风险投资声誉背景下契约类别对风险企业成长绩效的影响研究  

Research on the Influence of Contract Types on the Growth Performance of Venture Enterprises in the Context of Venture Capital Reputation

作　　者：姚铮[1] 杨波 胡梦婕[1] 

机构地区：[1]浙江大学管理学院,浙江杭州310058

出　　处：《浙江大学学报（人文社会科学版）》2017年第6期58-73,共16页Journal of Zhejiang University:Humanities and Social Sciences

基　　金：国家自然科学基金项目(71172117;71472168)

摘　　要：引入风险投资声誉因素以考察契约类别对风险企业成长绩效的作用,是研究风险投资激励和约束行为的重要课题。基于211份风险投资调查问卷的实证研究发现,新古典契约和关系型契约的独立使用均对风险企业成长绩效产生正向影响。对于高声誉风险投资所投项目,新古典契约和关系型契约不存在显著的相关关系;而对于低声誉风险投资所投项目,两者存在显著的互补关系。具体而言,新古典契约通过详细的条款设置降低信息不对称程度,关系型契约则通过隐形共识和一致理解促进双方的合作。同时,风险投资声誉在体现专业水平和议价能力的基础上选择对应质量的风险企业,从而导致新古典契约和关系型契约间的关系在不同声誉背景下存在差异。风险投资应根据自身声誉水平,通过新古典契约和关系型契约的组合形式以有效实现风险企业成长绩效的提升。Venture capital firms normally provide equity in early-stage enterprises that are deemed funds or value-added services in exchange for to have high growth potential. China＇s venture capital market has seen rapid growth due to policies promoted by the government and it has become the world＇s second-largest market for venture capital investments after the United States. Thriving as the market is, problems in the relationship between venture capital firms and venture enterprises should not be neglected. As the informed player with the most comprehensive information, venture enterprises have an inborn edge regarding information on venture capital. Since agency risks emerging from asymmetric information often lead to failed investments, contracts are commonly adopted today in stimulating and restraining the activities of venture enterprises. The paper is based on first-hand research data on venture capital, obtained from the questionnaires handed out to a wide range of respondents. The detailed processes and results of the questionnaire will be stated in the text. According to the acquired data, the paper sets an explained variable （i. e. the venture enterprise＇s growth performance）, an explanatory variable （i. e. the contracts -- the neo-classical contract and the relational contract） and other control variables, and introduces the factor of venture capital reputation to differentiate among various sample groups. The paper also sets up four regression models based on the research hypotheses by examining four situations where the contracts are either used separately or jointly in the context of a higher or lower reputation. Meanwhile, the paper uses robustness testing to verify the research results. The results of the robustness testing are consistent with those of regression analysis. The research results show that the neo-classical contract and the relational contract both contribute to company＇s growth performance when used separately, but the relationship between these two contracts differs in hi

关 键 词：风险投资声誉 契约类别 新古典契约 关系型契约 风险企业 成长绩效 

分 类 号：F275[经济管理—企业管理]