国资创投治理结构与投资模式匹配研究——基于功能定位和行为特征视角  

Matching Research on the Governance Structure and Investment Pattern of State-owned Venture Capital: From the Perspective of Function Orientation and Behavior Characteristics

作　　者：鲍竹[1] 陈强[1] Bao Zhu Chen Qiang(School of Economics＆ Management, Tongji University, Shanghai 200092, Chin)

机构地区：[1]同济大学经济与管理学院,上海200092

出　　处：《中国科技论坛》2017年第10期145-152,167,共9页Forum on Science and Technology in China

基　　金：上海市浦东新区科技基金决策咨询课题"浦东新区创业风险投资发展现状及绩效评价研究"(2015-08)

摘　　要：国资介入创投行业不同于一般的社会投资人,兼具功能性和营利性的目标定位。不同治理结构的国资创投对投资行为和能力培养具有不同影响。本文将国资创投的投资模式分为三类:固定回报模式、LP-GP间接投资模式、直接风险投资模式。构建了国资创投治理结构和投资模式的匹配模型,并运用问卷调研的方式对国资创投机构的投资能力进行全面分析,对国资创投治理结构、投资模式与目标实现的关系进行了实证研究。在此基础上,对不同治理结构国资创投机构的投资模式选择提出了建议。The state-owned venture capital differs from the general social investors both in functional and profitable aims in the field of venture capital industry. Different governance structure of state-owned venture capital has different effects on investment behavior and ca- pacity building. Based on the theory and literature analysis, this paper divides the investment mode of the state-owned venture capital into three categories： fixed return model, LP-GP indirect investment model and direct venture capital model. This paper constructs a matching model of governance structure and investment mode of state-owned venture capital. Using the questionnaire survey method, it conducts a comprehensive analysis on investment capacity of state-owned venture capital and makes an empirical research on the govern- ance structure, investment mode and the realization of the aim of state-owned venture capital. On this basis, this paper puts forward some suggestions on the investment mode selection of the state-owned venture capital enterprises in terms of different governance strneture.

关 键 词：国资创投 功能定位 行为特征 治理结构 投资模式 

分 类 号：F830.59[经济管理—金融学]