服务还是监控:风险投资机构对创业企业的管理——行业专长与不确定性的视角

发布时间：2018-06-06 11:56

本文选题：风险投资 + 创业企业　；参考：《管理世界》2017年06期

【摘要】：本文以中国中小板和创业板上市公司为研究样本,探析并检验了风险投资机构的基本管理手段对创业企业绩效的影响,以及行业专长和不确定性对上述影响的调节机制。开创性地对创业企业和风险投资管理模式进行分类,探讨并验证了二者之间的匹配关系。研究结果表明:(1)风险投资机构提供的增值服务对创业企业绩效有显著的正向影响,且风险投资机构的行业专长越高,越能增强这种影响;(2)风险投资机构实施的监督控制对创业企业绩效的影响不显著,但是当创业企业面临的不确定性越高时,越多的监督控制对企业绩效会产生负向影响;(3)风险投资管理模式与创业企业类型之间存在匹配关系:在风险投资机构具有高行业专长和创业企业面对低不确定性的情形下,教练型管理模式的效果最好;在风险投资机构具有高行业专长和创业企业面对高不确定性的情形下,服务加强型管理模式的效果最好;在风险投资机构具有低行业专长和创业企业面对低不确定性的情形下,控制加强型管理模式的效果最好;在风险投资机构具有低行业专长和创业企业面对高不确定性的情形下,与理论预期不同的是放养型管理模式在统计上不显著。本文开创性地研究了风险投资机构介入创业企业进而创造价值的内在管理机制,对丰富风险投资理论和创业企业理论具有较高的学术和实践价值,为风险投资机构"合理"介入创业企业提供了实证参考。
[Abstract]:This paper takes the Chinese small and medium-sized board and the gem listed companies as the research samples to explore and test the impact of the basic management methods of venture capital institutions on the performance of venture capital enterprises, as well as the adjustment mechanism of industry expertise and uncertainty to the above effects. This paper classifies venture capital management mode and venture capital management mode, discusses and verifies the matching relationship between venture capital management mode and venture capital management mode. The results show that the value added services provided by venture capital institutions have a significant positive impact on the performance of venture capital firms, and the higher the industry expertise of venture capital firms, The more this effect can be enhanced, the less significant the impact of supervision and control implemented by venture capital institutions on the performance of venture capital firms is, but the higher the uncertainty the venture capital firms face, The more supervision and control has a negative impact on enterprise performance, the more matching relationship exists between venture capital management model and venture capital type: when venture capital institutions have high industry expertise and venture firms face low uncertainty, The effect of coaching management model is the best, in the case of venture capital institutions with high industry expertise and entrepreneurial enterprises facing high uncertainty, service enhanced management model is the best; When venture capital institutions have low industry expertise and venture firms face low uncertainty, it is the best to control the enhanced management model; when venture capital institutions have low industry expertise and venture enterprises face high uncertainty, What is different from the theoretical expectation is that the stocking management model is not statistically significant. This paper studies the internal management mechanism of venture capital institutions' involvement in venture capital enterprises and creates value, which has high academic and practical value for enriching venture capital theory and venture enterprise theory. It provides an empirical reference for venture capital organization to intervene in venture enterprise reasonably.
【作者单位】：上海财经大学国际工商管理学院;上海立信会计金融学院;
【基金】：国家自然科学基金项目“风险投资机构对创业企业的管理模式——行业专长与不确定性的视角”(71172146)的阶段性研究成果教育部新世纪优秀人才支持计划(NCET-12-0900) 上海财经大学国家级课题后续研究项目(2016110302);上海财经大学研究生创新基金项目(CXJJ-2013-332)的资助
【分类号】：F279.2;F832.48

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