高管团队人力资本特征对企业风险投资引进策略的影响

发布时间：2018-06-07 02:02

本文选题：高管团队 + 人力资本特征　；参考：《科研管理》2016年11期

【摘要】：本文认为高管团队作为企业战略的制定者和执行者,其人力资本特征必然会对企业引进风险投资的策略产生重要影响。本文以我国中小板上市公司中有风险投资融资背景的企业为样本展开实证研究,结果发现:高管团队受教育水平越高,企业越可能在发展早期引入风险投资,并且更青睐经验丰富、资源广泛的混合背景风投而非民营风投;高管团队年龄越大,越排斥分轮融资策略;高管团队中政府背景高管占比较高时,企业更可能引进政府背景风投,而且更愿意采用分轮融资策略;管理层持股比例越高,越会对在发展早期引入风投以及采用分轮融资策略产生显著的负面影响。本研究对丰富高管团队理论和风险投资相关研究具有较大贡献。
[Abstract]:This paper holds that the human capital characteristics of the executive team, as the framers and executors of the enterprise strategy, will inevitably have an important impact on the strategy of introducing venture capital. This paper takes the enterprises with venture capital financing background in Chinese small and medium-sized board listed companies as the sample to carry out the empirical research. The results show that the higher the education level of the senior management team, the more likely it is to introduce venture capital in the early stage of development. The more experienced and widely resourced mixed venture capital rather than the private venture; the older the senior management team, the more rejection of split financing strategy; the higher the senior management team, the higher the government background. Enterprises are more likely to introduce government background venture capital, and are more willing to adopt the split financing strategy. The higher the management shareholding ratio is, the more significant negative impact will be on the introduction of venture capital and the adoption of sub-round financing strategy in the early stage of development. This study has a great contribution to enrich the theory of executive team and venture capital related research.
【作者单位】：上海财经大学;
【基金】：国家自然科学基金“风险投资机构对创业企业管理模式的选择研究”(项目编号:71172146;起止时间:2012年1月-2015年12月) 教育部新世纪优秀人才支持计划(NCET-12-0900)
【分类号】：F272.91;F275

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