基于联合风险投资的创业智力资本对企业价值创造的作用机理研究
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摘要
知识经济背景下的创业企业通过引入联合风险投资获得财务资本和稀缺的智力资本支持,并有效地运用智力资本是创业企业迅速发展和创造价值的捷径。
本文从企业价值内涵出发,运用企业资源、能力、竞争优势等企业价值创造理论,并结合知识理论和风险投资理论等多学科知识,因循理论分析→实证研究→个案剖析的思路,试图从理论到实际和整体到局部的不同角度揭示联合风险投资带来的资源和效率是如何影响创业企业智力资本的价值创造活动,挖掘创业企业价值和竞争优势的形成的深层次原因。
论文首先阐述了企业价值创造和智力资本基本理论,并对该领域的国内外研究现状作了评述,以企业价值创造的“驱动因素→竞争优势→企业绩效→企业价值”过程模型作为研究的理论基础框架；对联合风险投资进行界定,描述我国联合风险投资的发展状况,对联合风险投资动因的研究现状进行评述,指出知识经济背景下的创业企业对于联合风险投资所带来各方面资源现实而迫切需求恰恰可能是被以往学者忽略的重要动机。
从创业企业特点出发分析创业企业价值的来源,通过对传统MM理论框架下企业内在价值模型变形改良,分析了创业智力资本对企业价值构成因子的作用途径,进而探讨了创业智力资本要素及其交互协同对企业价值创造的作用机理,并构建了创业智力资本要素价值过程模型。
在总结联合风险投资主要表现形式的基础上,分析了联合风险投资的动因；建立了联合风险投资价值溢出数理模型,分析其微观机理；根据创业企业不同生命周期阶段下融资和企业关系网络特点,探讨了智力资本对企业价值创造的贡献,以及联合风险投资在其过程中所发挥的作用；通过构建过程模型,进一步探究联合风险投资导入创业智力资本并创造企业价值的超循环机理。
在理论研究基础上,以风险投资活动极其活跃的创业板上市公司作为实证研究的对象,选取2010年12月31日以前在创业板上市的153家企业IPO和财务数据,首先进行了风险资本对创业板上市企业的IPO和业绩表现影响的实证研究,结果证明风险投资因素对创业企业价值创造具有一定的促进作用；接着,采用改进的智力增值系数VAIC法,针对不同风险投资背景下的创业企业就本研究所建立的智力资本要素价值概念模型,采用相关分析和多元回归分析方法进行实证研究,结果表明：衡量企业价值创造的财务绩效和市场价值指标之间存在相互印证关系,智力资本对企业的财务绩效和市场价值均有直接影响。
在理论研究和实证研究基础上,对借助联合投资迅速发展,并成功运用智力资本创造企业价值的高科技创业企业——同洲电子的案例进行了深入剖析,从实践操作层面提供了可借鉴的方法和思路。
With the advent of knowledge economy, the traditional production factors such as capital, labor and land have been replaced gradually by intellectual capital. It is difficult for the Start-ups to obtain the resources via the traditional credit channel. If the Start-ups obtain their much-needed financial capital and intellectual capital through the joint venture capital investment, and use intellectual capital effectively, they must be able to find a shortcut to realize enterprise value creation obviously.
This paper used the knowledge of multiple disciplines, including the enterprise creation theory, the knowledge theory and venture capital theory. It carried out research according to the train of thought:from the theory research, through empirical research, to case analysis. The purpose is to reveal the joint venture investment how to affect the enterprise intellectual capital and value creation activities.
This paper elaborated the basic theory of value creation and intellectual capital, reviewed the previous research in this area, put forward "driving factors→competitive advantage→enterprise performance→enterprise value " process model as the basis of research framework; and described the development of joint venture capital investment in China, commented motivation research status of joint venture capital investment, pointed out that under the background of knowledge economy, the Start-ups' urgent demand for various resources from the joint venture investment may be the important motivation which has been ignored by the former scholars.
According to the characteristics of the Start-ups, the paper discussed the source of enterprise value; analyzed the effect pathways of intellectual capital on enterprise value based on the intrinsic value formula of deformation; then probed into the action mechanism of intellectual capital in enterprise value creation, and constructed the process model.
Based on the summary of the various forms of joint venture investments, this paper discussed the motivation of joint venture capital investment, the establishment of a mathematical model to analyze the value overflow mechanism of joint venture capital investment; According to the characteristics of enterprise financing and business relationship network in different phases of enterprise life cycle, analyzed various factors of intellectual capital how to affect enterprise value creation. Further explored the entrepreneurial intellectual capital imported mechanism and hypercycle effect through the joint venture investment.
On the basis of this, we took on the empirical research according to the data of the listed companies of China's GEM board from2009to2010. This research analyzed venture capital's effect on the performance of IPO, the empirical result shows that it has to some extent promote the enterprise value creation; then, we empirical analyze the relationship between intellectual capital and enterprise value creation in different investment-background enterprises with improved VAIC. The results of correlation and multivariate regression show that:the financial performance has a significant positive impact on market performance, and intellectual capital has a significant positive impact on financial performance and enterprise value creation in all kinds of investment-background enterprises.
Finally, taking Shenzhen COSHIP Electronics Co., Ltd as an example, this paper analyzed the process and the result of obtaining its scarce intellectual capital through the joint venture investment, and carried on the comprehensive analysis in using of intellectual capital to create enterprise value successfully.
本文从企业价值内涵出发,运用企业资源、能力、竞争优势等企业价值创造理论,并结合知识理论和风险投资理论等多学科知识,因循理论分析→实证研究→个案剖析的思路,试图从理论到实际和整体到局部的不同角度揭示联合风险投资带来的资源和效率是如何影响创业企业智力资本的价值创造活动,挖掘创业企业价值和竞争优势的形成的深层次原因。
论文首先阐述了企业价值创造和智力资本基本理论,并对该领域的国内外研究现状作了评述,以企业价值创造的“驱动因素→竞争优势→企业绩效→企业价值”过程模型作为研究的理论基础框架；对联合风险投资进行界定,描述我国联合风险投资的发展状况,对联合风险投资动因的研究现状进行评述,指出知识经济背景下的创业企业对于联合风险投资所带来各方面资源现实而迫切需求恰恰可能是被以往学者忽略的重要动机。
从创业企业特点出发分析创业企业价值的来源,通过对传统MM理论框架下企业内在价值模型变形改良,分析了创业智力资本对企业价值构成因子的作用途径,进而探讨了创业智力资本要素及其交互协同对企业价值创造的作用机理,并构建了创业智力资本要素价值过程模型。
在总结联合风险投资主要表现形式的基础上,分析了联合风险投资的动因；建立了联合风险投资价值溢出数理模型,分析其微观机理；根据创业企业不同生命周期阶段下融资和企业关系网络特点,探讨了智力资本对企业价值创造的贡献,以及联合风险投资在其过程中所发挥的作用；通过构建过程模型,进一步探究联合风险投资导入创业智力资本并创造企业价值的超循环机理。
在理论研究基础上,以风险投资活动极其活跃的创业板上市公司作为实证研究的对象,选取2010年12月31日以前在创业板上市的153家企业IPO和财务数据,首先进行了风险资本对创业板上市企业的IPO和业绩表现影响的实证研究,结果证明风险投资因素对创业企业价值创造具有一定的促进作用；接着,采用改进的智力增值系数VAIC法,针对不同风险投资背景下的创业企业就本研究所建立的智力资本要素价值概念模型,采用相关分析和多元回归分析方法进行实证研究,结果表明：衡量企业价值创造的财务绩效和市场价值指标之间存在相互印证关系,智力资本对企业的财务绩效和市场价值均有直接影响。
在理论研究和实证研究基础上,对借助联合投资迅速发展,并成功运用智力资本创造企业价值的高科技创业企业——同洲电子的案例进行了深入剖析,从实践操作层面提供了可借鉴的方法和思路。
With the advent of knowledge economy, the traditional production factors such as capital, labor and land have been replaced gradually by intellectual capital. It is difficult for the Start-ups to obtain the resources via the traditional credit channel. If the Start-ups obtain their much-needed financial capital and intellectual capital through the joint venture capital investment, and use intellectual capital effectively, they must be able to find a shortcut to realize enterprise value creation obviously.
This paper used the knowledge of multiple disciplines, including the enterprise creation theory, the knowledge theory and venture capital theory. It carried out research according to the train of thought:from the theory research, through empirical research, to case analysis. The purpose is to reveal the joint venture investment how to affect the enterprise intellectual capital and value creation activities.
This paper elaborated the basic theory of value creation and intellectual capital, reviewed the previous research in this area, put forward "driving factors→competitive advantage→enterprise performance→enterprise value " process model as the basis of research framework; and described the development of joint venture capital investment in China, commented motivation research status of joint venture capital investment, pointed out that under the background of knowledge economy, the Start-ups' urgent demand for various resources from the joint venture investment may be the important motivation which has been ignored by the former scholars.
According to the characteristics of the Start-ups, the paper discussed the source of enterprise value; analyzed the effect pathways of intellectual capital on enterprise value based on the intrinsic value formula of deformation; then probed into the action mechanism of intellectual capital in enterprise value creation, and constructed the process model.
Based on the summary of the various forms of joint venture investments, this paper discussed the motivation of joint venture capital investment, the establishment of a mathematical model to analyze the value overflow mechanism of joint venture capital investment; According to the characteristics of enterprise financing and business relationship network in different phases of enterprise life cycle, analyzed various factors of intellectual capital how to affect enterprise value creation. Further explored the entrepreneurial intellectual capital imported mechanism and hypercycle effect through the joint venture investment.
On the basis of this, we took on the empirical research according to the data of the listed companies of China's GEM board from2009to2010. This research analyzed venture capital's effect on the performance of IPO, the empirical result shows that it has to some extent promote the enterprise value creation; then, we empirical analyze the relationship between intellectual capital and enterprise value creation in different investment-background enterprises with improved VAIC. The results of correlation and multivariate regression show that:the financial performance has a significant positive impact on market performance, and intellectual capital has a significant positive impact on financial performance and enterprise value creation in all kinds of investment-background enterprises.
Finally, taking Shenzhen COSHIP Electronics Co., Ltd as an example, this paper analyzed the process and the result of obtaining its scarce intellectual capital through the joint venture investment, and carried on the comprehensive analysis in using of intellectual capital to create enterprise value successfully.
引文
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