创投引入后控制权配置对创业企业成长的影响

发布时间：2019-07-31 21:07

【摘要】：创投是促进企业快速成长的重要外部力量,但创投的引入是一把双刃剑,创投的资金支持和增值服务可以促进企业成长,但在创投和企业家的控制权冲突或双方存在道德风险时也可能损害企业的成长。本文通过对三家案例企业——奇虎360、京东商城、红孩子母婴商城的探索性研究,构建了"控制权配置—主体行为—创业企业成长"的理论架构,分析了控制权配置对创业企业成长的影响机理,剖析了投资者和企业家的信任关系对控制权配置的影响。案例研究显示合理的控制权配置有利于企业成长;主体间的信任促进了投资者对企业家的控制权让渡;控制权配置对主体行为产生影响,并最终影响企业绩效。
[Abstract]:Venture capital is an important external force to promote the rapid growth of enterprises, but the introduction of venture capital is a double-edged sword. The financial support and value-added services of venture capital can promote the growth of enterprises, but in the conflict of control between venture capital and entrepreneurs or when there is moral hazard between the two sides, it may also damage the growth of enterprises. Based on the exploratory study of three case enterprises, Qihu 360, JD.com Mall and Red Child Maternal and Child Mall, this paper constructs the theoretical framework of "control allocation-subject behavior-growth of entrepreneurial enterprises", analyzes the influence mechanism of the allocation of control rights on the growth of entrepreneurial enterprises, and analyzes the influence of the trust relationship between investors and entrepreneurs on the allocation of control rights. The case study shows that the reasonable allocation of control rights is beneficial to the growth of enterprises; the trust between subjects promotes the transfer of control rights to entrepreneurs by investors; the allocation of control rights has an impact on the behavior of the subject and ultimately affects the performance of enterprises.
【作者单位】：浙江农林大学经济管理学院;浙江省农民发展研究中心;杭州师范大学钱江学院;
【基金】：国家社科基金青年项目“创投引入后的创业企业控制权配置及其影响机制研究”(15CGL009) 教育部人文社科青年基金项目“风险投资机构参股对企业公开市场募资能力的影响机制研究:声誉异质性的视角”(15YJC630192) 浙江省哲学社会科学规划项目“风险投资机构参股对企业信贷市场融资能力的影响机制研究:声誉异质性视角”(16NDJC058YB)
【分类号】：F279.2

【相似文献】