VC治理行为中介作用下的关系专用性投资与技术创新绩效  

Relation-Specific Investments and Technological Innovation Performance:The Mediating Role of VC Governance Activities

作　　者：王兰[1] 

机构地区：[1]重庆工商大学管理学院

出　　处：《管理学报》2015年第6期854-864,共11页Chinese Journal of Management

基　　金：教育部人文社会科学研究规划基金资助项目(14YJA790055);重庆社会科学规划资助项目(2013YBGL133);重庆教委科学技术研究资助项目(KJ1307150)

摘　　要：以风险投资"关系型融资"机制为视角,立足资源基础理论与交易成本理论,在"关系租"起源与"关系型融资"价值创造机制探讨的基础上,构建关系专用性投资、VC治理行为与技术创新绩效关系整合模型,研究不同关系专用性投资属性对技术创新绩效的影响以及VC治理行为的中介作用。通过264家科技型创业企业调研所得数据进行实证分析,研究显示,实物型关系专用性投资与VC监控行为正相关,与VC增值服务负相关,VC监控行为与技术创新绩效负相关;知识型关系专用性投资与VC监控行为负相关,与VC增值服务正相关,VC增值服务与技术创新绩效正相关。VC治理行为在关系专用性投资与技术创新绩效的关系中具有部分中介效应。Focused on the describing resources of the relational rents and the value-creating rou- tine of ＂relationship finance＂ and from the perspective of ＂relationship finance＂ mechanism, this study sets up a theoretical model to examine the relationship among relation-specific investments, VC gov- ernance activities and technological innovation on the basis of Resource-based theory and Transaction Cost theory. This study also discusses the effect of different types of RSI on the technological innova- tion performance and the mediating role of VC governance activities. By collecting the data of the 264 High-tech start-ups, the result shows that Property-based RSI has positive effect on VC supervision I~ control and negative influence on VC value-added service while VC supervision ~ control has nega- tive impact on technological innovation performance. Meanwhile, Knowledge-based RSI is positively related to VC value-added service and negatively related to VC supervision ~ control while VC value- added service has positive impact on technological innovation performance. The VC governance activi- ties partly mediate the relationship between VC-E relation-specific investments and the technological innovation performance.

关 键 词：关系专用性投资 技术创新绩效 VC治理行为 中介作用 

分 类 号：C93[经济管理—管理学]