联合风险投资、智力资本与创业企业价值创造

Joint Venture Capital, Intellectual Capital and Value Creation of Venture Enterprises

摘要: 以创业板上市企业为研究对象，剖析了联合风险投资、智力资本与创业企业价值创造三者间关系和作用机理，探讨智力资本在联合风险投资和企业价值创造间的中介作用。选取创业板上市企业2015~2018年相关数据，运用主成分分析法构建企业价值创造综合指标，构建联合风险投资、智力资本和企业价值创造的中介模型，并采用逐步多元回归方法进行检验。研究结果表明：联合风险投资和企业智力资本均能正向影响企业价值创造，并且联合风险投资可以通过提升创业企业的智力资本进而促进价值创造。在此研究基础之上，提出在风险投资过程中应该注重企业智力资本的提升和管理，加速创业企业价值创造。

Abstract: Taking GEM listed enterprises as the research object, this paper analyzes the relationship and ac-tion mechanism between joint venture capital intellectual capital and venture enterprise value creation, discusses the intermediary role of intellectual capital between joint venture capital and enterprise value creation, and selects GEM listed enterprises in 2015 Based on the relevant data of 2018, the principal component analysis method was used to construct the comprehensive index of enterprise value creation, and the mediation model of joint venture capital intellectual capital and enterprise value creation was constructed, and the stepwise multiple regression method was used to test it. The research results show that the joint venture capital and intellectual capital can posi-tively influence enterprise value creation, and the joint venture can startup enterprise intellectual capital through ascension and promote value creation Based on the research, put forward in the process of risk investment should pay attention to the promotion enterprise’s intellectual capital and management, accelerate the enterprise value creation.