中国人民大学企业与组织研究中心 组织经济学Workshop 【OE2015016】

    组织经济学（Organizational Economics）Workshop由中国人民大学企业与组织研究中心（CFOS）主办。CFOS的宗旨是，关注组织经济学前沿研究，利用现代经济学方法研究中国的企业、政府、市场和非营利组织的重大问题，推动企业理论、契约理论和制度经济学的研究与教学。关注CFOS，请访问http://CFOS.ruc.edu.cn。

时间：2015年9月24日（周四）14：00－16：00 地点：明德主楼0304 主持：杨其静（中国人民大学经济学院教授）、聂辉华（中国人民大学经济学院教授） 主讲：程商政 主讲论文题目：How Does Venture Capital Financing Improve Efficiency in Private Firms? A Look Beneath the Surface（Thomas J. Chemmanur et al, 2011） 摘要：We use the Longitudinal Research Database (LRD) of the U.S. Census Bureau, which covers the entire universe of private and public U.S. manufacturing firms, to study several related questions regarding the efficiency gains generated by venture capital (VC) investment in private firms. First, do VCs indeed improve the efficiency (total factor productivity, TFP) of private firms, and if so, are certain kinds of VCs (high reputation vs. low reputation) better at generating such efficiency gains than others? Second, do VCs invest in more efficient firms to begin with (screening), or do they improve efficiency after investment (monitoring)? Third, do efficiency improvements due to VC backing arise from increases in sales or reductions in costs? Fourth, do VC backing and the associated efficiency gains affect the probability of a successful exit (IPO or acquisition)? Our analysis shows that the overall efficiency of VC-backed firms is higher than that of non-VC-backed firms at every point in time. This efficiency advantage of VC-backed firms arises from both screening and monitoring: The efficiency of VC-backed firms prior to receiving financing is higher than that of non-VC-backed firms, and further, the growth in efficiency subsequent to VC financing is greater for such firms. The above increases in efficiency of VC-backed firms are spread over the first two rounds of VC financing after which the TFP of such firms remains constant until exit. Additionally, we show that while the TFP of firms prior to receiving financing is lower for high-reputation VC-backed firms, the increase in TFP subsequent to financing is significantly greater for these firms, consistent with high-reputation VCs having greater monitoring ability. We disentangle the screening and monitoring effects of VC backing using three different methodologies: switching regression with endogenous switching, regression discontinuity analysis, and propensity score matching. We show that while overall efficiency gains generated by VC backing arise primarily from improvements in sales, the efficiency gains of high-reputation VC-backed firms arise also from lower increases in production costs. Finally, we show that VC backing and the associated efficiency gains positively affect the probability of a successful exit.

中国人民大学经济学院 人大企业与组织研究中心 2015年9月23日