风险投资和创业企业总是完美一对吗  

Are Venture Capital and Entrepreneurial Firms always a Perfect Match?

作　　者：刘冰[1] 罗超亮[2] 符正平[2] 

机构地区：[1]中山大学旅游学院 [2]中山大学管理学院

出　　处：《南开管理评论》2016年第1期179-192,共14页Nankai Business Review

基　　金：国家自然科学基金项目(71302098、71372141)资助

摘　　要：本文以中国创业板上市公司为样本,以管理自主权理论为切入点,实证检验创业企业I PO之后,风险投资机构介入对冗余资源与企业绩效之间关系的影响。研究发现,其介入弱化了高流动性冗余资源与绩效间的正相关关系,但加剧了低流动性冗余资源与绩效间的负相关关系;其介入程度对高流动性冗余资源与绩效的关系有显著负向调节作用,而对低流动性冗余资源与绩效的关系无显著影响。文章力图突破既有研究对创业企业冗余资源的认识局限并探索创业企业战略决策机制,研究结论揭示了风险投资与创业企业关系的内在机理,补充了管理自主权理论在个体层次的研究内容;有利于全面认识风险投资对创业企业的影响;为如何从根源上避免风险投资机构的短期行为等问题提供了政策建议。Due to the liabilities of newness of entrepreneurial firms, venture capital is always regarded as a perfect source providing abundant resources which are vital to firm growth. It is, however, worth noting that as powerful external stakeholders, the role of venture capital investors may differ during the stages of pre-IPO, IPO and post-IPO. This research examines the relationship between slack resources and firm performance in entrepreneurial firms with the sample of China GEM listed companies from the perspective of managerial discretion theory, and specifically focuses on how venture capital affects this relationship for post-IPO entrepreneurial firms. We empirically test the moderating effects of venture capital and try to find answers to two questions： ＂Do venture capital inves- tors matter？＂ and ＂Does the degree of venture capital intervention matter？＂ Results indicate that： （1） there is a positive linear relation- ship between high-discretion slack and firm performance, while a negative linear relationship between low-discretion slack and firm performance; （2） the intervention of venture capital weakens the positive linear relationship between high-discretion slack and firm performance, but strengthens the negative linear relationship between low-discretion slack and firm performance; （3） the degree of venture capital involvement has a significant negative moderating effect on the relationship between high-discretion slack and firm performance, but no significant moderating effect on the relation- ship between low-discretion slack and firm performance. Breaking through the limitation of existing literature on slack resources of entrepreneurial firms and exploring the mechanism of strategic decision-making in entrepreneurial firms, our results contribute to the current research by further opening up the black box between venture capital and entrepreneurial firms; and improve individu- al-level managerial discretion theory by addressing and filling the gap of how powerful external p

关 键 词：创业企业 风险投资 冗余资源 管理自主权 IPO 

分 类 号：F832.48[经济管理—金融学]