影响企业获得风险投资的特质因素研究  

What Are the Trait Factors which Influence the Decision of VC Investment

作　　者：周伶[1,2,3] 郭戎 王乃磊[4] 

机构地区：[1]南开大学商学院 [2]南开大学创业管理研究中心 [3]中国科学技术战略研究院科技投资研究所,北京100038 [4]天津师范大学

出　　处：《中国软科学》2014年第11期105-114,共10页China Soft Science

摘　　要：本研究使用"准实验"方法,对影响企业获得风险投资(VC)的特质因素进行了研究。在企业社会网络和个人社会网络的理论框架下,提出知名高校背景、知名企业从业经验、政府从业经验、海外经验、创业者性别、团队以及区位等七项可能影响风险投资决策的假设因素。经过对投资者的准实验检验,发现知名企业从业经验和海外经验对于企业获得风险投资有显著的作用,区位因素仅有部分影响。由此本项研究给出了有针对性的政策建议。This study applies the quasi-experimental method to figure out the key factors influencing whether a firm could get money from venture capitals.Following the framework of social network of both start-ups and entrepreneurs,we propose 7 trait factors that may influence the decision of VC firms.Then,based on the result of quasi-experiment of 72 real investment managers of VC firms,we find that if entrepreneurs have better work or oversea experience,they will get more chances to built relationship with VC firms.Whether the start-ups located in the western area of China only have partial influence on it.Furthermore,we also made several recommendations for policy making based on our findings.

关 键 词：风险投资决策 特质因素 准实验 

分 类 号：C939[经济管理—管理学]