Warshall-ANP算法下创业投资家对创业者信任的动态考量因素研究  

Research on Dynamic Factors of Venture Capitalists' Trust on Entrepreneurs based on Warshall-ANP

作　　者：杨洪涛[1] 李海燕 Yang Hongtao;Li Haiyan(School of Economics and Management,Harbin Engineering University,Harbin 150001,China)

机构地区：[1]哈尔滨工程大学经济管理学院,黑龙江哈尔滨150001

出　　处：《科技进步与对策》2018年第16期129-136,共8页Science & Technology Progress and Policy

基　　金：国家社会科学基金项目(11CSH039);教育部人文社会科学研究项目(17YJA630118);黑龙江省经济社会发展重点研究项目(17003);黑龙江省哲学社会科学规划项目(16JYB03);中央高校基本科研业务项目(HEUCFW170904)

摘　　要：大量研究证实,创业投资家对创业者的信任是影响创业合作成功的关键因素。但有关投资家对创业者信任考量因素的研究相对缺乏,且现有研究对考量因素动态性关注不足。因此,结合创业情境,首先对投资决策阶段进行划分,构建创业投资家对创业者在不同投资决策阶段的信任考量因素模型。其次,建立基于Warshall-ANP的信任动态考量因素评估模型,即利用Warshall算法确定各因素及指标间的相互关系;运用ANP方法计算各因素及指标在不同投资决策阶段的权重。最后,以黑龙江省领航创投孵化器为例进行实证分析,探讨方法应用效果。结果表明,在搜寻阶段,投资家对创业者信任的主要考量因素为关系因素;在选择阶段和投资决策后阶段,投资家主要基于认知因素对创业者产生信任,同时关系因素调节投资家对创业者的信任认知。A large number of studies have confirmed that the trust of venture capitalists on entrepreneurs is the key factor for the success of entrepreneurial cooperation.However,the researches on the factors of venture capitalists'trust on entrepreneurs are relatively lacking and the dynamics of the consideration factors is paied less attention in existing researches.Therefore,the stage of investment is firstly divided to establish the model of venture capitalists'trust in entrepreneurs in different stage combining with the entrepreneurial situation.Secondly,trust evaluated model of dynamic factors based on Warshall-ANP is established,which the relationships between the various factors and indexes are determined by Warshall algorithm and ANP is used to the calculate weights of each factor and index in different stage of investment.Finally,the empirical analysis is carried out in Linghang incubator in Province of Heilongjiang as an example and the application of the method is discussed.The results show that,the key factors of venture capitalists'trust in entrepreneurs are relational factors in the search phase;venture capitalists mainly based on cognitive factors to generate trust on entrepreneurs in the stage of selection and decision-making,while relational factors adjust the trust perception of venture capitalists.

关 键 词：创业投资家 创业者 信任因素 投资阶段 Warshall-ANP方法 

分 类 号：F272.2[经济管理—企业管理]