The Effect of Venture Capital on Invested Firms’ Social Responsibility: Evidence from Venture Capital’s Exits
The Effect of Venture Capital on Invested Firms’ Social Responsibility: Evidence from Venture Capital’s Exits
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DOI：
10.1080/1540496x.2022.2147784
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发表时间：
2022-11
影响因子：
4
通讯作者：
M. Cheng;Jun Liu;Zezhou Chen
中科院分区：
文献类型：
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作者：
M. Cheng;Jun Liu;Zezhou Chen
风险投资公司对被投资公司股东利益的影响在文献中得到了广泛的研究，但很少有研究考虑风险投资公司对其他利益相关者利益的影响。本文以2010年至2017年中国上市公司风险投资退出为样本，采用差异性分析方法，考察了风险投资对被投资企业社会责任的影响。我们发现，风险投资退出后，企业社会责任显著降低，尤其是如果风险投资不是国有企业或者是企业的短期投资者。进一步的分析表明，风险投资家的退出会影响到公司的股东、债权人、员工和环境利益。风险投资通过降低代理成本和减少财务约束来改善企业社会责任，而在风险投资退出企业后，代理成本和财务约束都显著增加。风险投资对企业社会责任的影响似乎也改善了公司绩效，这意味着这种积极的影响与股东利益是一致的。
ABSTRACT The impact of venture capital firms (VCs) on invested firms’ shareholder benefits is extensively examined in the literature, but few studies consider VCs’ impact on invested firms’ other stakeholder benefits. In this paper, we use the exit of VCs from a 2010 to 2017 sample of Chinese listed firms as a shock in a difference-in-differences analysis to investigate VCs’ influence on invested firms’ corporate social responsibility (CSR). We find that CSR decreases significantly after VCs’ exits, particularly if VCs are not state-owned or are short-term investors in firms. A further analysis shows that VCs’ exits affect firms’ shareholder, creditor, employee, and environmental benefits. VCs improve CSR by alleviating their agency costs and reducing their financial constraints, both of which increase significantly after VCs’ exit from firms. The effect of VCs on CSR also appears to improve corporate performance, implying that this positive effect is consistent with shareholder benefits.