联合风险投资视角下风险资本与智力资本协同效应研究

发布时间：2018-02-23 03:07

本文关键词： 联合风险投资智力资本企业价值协同效应　出处：《预测》2017年02期 　论文类型：期刊论文

【摘要】：本文依据创业企业智力资本特征,运用改进后的VAIC模型从联合风险投资的视角实证检验风险资本与智力资本的协同效应。研究发现:引入联合风险投资能够对企业人力资本和社会资本的有效积累发挥积极影响,显著提升企业的资产利用效率和股东权益回报水平,但对结构资本和创新资本的作用并不突出。该结果表明联合风险投资确实能够利用自身广泛的人脉和社会关系激发企业的价值创造能力,但同时也指出风险投资机构需要对创业企业的战略规划和创新激励等方面进行积极引导并协助管理。这一结论有利于完善我国联合风险投资运行机制的理论研究,同时也再次揭示创业企业亟需加强智力资本管理,为风险投资创造企业价值营造良好的内部环境。
[Abstract]:Based on the characteristics of intellectual capital of entrepreneurial enterprises, Using the improved VAIC model, this paper empirically tests the synergy between venture capital and intellectual capital from the perspective of joint venture capital. It is found that the introduction of joint venture capital can play a positive role in the effective accumulation of human capital and social capital. Significantly improving the efficiency of asset utilization and the level of return on shareholders' rights and interests, However, the effect on structural capital and innovation capital is not prominent. The results show that joint venture capital really can use its extensive network and social relationship to stimulate the value creation ability of the enterprise. But at the same time, it also points out that venture capital institutions need to actively guide and help manage the strategic planning and innovation incentives of venture capital enterprises. This conclusion is helpful to improve the theoretical research on the operational mechanism of joint venture capital in China. At the same time, it also reveals that it is urgent to strengthen intellectual capital management to create a good internal environment for venture capital to create enterprise value.
【作者单位】：重庆大学经济与工商管理学院;
【基金】：中央高校基本科研业务费专项资金资助项目(106112016CDJCR021225) 重庆市博士后科研特别资助项目(Xm2016097)
【分类号】：F275

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