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中小型公司技术创新具有独特优势,但其发展过程中的制度缺失、代理问题等限制可能对投资效率产生影响。本文以2010~2014年创业板上市公司为研究对象,探讨其自由现金流、资金缺口与非效率投资的关系,并考察风险资本在其中发挥的作用。研究表明,我国创业板上市企业存在非效率投资现象,企业自由现金流越充裕,越有可能投资过度;企业的资金缺口越大,越有可能出现投资不足。对于有风险资本持股的企业,其投资过度现象与投资不足现象较少,原因在于风险资本对企业自由现金流利用具有优化作用并且有助于弥补企业资金缺口。
Technological innovation in small and medium-sized companies has unique advantages, but the limitations of institutional development and agency problems in the course of its development may have an impact on investment efficiency. This article takes GEM from 2010 to 2014 as the research object, explores the relationship between free cash flow, funding gap and inefficient investment and examines the role of venture capital in it. The research shows that there is a phenomenon of inefficient investment in listed companies in China’s GEM, the more abundant free cash flow, the more likely it is to overinvest; the larger the capital gap, the more likely it is to underinvest. There is less overinvestment and underinvestment in venture capital-capped enterprises because venture capital has an optimal effect on the utilization of free cash flow of enterprises and can help to make up for the funding gap of enterprises.