创业项目复杂性、声誉与风险投资联盟规模的实证研究

发布时间：2018-02-20 22:22

本文关键词： 创业项目复杂性声誉风险投资联盟联盟规模　出处：《华东经济管理》2014年09期 　论文类型：期刊论文

【摘要】：风险投资联盟已成为不确定性环境下风险投资机构获取竞争优势的一个非常重要的策略选择,联盟的规模对创业企业的绩效存在重要影响。文章研究了项目复杂性、风险投资机构声誉对风险投资联盟规模的作用机理,基于资源观、不确定性理论,提出了相应研究假设,利用国内CVsource的风险投资数据库,对2000-2012年间的VC融资事件进行了数据处理分析,运用多元回归分析验证了3个研究假设,实证研究表明:创业项目复杂性越高,该项目接受风险投资联盟规模就越大。风险投资机构的声誉越高,项目的风险投资联盟规模就越大,而且,还发现风险投资机构的声誉在项目复杂性与风险投资联盟规模的正相关关系中发挥了正向调节作用。文章研究结论弥补了联盟形成理论的不足,为联盟形成理论提供了一种新的情景。
[Abstract]:Venture capital alliance has become a very important strategic choice for venture capital institutions to gain competitive advantage under uncertain environment. The scale of venture capital alliance has an important influence on the performance of venture capital enterprises. Based on the theory of resources and uncertainty, this paper puts forward the corresponding research hypotheses, and makes use of the venture capital database of CVsource in China, based on the mechanism of the effect of the reputation of venture capital institutions on the scale of venture capital alliance. The VC financing events from 2000 to 2012 were analyzed by data processing, and three research hypotheses were verified by multiple regression analysis. The empirical study shows that the more complex the venture project is, the more complex the venture project is. The larger the venture capital alliance, the larger the venture capital alliance, the larger the venture capital alliance, the bigger the venture capital organization's reputation, and the larger the project's venture capital alliance. It is also found that the reputation of venture capital institutions plays a positive role in the positive correlation between project complexity and venture capital alliance size. It provides a new scenario for the theory of alliance formation.
【作者单位】：西安石油大学经济管理学院;西安理工大学经济与管理学院;
【基金】：陕西省社会科学基金项目(13D302) 陕西省软科学研究计划项目(2013KRM14) 陕西省教育厅专项科研计划项目(2014JK1556) 西安石油大学博士科研启动基金项目(2014BS32)
【分类号】：F830.59

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