控制权配置对创业企业的影响研究

发布时间：2018-09-17 11:25

【摘要】：随着中国创业浪潮的兴起,风险投资机构对于创业企业的作用开始逐渐被发现,风险投资机构对创业企业的管理增值作用能够很大程度上使得创业企业良好的发展。本文首先介绍了风险投资对创业企业的管理增值背景,归纳总结梳理了国内外有关于风险投资对创业企业的影响研究以及关于控制权、控制权配置、控制权最优配置的相关文献,深度分析了风险投资机构入驻后,产生不同的控制权配置,从而在此背景下风险投资机构及创业者对于创业企业发展的不同影响机理研究;同时运用委托代理理论和企业成长理论两种理论,提出了本文的框架和理论基础,以问卷样本的第一手数据为研究对象,在李克特量表的测量下,及回归分析、路经分析,完成整体实证研究。深入探究了 1)风险投资机构入驻后创业企业控制权结构不同的配置类型;2)风险投资机构与创业企业家这两大主体不同的细分行为类型;3)在不同控制权配置下,风险投资机构与创业企业家不同的细分行为具体对创业企业发展有何种影响。最终本文通过聚类分析,将风险投资入驻的创业企业控制权配置类型分为企业家主导型、风投干预型、风投主导型,并实证分析发现,在风投干预型创业企业中,因风险投资机构的介入,创业者的非生产性行为将会对企业短期绩效产生负面影响,但正因为风险投资机构的积极介入,致使其所行驶的监督作用对创业企业短期绩效发展具有积极作用;另一方面,企业家的积极行为和风险投资机构的监督介入均能够帮助企业在长期的发展中产生积极的作用效果。在风投主导型的创业企业中,由于风险投资机构过于介入创业企业运营,致使其自身的监督行为在短期对企业绩效发展产生负面影响;同时创业者的代理属性较为明显,即创业者更多的作为代理人角色,无论对于企业的短期亦或者长期发展均起到积极作用。在企业家主导型创业企业中,企业家的积极行为对于企业的短期及中长期发展均有明显的促进作用,在此类企业中,因企业家主导企业决策,因此风险投资机构的监督行为对于企业的短期发展产生负面影响;同时,在企业家的主导下,风险投资机构的完全支持行为以及在此主导行为下的投机行为从侧面支持了企业家的主导地位,对于企业长期稳定发展具有良好作用,产生较为积极的作用。
[Abstract]:With the rise of China's entrepreneurial wave, the role of venture capital institutions for start-ups has been gradually discovered, venture capital institutions on the value-added management of start-ups can largely make the good development of start-ups. This paper studies the impact of venture capital on venture enterprises at home and abroad as well as the literature on control rights, control rights allocation and optimal control rights allocation. It deeply analyzes the different control rights allocation of venture capital institutions after they are stationed. Thus, under this background, venture capital institutions and entrepreneurs have different effects on the development of venture enterprises. At the same time, using the principal-agent theory and the enterprise growth theory, this paper puts forward the framework and theoretical basis of this paper, taking the first-hand data of the questionnaire sample as the research object, under the Likert scale measurement, and regression analysis, through the analysis, complete the overall empirical study. Venture capital institutions and entrepreneurs have different subdivision behavior types; 3) Under different control rights allocation, the different subdivision behavior of venture capital institutions and entrepreneurs has specific impact on the development of venture capital enterprises. The allocation of control rights of venture capital entrepreneurs can be divided into three types: entrepreneurs-led, venture capital intervention, and venture capital-led. Empirical analysis shows that in venture capital intervention venture capital enterprises, due to the intervention of venture capital institutions, the non-productive behavior of entrepreneurs will have a negative impact on the short-term performance of enterprises, but it is precisely because of venture capital opportunities. On the other hand, the positive behavior of entrepreneurs and the supervision and intervention of venture capital institutions can help enterprises produce positive effects in the long-term development. The excessive involvement of capital institutions in the operation of start-ups has a negative impact on their own supervisory behavior in short-term performance development; at the same time, the attributes of entrepreneurs are more obvious, that is, entrepreneurs act as agents, whether for the short-term or long-term development of enterprises play a positive role. In industrial enterprises, the positive behavior of entrepreneurs can obviously promote the short-term and medium-long-term development of enterprises. In such enterprises, because entrepreneurs dominate enterprise decision-making, the supervision behavior of venture capital institutions has a negative impact on the short-term development of enterprises; at the same time, under the guidance of entrepreneurs, the venture capital institutions are complete. Supportive behavior and speculative behavior under this dominant behavior support entrepreneurs'dominant position from the side, and play a positive role in the long-term stable development of enterprises.
【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F279.2;F832.48

【参考文献】