基于门槛模型的风险投资进入创新型企业时机与方式研究  

Analysis on Opportunity and Mode of Venture Capital Entering Innovative Enterprises Based on Threshold Model

作　　者：樊明雪 谢赤[1,2] 黄维亮 FAN Mingxue;XIE Chi;HUANG Weiliang(Hunan University,Changsha,China)

机构地区：[1]湖南大学工商管理学院 [2]湖南大学金融与投资管理研究中心

出　　处：《管理学报》2019年第7期1035-1043,共9页Chinese Journal of Management

基　　金：国家自然科学基金资助项目(71373072,71340014);高等学校博士点专项科研基金资助项目(20130161110031)

摘　　要：通过改进突变级数法建立企业成长性综合评价指标体系,并将其与门槛模型进行结合,构建企业成长性门槛模型,进而对风险投资进入创新型企业的时机和方式展开探讨。研究显示,风险投资进入创新型企业的时机存在明显的双门槛效应:成长性大于高门槛值时,风险投资将承担太大的风险;而小于低门槛值时,企业的成长价值又太小;只有当企业成长性处于两个门槛值之间时,风险投资才适合进入创新型企业。类似地,在风险投资进入方式上也存在双门槛效应:企业成长性小于低门槛值时,风险投资不会选择任何一种方式投资;成长性在高低门槛值之间时,选择单独投资;成长性超过高门槛值时,则选择联合投资。综合两个双门槛效应可知,创新型企业成长性在0.580~0.708之间时,风险投资者应该采用单独投资;而当其成长性高于0.708低于0.732时,风险投资则更应该选择联合投资方式;若其成长性为其他值,则风险投资不宜进入。Through the improved catastrophe progression method,this study establishes the enterprise growth comprehensive evaluation index system,and combines this system with the threshold model to construct the enterprise growth threshold model,and then discusses the opportunity and mode of venture capital entering the innovative enterprise.Research shows that there is a clear double threshold effect when venture capital enters an innovative enterprise:When the growth is greater than the high threshold,the venture capital will bear too much risk,and the growth value of the enterprise is too small when the value is lower than the low threshold.Only when the growth of the enterprise is between the two thresholds,the venture investment is suitable for innovation.Similarly,there is also a double threshold effect on the way venture capital is entered:Venture capital will not choose any kind of investment when the growth of the enterprise is less than the low threshold.When the growth is between the high and low thresholds,choose to invest separately.If the growth exceeds the high threshold,choose joint investment.Based on the two double threshold effects,when the growth of innovative enterprises is between 0.580 and 0.708,venture capitalists should adopt separate investments.When their growth is higher than 0.708 and lower than 0.732,venture capital should be choose joint investment.If the growth is other values,the venture capital should not enter.

关 键 词：创新型企业 风险投资 企业成长性 门槛模型 

分 类 号：C93[经济管理—管理学]