6639 
6862风险投资机构对于企业的作用，到底是基于投前的筛选眼光，还是投后的增值能力，文章以我国中小企业板上市公司为样本，探讨该问题。研究发现：（1）投资之前，VC易选择研发投入高、成长性好、负债率高、经营效率差的企业；（2）投资之后，VC的增值服务能力使被投企业的经营效率显著提高，股东收益率得以大幅提升。（3）相对于无VC支持的企业，有VC支持的企业在盈利能力、经营效率、财务杠杆等方面显著较好，其中高的盈利能力主要来自于VC的投后增值作用，较好的经营效率和财务杠杆是由VC的事前筛选和事后增值两方面共同作用的结果。因此，我国的VC在投资前一般会选择经营效率差、债务率高的企业，投资后则通过增值服务使企业经营效率大幅提升，资本结构更为合理，并获得更好的权益净利率。这为认识我国风险投资对创业企业的价值增值机制做出了贡献。
VC投资：投前筛选还是投后增值
摘要
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引用本文
王秀军, 李曜. VC投资：投前筛选还是投后增值[J]. 上海财经大学学报, 2016, 18(4): 83–96.
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