风险投资中信息共享水平的调节效应研究  

Fairness Perception and Bilateral Incentives:A Study of Moderating Effect in Venture Capital

作　　者：焦伟伟 邱国栋[1] 庞明川 张翀 JIAO Weiwei;QIU Guodong;PANG Mingchuan;ZHANG Chong(School of Business Administration,Dongbei University of Finance&Economics,Dalian 116025,China;Institute of Economic&Social Development,Dongbei University of Finance&Economics,Dalian 116025,China;School of Investment Engineering Management,Dongbei University of Finance&Economics,Dalian 116025,China)

机构地区：[1]东北财经大学工商管理学院,辽宁大连116025 [2]东北财经大学经济与社会发展研究院,辽宁大连116025 [3]东北财经大学投资工程管理学院,辽宁大连116025

出　　处：《经济与管理》2021年第1期54-61,共8页Economy and Management

基　　金：国家社会科学基金重大项目(19ZDA099)。

摘　　要：随着风险投资在国内迅猛发展,在公平理论和委托-代理理论的基础上,探讨VC-E分配公平感知和程序公平感知对于双边激励的作用,并引入信息共享水平这一调节变量,观察其对分配公平感知、程序公平感知与双边激励影响的调节效应。通过对风险企业家和风险投资家样本数据的分析与检验,结果表明:VC-E分配公平感知、程序公平感知均对双边激励产生正向影响;信息共享水平对VC-E分配公平感知、程序公平感知与双边激励之间的关系具有正向调节作用,相比于低信息共享水平,在高信息共享水平下,VC-E分配公平感知、程序公平感知对双边激励的影响更强。Based on the theory of fairness and principal-agent theory,this paper discusses the role of VC-E distribution fairness and procedural fairness perception on bilateral incentives and attempts to introduce information sharing level as a regulatory variable to observe its fairness perception and procedural fairness,the effects of perception and the effects of bilateral incentives.Based on the sample data of entrepreneurs and venture capitalists,the results confirm that VC-E distribution fairness perception and program fairness perception have a positive influence on bilateral incentives;information sharing level assigns fair perception/procedural fairness perception to VC-E.The relationship with bilateral incentives has a positive adjustment effect.Compared with the low information sharing level,VC-E distribution fairness perception/procedural fairness perception has a stronger influence on bilateral incentives under the high information sharing level.The conclusions of this paper provide some theoretical and practical significance for the construction of the VC-E bilateral incentive mechanism.

关 键 词：分配公平感知 程序公平感知 信息共享水平 双边激励 

分 类 号：F276.44[经济管理—企业管理]