(1987-),男,中山大学国际金融学院特聘副研究员;黄福广(1963-),男,南开大学商学院教授,博士研究生导师;通讯作者:李娅(1981-),女,天津工业大学经济与管理学院讲师(liya@tiangong.edu.cn);吴馨睿(1999-),女,中山大学国际金融学院本科生。
