财务与会计系列讲座(二十一):公私合作与风投资本效率

发布者:商学院办公室     时间:2018-04-08

报告题目:Public-Private Partnership and Firm Performance: Evidence from the Chinese Venture Capital Industry

报告人:王兰芳  上海财经大学会计学院副教授、博士生导师

时间:2018年4月12日 (星期四)  1:30-5:00

地点:老图书馆104会议室

邀请部门:会计学系、公司财务研究所

 

报告简介:

We examine the impact of public-private partnership (P3) on the performance of VC firms in China. We use successful/unsuccessful exits from VC-financed entrepreneurial companies and number of patent applications by VC-financed companies as proxies for VC firms’ performance. Consistent with existing research on the inferior performance of SOEs relative to non-SOEs, we find that government-controlled VC firms (GVCs) underperform domestic private investors-controlled VC firms (PVCs). More importantly, we find that introducing minority private investors (i.e., P3) helps improve the performance of GVCs. However, we find no evidence that introducing minority government investors (i.e., P3) helps improve the performance of PVCs. Our results provide relevant information to the ongoing debate on the role of the government investors and private investors in developing the venture capital industry in emerging markets.

 

报告人简介:

王兰芳博士2007年毕业于香港科技大学,获经济学博士,2008年入选上海浦江学者,现任上海财经大学会计学院副教授、博士生导师;研究方向为创业投资和企业创新;王兰芳博士的研究成果发表于《会计研究》、《金融研究》、《经济学(季刊)》、《经济学动态》、《财经研究》和Journal of Comparative Economics、Journal of Corporate Finance、Pacific-Basin Finance Journal、Financial Review、Journal of Empirical Finance、Journal of Economics & Finance等重要的中英文学术期刊上,并担任《经济学(季刊)》、《财经研究》、Journal of Banking and Finance、China Finance Review International以及国家自科基金项目的评审专家。

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