风险投资机构高管团队知识背景与高科技投资偏好  

Knowledge Backgrounds of Top Management Team in Venture Capital Firms and the High-tech Investment Preference

作　　者：黄福广[1] 贾西猛[1] 田莉[1] HUANG Fuguang JIA Ximeng TIAN Li(Business School, Nankai University, Tianjin 300071, China)

机构地区：[1]南开大学商学院,天津300071

出　　处：《管理科学》2016年第5期31-44,共14页Journal of Management Science

基　　金：国家自然科学基金(71472099;71372096);天津教委社会科学重大项目(2014ZD03)~~

摘　　要：风险投资机构的决策不仅与被投资对象的未来成长空间有关,也受到投资机构多方面特征的影响。根据高层梯队理论,在风险投资的复杂环境下,风险投资机构高管团队作为主要决策者,其特征对投资决策起决定性作用。选取194家中国风险投资机构为样本,从高管团队知识背景的角度分析风险投资机构高科技投资偏好形成的原因,构建Logistic模型和OLS模型,检验高管团队不同教育背景(显性知识)和从业经验(隐性知识)对高科技投资偏好的影响。研究结果表明,风险投资机构高管团队知识背景和从业经验显著影响其高科技投资偏好。高管团队中具有理工类教育背景和高科技从业经验的成员比例较高的机构更倾向于投资高科技企业,金融从业经验的成员比例较高的机构更倾向于投资非高科技企业;高科技从业经验的成员比例越高的机构在高科技企业首轮融资时进行投资的比例越高,金融从业经验和咨询从业经验的成员比例越高的机构在高科技企业首轮融资时进行投资的比例越低。进一步研究发现,在不同产权性质的风险投资机构中,高管团队知识背景对高科技投资偏好的影响具有差异性,国有性质样本中金融从业经验对高科技投资偏好的负向影响不再显著,非国有性质样本中高科技从业经验对高科技投资轮次偏好的正向影响不显著。与非国有性质风险资本相比,国有性质风险资本高管团队成员的理工科教育背景和高科技从业经验较弱,导致国有风险资本投资高科技企业较少。从高管团队知识背景的角度拓展了对风险投资机构高科技投资偏好问题的解释,有助于更好地认识风险资本的投资行为和国有风险资本的投资行为,促进风险投资与被投资企业形成更具价值的匹配关系,对优化风险投资机构的投资决策、更好地发挥其在支持技术创新中的重要作用以及国有风The investment decisions of venture capital firms are not only affected by the growth potential of investment target enterprises, but also the characteristics of venture capital firms themselves. Based on the upper echelons theory, and under the complex settings of venture capital investments, the background characteristics of top management team of venture capital firms are critical to their investment decisions. Taking 194 Chinese venture capital firms as samples, and using OLS and Logistic regression models, this research analyzes the reasons of high-tech investment preferences from the perspective of the backgrounds knowledge of top management team, which is categorized into education backgrounds （explicit backgrounds） and experience backgrounds （implicit or tacit backgrounds）. The empirical results show that top management team member＇s knowledge backgrounds of venture capital firms significantly affect their high-tech enterprise investment preferences. Venture capital firms with higher proportion of top management team members, who have science/engineering education or high-tech enterprise experience backgrounds, prefer more likely to invest in high-tech enterprises. The top management team members of venture capital firms with more finance experience backgrounds are more likely to invest in non-tech enterprises. And the higher proportion of top management team members in venture capital firms who have high-tech enterprise experience backgrounds, the higher proportion of first round investment in high-tech enterprises. The higher proportion of top management team members in venture capital firms who have finance or consulting experience backgrounds, the lower proportion of first round investment in high-tech enterprises. Furthermore, the empirical results also reveal that, comparing with non-government sponsored venture capital firms, top management team members in the government sponsored venture capital firms have weaker science/engineering education backgrounds or weaker high-tech enterprise

关 键 词：风险投资机构 高管团队 知识背景 高科技投资偏好 投资轮次 

分 类 号：F830.59[经济管理—金融学]