风险投资会影响创业企业战略选择吗?——文献评述与理论架构  

Does Venture Capital Affect Strategic Choices of Startups?Literature Review and Theoretical Framework

作　　者：董静[1] 汪立[1] 

机构地区：[1]上海财经大学国际工商管理学院,上海200433

出　　处：《外国经济与管理》2017年第2期36-46,59,共12页Foreign Economics & Management

基　　金：国家自然科学基金项目(71172146);教育部新世纪优秀人才支持计划(NCET-12-0900);上海财经大学国家级课题后续研究项目(2016110302);上海财经大学研究生创新资金资助项目(CXJJ-2015-347)

摘　　要：风险投资对创业企业成长的作用已成为社会关注的焦点与热点,然而现有研究很少回答风险投资介入是否对创业企业战略选择产生影响、如何产生影响以及产生怎样的影响。本文在系统梳理已有研究文献的基础上,首先总结出风险投资影响创业企业战略选择的两种理论假说;其次,从资源基础观、代理理论与信号传递理论的视角剖析风险投资影响创业企业战略选择的三种作用机制,即增值服务提供机制、监督与管理机制以及信号传递机制;最后,在分析现有经验研究的基础上,本文构建了风险投资影响创业企业战略选择的理论分析框架,并对未来主要研究方向予以展望。本文对深化与推动风险投资与创业企业之间的互动研究、拓展战略管理研究具有重要的意义。The role of venture capital in startups has been the hot topic that the community pays attention to.But few studies have tried to answer the questions that whether venture capital impacts the strategic choices of startups, how the impacts happen, and what kinds of impacts there are.Based on a systematic literature review, this paper firstly summarizes two theoretical hypotheses of the influences of venture capital on strategic choices of startups.Then, from the perspectives of resource-based view,agent theory, and signal transmission theory, this paper analyzes three mechanisms about how venture capital impacts strategic choices of startups, that is, value-added service provision mechanism,supervision management mechanism, and signal transmission mechanism.Finally, based on the analysis of current empirical studies, this paper builds a theoretical framework about how venture capital influences strategic choices of startups, and makes prospects for future research directions.It has important significance to the advancement of the research of the interaction between venture capital and startups and the expansion of strategic management research.

关 键 词：风险投资 创业企业 战略选择 

分 类 号：F270[经济管理—企业管理]