风险投资机构高管团队知识背景与高科技投资偏好

发布时间：2017-12-27 05:00

本文关键词：风险投资机构高管团队知识背景与高科技投资偏好　出处：《管理科学》2016年05期 　论文类型：期刊论文

【摘要】：风险投资机构的决策不仅与被投资对象的未来成长空间有关,也受到投资机构多方面特征的影响。根据高层梯队理论,在风险投资的复杂环境下,风险投资机构高管团队作为主要决策者,其特征对投资决策起决定性作用。选取194家中国风险投资机构为样本,从高管团队知识背景的角度分析风险投资机构高科技投资偏好形成的原因,构建Logistic模型和OLS模型,检验高管团队不同教育背景(显性知识)和从业经验(隐性知识)对高科技投资偏好的影响。研究结果表明,风险投资机构高管团队知识背景和从业经验显著影响其高科技投资偏好。高管团队中具有理工类教育背景和高科技从业经验的成员比例较高的机构更倾向于投资高科技企业,金融从业经验的成员比例较高的机构更倾向于投资非高科技企业;高科技从业经验的成员比例越高的机构在高科技企业首轮融资时进行投资的比例越高,金融从业经验和咨询从业经验的成员比例越高的机构在高科技企业首轮融资时进行投资的比例越低。进一步研究发现,在不同产权性质的风险投资机构中,高管团队知识背景对高科技投资偏好的影响具有差异性,国有性质样本中金融从业经验对高科技投资偏好的负向影响不再显著,非国有性质样本中高科技从业经验对高科技投资轮次偏好的正向影响不显著。与非国有性质风险资本相比,国有性质风险资本高管团队成员的理工科教育背景和高科技从业经验较弱,导致国有风险资本投资高科技企业较少。从高管团队知识背景的角度拓展了对风险投资机构高科技投资偏好问题的解释,有助于更好地认识风险资本的投资行为和国有风险资本的投资行为,促进风险投资与被投资企业形成更具价值的匹配关系,对优化风险投资机构的投资决策、更好地发挥其在支持技术创新中的重要作用以及国有风险投资机构建设提供实践指导意义。
[Abstract]:The decision-making of venture capital institutions is not only related to the future growth space of the invested objects, but also influenced by many aspects of the investment institutions. According to the theory of high-level echelon, under the complex environment of venture capital, the characteristics of top management team of venture capital organization play a decisive role in investment decisions. Selected 194 China risk investment institutions as the sample, the reason from the perspective of knowledge management team of risk investment institutions and high-tech investment preference formation, Logistic model and OLS model, different education background inspection team executives (explicit knowledge) and experience (tacit knowledge) effect on high tech investment preference. The results show that the knowledge background and experience of the senior management team of venture capital organizations have a significant impact on their high-tech investment preference. With science education background and experience in high-tech executive team members in a higher proportion of institutions tend to invest in high-tech enterprises, financial experience to a higher proportion of member institutions tend to invest in non high-tech enterprises; high-tech investment experience of the members of the higher proportion of the institutions in the first round of financing of high-tech enterprises the proportion of the more high investment, financial experience and consulting experience of the members of the higher proportion of institutions in the first round of financing of high-tech enterprises is the lower the proportion of. Further study found that the risk investment institutions of different property rights in the effect of background knowledge executive team of the high-tech investment preference is different, state-owned sample financial experience of the high-tech investment preference of the negative effect is no longer significant, non state-owned samples experience a positive impact on the high-tech high-tech investment round preference is not significant. Compared with non state owned venture capital, the state owned venture capital executives' scientific and technological education background and high tech experience are relatively weak, leading to less investment in state-owned venture capital. From the perspective of knowledge management team expands on the problem of risk investment institutions and high-tech investment preference explanation, investment behavior of investment behavior contributes to a better understanding of risk capital and state-owned capital risk, investment risk and investment enterprise to promote the formation of more of the value of the matching relation between the investment decision-making, optimize risk investment institutions the play an important role in the practice of providing support for technological innovation in the state-owned venture investment institution construction and guidance.
【作者单位】：南开大学商学院;
【基金】：国家自然科学基金(71472099,71372096) 天津教委社会科学重大项目(2014ZD03)~~
【分类号】：F272.91;F275
【正文快照】： 选取194家中国风险投资机构为样本,从高管团队知识背景的角度分析风险投资机构高科技投资偏好形成的原因,构建Logistic模型和OLS模型,检验高管团队不同教育背景(显性知识)和从业经验(隐性知识)对高科技投资偏好的影响。研究结果表明,风险投资机构高管团队知识背景和从业经验显

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