Based on the sample of venture capital institutions invested into the listed companies on the SMEs board, this paper discusses the valueadding ability of CVC on start up firmsThis paper finds that, CVCbacked startups obtain lower valuation at the IPO and worsen the shortrun performance than independent venture capital (IVC)backed onesThe further empirical investigation proves that only when the startups have a strategic fit with the CVCS parent corporations, there would be a significant positive effect on valuationBesides, this effect is not completely from the superior project selection ability of CVCS parent corporationsAccording to the findings, this paper puts forward some advice on CVC activities, expecting this paper can promote the development of CVC in China.

本文以我国中小板2007—2014年间有风险投资机构参与的上市公司为样本，分析了公司型风险投资机构对新创企业价值增值的影响。研究发现，与独立风险投资（IVC）相比，公司型风险投资参与的上市公司在IPO时获得的估值较低，并且在上市短期（1年）内的经营绩效较差。而当公司型风险投资中的母公司与新创企业之间存在战略协同时，会对公司的价值增值产生显著的正效应，且这种正效应并不完全来自于CVC卓越的项目挑选能力。根据实证研究结论，本文提出了一些建议，希望能促进我国公司型风险投资更好地发展。