风险投资机构人力资本与投资策略的实证研究  

An Empirical Study of Human Capital and Investment Strategies of Venture Capital Firms

作　　者：李严[1] 罗国锋[2] 马世美[3] 

机构地区：[1]东北大学工商管理学院,沈阳110819 [2]东北大学秦皇岛分校管理系,河北秦皇岛066004 [3]东北大学秦皇岛分校信息与计算科学系,河北秦皇岛066004

出　　处：《管理科学》2012年第3期45-55,共11页Journal of Management Science

基　　金：中央高校基本科研业务费专项资金(N090423005)~~

摘　　要：风险投资机构投资策略与其高管团队人力资本之间具有密切关系。以中国143家风险投资机构的高管团队成员及机构投资事件为对象,通过高管人员不同的教育背景和经历对投资风险的认知差异来探讨机构在投资阶段、行业及地域上的策略偏好,基于高层梯队理论和风险认知概念,针对人力资本要素提出5组假设,采用多变量回归模型对数据进行分析。研究结果表明,高管团队中具有创业或海外经历和金融或咨询行业从业经验的成员比例较高的机构更倾向投资早期阶段的创业企业,具有理工类教育背景和咨询行业从业经验比例较高的机构表现出投资行业专业化。机构高管团队中具有海外经历和金融行业从业经验的成员越多或具有理工类教育背景的成员越少,该机构投资的地域范围越广。Investment strategies in Venture Capital （VC） firms closely relates to the human capital of top management team （TMT）. This research selects TMT＇s investment strategies and Institutional investment events of 143 Chinese VC firms as sam- ples and explores the decision-making preference of VC firms on investment stage, industry and geographic scope by considering the difference of risk perception of TMT members with different education background and experiences. According to upper eche- lons theory and risk perception, this research propose and examine 5 pairs of hypothesizes by multivariable regression. The re- suits revealed that VC firms with higher proportion of TMT members who have entrepreneurial or international, finance or consult- ing experiences are more likely invest firms which are in an early stage. Furthermore, TMT members with more science/engineer- ing education or consulting experiences show specialization at industries. Finally, TMT members of VC firms have more interna- tional and consulting experiences or the less science/engineering education, are prone to invest firms in broader investment areas.

关 键 词：风险投资机构 人力资本 高管团队 投资策略 风险认知 

分 类 号：F830.59[经济管理—金融学]