风险资本与孵化器合作投资:组织维度的考量  

Organizational Factors and Syndicate Formation between Venture Capitals and Incubators

作　　者：左志刚[1] 谢芳[2] 

机构地区：[1]广东外语外贸大学会计学院,广东广州510006 [2]广东农工商职业技术学院财经系,广东广州510507

出　　处：《科技进步与对策》2017年第12期8-15,共8页Science & Technology Progress and Policy

基　　金：国家社会科学基金项目(11CGL051)

摘　　要：在支持创新创业方面,孵化器与风险资本进行投资合作意义重大。实证分析了孵化器组织因素对两者合作投资形成的影响。结果表明,资源禀赋、目标协同性及产权差异对合作形成均具有显著影响。在资源互补性方面,强强合作概率最高;在目标协同性方面,商业型孵化器与风投合作的可能性较大;另外,产权差异而不是产权类别对合作形成产生不利影响。最后,结合实证结果和现实情况,提出了政策启示。In supporting of business innovation and entrepreneurship , investment cooperation between venture capital （VC） and business incubator （BI） is of great significance , but the potential benefits have seldom been explored in practice. Thispaper empirically analyzes organizational factors that affect the formation of investment syndicate between VCs and Bis.Results show that goal , resource , and ownership significantly affect the syndicate formation. For the factor of resource , strong - strong pairs have higher probability to be syndicated. For the factor of goal coordination , VCs have higher proba-bility to syndicate with commercial BI rather than other types. Furthermore , difference with the syndicate formation. The interactive effect between the factors is somehow alternative. This paper also puts for-ward suggestions to promote the cooperation between VCs and Bis in China.

关 键 词：风险投资 企业孵化器 合作投资形成 组织因素 

分 类 号：F272.2[经济管理—企业管理]