基于技术轨道的新创企业创业导向决策  

A research on the entrepreneurial orientation decision in new ventures based on technological trajectories

作　　者：张铄[1,2] 刘伟 Zhang Shuo;Liu Wei(School of Economics and Business Administration Chongqing University,Chongqing 400044,China;Research Center of Business Administration and Economic Development Chongqing University,Chongqing 400044,China)

机构地区：[1]重庆大学经济与工商管理学院,重庆400044 [2]重庆大学工商管理与经济发展研究中心,重庆400044

出　　处：《科研管理》2019年第7期275-284,共10页Science Research Management

基　　金：教育部人文社会科学研究基金项目:“基于战略导向的创业企业并购决策与绩效研究——以中国创业板上市公司为例”(13YJA630058,2013.01月-2017.12)

摘　　要：创业是企业发展的一种重要战略,以获取新技术、实现新业务创建为目的的创业导向并购逐渐成为了新创企业主要的战略实施方式。鉴于新创企业的发展具有技术依赖性,且董事会的构成较为特别,本文选取了2012年12月31日前在中国创业板上市的公司为研究对象,采集了截止到2015年12月的并购数据,通过回归分析,实证检验了不同技术轨道下新创企业董事会中创始人开放性和机构投资者参与对企业创业导向战略决策的影响。结果表明:在新创企业中,创始人开放性和机构投资者参与均能显著正向影响企业创业导向战略决策,且二者之间具有互补效应。进一步发现,企业所处的技术轨道不同,以上作用效果不同。在供应商主导和规模密集型企业中,创始人开放性与机构投资者参与的交互作用不显著;在信息密集型和专业化供应商企业中,创始人开放性与机构投资者参与具有显著的互补效应;在基于科学的企业中,机构投资者参与对企业的创业导向战略决策具有负向的影响。With the and reform of technology,the new ventures based on new technology are becoming the main support for the economy development. While,there are more challenges and opportunities the new ventures should deal with. In this case,the entrepreneurial orientation plays a very important role. Entrepreneurship is a kind of essential strategy. Since the lack of resource in new ventures,the entrepreneurial orientation M&A behaviors are becoming the main way to implement the strategy for pursuing the new technologies and the new business. Even though many factors may influence the strategy decision-making,considering the characteristics of new ventures,the composition of board and technology trait should be paid adequate attention.In order to figure out the effect and mechanism of board and technology on entrepreneurial orientation in newventures,the paper selected the companies listed Chi-Next before December 2012 as the samples. The total number of samples is 371,and the main data are from the company reports. Due to the lag in decision-making,the paper collected the data of M&A till the end of December 2015. Then,this paper used the regression analysis to do exam the hypothesis.As there are two main forces in the new venture’s board-the founders and the investors,the conflict and complement resource will both make effect on the strategy decision-making. From the composition of board,this paper tried to find out the impact of openness of new venture founders and participation of institutional investors on the entrepreneurial orientation strategy decision. The founder of new venture is the representative of the founding team,most of whom is the technological professionalism and has the dual status of chairman and general manager. His personal characteristics will affect the strategic decision-making of the company. So,one of the main research question is whether the openness of founder can influence the new ventures entrepreneurial orientation decision. Meanwhile,the founding team of new ventures has homogeneity in

关 键 词：创业导向 开放性 机构投资者 互补效应 

分 类 号：F270.7[经济管理—企业管理]