谈判视角下风险投资股权配置及其成因——基于浙江数据的实证研究

发布时间：2019-03-02 19:31

【摘要】：股权配置是风险投资中的关键性问题,然而现有研究更多强调最优股权安排和制度设计,忽略对现实配置状态及其成因的关注。本研究从谈判视角构建了风险投资股权配置及其谈判力来源的理论框架,并结合浙江省数据进行实证分析,发现资金因素和人力资源因素在股权配置中有着不同作用机制。在资金方面,风险投资机构资金投入与风险投资机构股权比例存在正相关,但随创业企业发展相关性逐步趋弱。创业企业资金并非显著谈判力来源;在人力资源方面,创业者创业经历与风险投资机构股权比例存在负相关,随着创业企业发展相关性同样逐步趋弱。风险投资机构从业经验与其股权比例存在显著负相关。
[Abstract]:Equity allocation is a key issue in venture capital. However, the existing research emphasizes the optimal equity arrangement and system design, neglecting the attention to the actual allocation state and its causes. This study constructs the theoretical framework of equity allocation of venture capital and the source of bargaining power from the perspective of negotiation. Based on the empirical analysis of Zhejiang data, it is found that the factors of capital and human resources play different roles in the allocation of equity. In the aspect of capital, there is a positive correlation between venture capital investment and equity ratio of venture capital institution, but the correlation between venture capital investment and venture capital institution becomes weaker with the development of venture enterprises. Venture capital is not a significant source of bargaining power; in terms of human resources, entrepreneurial experience is negatively related to the proportion of equity in venture capital institutions, and with the development of venture enterprises, the correlation between venture capital and venture capital becomes weaker. There is a significant negative correlation between the experience of venture capital institutions and the proportion of their equity.
【作者单位】：中共浙江省委党校;
【基金】：国家社科基金“战略性新兴产业培育机制与路径研究”(编号:11CJL058) 浙江省自然科学基金“浙江省创投机构网络式治理与绩效提升的内在机制研究”(编号:Y6110805) 浙江省哲学重点基地“浙江省科学发展观与浙江发展研究中心”资助
【分类号】：F832.48;F224

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