创始人社会资本结构特征对科技型创业企业风险投资可得性的影响  

The Effect of Founders' Network Structure of Social Capital on the Venture Capital Availability of High-tech Start-ups

作　　者：姚铮[1] 顾慧莹[1] Yao Zheng;Gu Huiying(School of Management,Zhejiang University,Hangzhou 310058,China)

机构地区：[1]浙江大学管理学院,浙江杭州310058

出　　处：《浙江大学学报（人文社会科学版）》2019年第1期195-213,共19页Journal of Zhejiang University:Humanities and Social Sciences

基　　金：国家自然科学基金(71472168)

摘　　要：科技型创业企业与风险投资机构之间经常被认为存在较严重的代理问题,双方的信息不对称和利益冲突降低了科技型创业企业获得风险投资的可能性,因此,哪些因素能促进科技型创业企业获得风险投资机构的资金是值得研究的问题。结合社会资本理论功能观和信号传递理论,使用256家科技型创业企业创始人的调研数据的研究结果表明:创始人社会资本网络规模和网络异质性对企业获得风险投资和风险资金规模均具有显著的正向作用,而创始人网络强度和网络密度对企业风险投资可得性和风险资金规模影响不显著,说明对于有风险投资融资需求的科技型创业企业,创始人桥接型网络结构比结合型网络结构更有助于企业吸引风险投资。The lack of financing channel and absence of transparent entrepreneurial environment cause many difficulties for early stage high-tech start-ups.Venture capital firms not only provide sufficient funds for start-ups,but also provide them with other value added services,including management consulting and relationship building services.Therefore,venture capital becomes one of the most common sources of professional funding for those high-tech start-ups.It is worth studying how and to what extent those start-ups can receive venture capital.Existing research has found that founders’social capital,one of the most prominent concepts in the field of financing,can significantly increase the start-ups’probability to receive venture capital funding.High level of founders’social capital is expected to decrease information asymmetry between investors and start-ups,to signal start-ups’long-term potential for network construction and business development to investors,so as to enhance venture capital’s trust in start-ups and finally to improve the probability for start-ups to receive venture capital funding.Prior research has identified four dimensions of social capital,all of which are crucial to accessing financing resources.However,despite increased research interest,the effect of founders’social capital on start-up’s access to venture capital remains unclear.Additionally,which dimension of social capital has more important effect on venture capital financing has been still largely ignored.This paper collects survey data from 256 early stage high-tech start-ups,with one respondent per firm.Firstly,the paper adopts the Probit model to test the effect of founders’network structure on start-ups’access to venture capital.The empirical result demonstrates that the founders’network size and network heterogeneity both have significantly positive impact on venture capital financing;however,the high level of network strength and network density don’t have significantly positive impact on venture capital financin

关 键 词：创始人 社会资本 科技型创业企业 创始人网络规模 网络异质性 结构特征 风险投资 

分 类 号：F276.44[经济管理—企业管理] F832.51[经济管理—国民经济]