默会知识对风险资本投资轮次选择的影响研究——基于我国123家风险投资机构投资事件  

A Study on the Influence of Tacit Knowledge on the Selection of Venture Capital Investment:Based on 123 Venture Capital Investment Activities

作　　者：谷莉[1] 陆园[1] 

机构地区：[1]安徽师范大学,安徽芜湖241000

出　　处：《铜陵学院学报》2017年第3期32-36,共5页Journal of Tongling University

基　　金：安徽省高校人文社科重点项目"做市商制度对新三板流动性的影响研究"(SK2017A0276);安徽省社科创新发展攻关项目"民生工程建设的新战略新引擎研究";2017年安徽师范大学研究生科研创新与实践项目"我国‘新三板’挂牌企业资本结构对企业绩效的影响研究"(2017cxsj071)

摘　　要：文章研究了风险资本投资轮次选择与其高层决策团队默会知识之间关系,以我国123家风险投资机构的投资事件和高层决策团队人员为研究对象,将默会知识划分为两个维度,采用OLS模型进行实证分析。研究结果显示:认知维度中理工类教育背景和博士学历人员占比越高则选择A轮投资的可能性越大,而经济管理教育背景则相反。技能维度中,海外金融从业经历成员占比越高则选择A轮投资的可能性越大;法律、国内金融、海外学习、创业经历人员结果则相反。In this paper, the relationship between the choice of venture capital investment and the tacit knowledge of the senior decision-making team is studied.Based on the investment events and high-level decision-making team personnel of 123 venture capital institutions in China,the tacit knowledge is divided into two dimensions,OLS model for empirical analysis.The results show that the higher the proportion of managers in the cognitive dimension and the higher proportion of doctoral education,the greater the possibility of choosing a round of investment, while the economic management education background is the opposite.The greater the likelihood that the proportion of members of the overseas financial industry will be higher,the greater the likelihood that the investment in the first round of investment will be chosen.The greater the proportion of the law,domestic finance, overseas study and entrepreneurial experience,the lower the likelihood that the investment in the first round of investment will be chosen.

关 键 词：默会知识 风险资本 投资轮次 

分 类 号：F830.59[经济管理—金融学]