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20 June 2026

公司创业投资对创业企业ESG 表现的影响
—— 基于深圳创业板的实证分析

明哲 乔1 俊 余1 文慧 肖1
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1 上海对外经贸大学 金融管理学院, 中国
ASDS 2026 , 2(6), 69–75; https://doi.org/10.61369/ASDS.2026060013
© 2026 by the Author(s). Licensee Art and Technology, USA. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution -Noncommercial 4.0 International License (CC BY-NC 4.0) ( https://creativecommons.org/licenses/by-nc/4.0/ )
Abstract

随着公众对可持续发展和企业社会责任的日益关注,ESG 表现已成为评价企业的重要指标。基于深圳创业板上市公司2009-2023年数据的实证分析显示:(1)公司创业投资(CVC)支持的创业企业ESG 表现显著高于没有CVC 支持的创业企业;(2)CVC 支持的创业企业ESG 表现高于独立创业投资(IVC)支持的创业企业;(3)CVC 双方业务垂直相关性对创业企业ESG 表现存在正向影响;(4)CVC 持股比例对业务垂直相关性和创业企业ESG 表现之间的关系存在负向调节作用。异质性分析显示,国有背景、制造业和高ESG 关注度年份的样本中,CVC 对创业企业ESG表现的正向影响更强。

Keywords
公司创业投资
创业企业
ESG 表现
风险投资
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