风险投资机构高管团队默会知识、投资偏好与退出期限的关系研究  

RESEARCH ON TACIT KNOWLEDGE,INVESTMENT PREFERENCE AND EXIT DURATION IN SENIOR MANAGEMENT TEAM OF VENTURE CAPITALS

作　　者：杨艳萍[1] 曹晶飞 YANG Yanping;CAO Jingfei(School of Management, Henan University of Technology, Zhengzhou 450001, China)

机构地区：[1]河南工业大学管理学院,河南郑州450001

出　　处：《河南工业大学学报（社会科学版）》2021年第1期38-48,共11页Journal of Henan University of Technology:Social Science Edition

基　　金：国家社会科学基金项目(16BGL026)。

摘　　要：基于高层梯队理论,构建了风险投资机构高管团队默会知识、投资偏好及其交互作用对投资项目退出期限影响的理论框架。同时,运用WIND数据库收集了182家投资机构的2246轮投资数据,采用Cox比例风险模型对其进行了实证。结果表明:高管团队的科学类学历、海外学习经历、海外金融从业经历和创业经历不利于缩短风险投资项目退出期限,而经管类学历、国内金融从业经历、法律背景对缩短退出期限影响显著;行业投资偏好和地域投资偏好对缩短退出期限影响显著;默会知识与投资偏好的交互作用对退出期限影响显著,其中默会知识与行业投资偏好的交互作用不利于缩短退出期限,默会知识与地域投资偏好的交互效应有利于缩短退出期限。Based on the Upper Echelons Theory,a theoretical framework is constructed to examine the influence of tacit knowledge,investment preference,and their interactions on the exit duration of venture capital projects.The WIND database is used to collect 2246 rounds of investments from 182 investment institutions,and the Cox proportional hazard model is adopted to conduct an empirical study.The results indicate that some factors in tacit knowledge of the senior management team,such as the experience of starting a business,the experience of working in the overseas financial industry,diploma of sciences and overseas education,go against shortening the exit duration of venture capital projects.Other factors in tacit knowledge of the senior management team,including experience of working in the Chinese financial industry,diploma of economics and management,and educational background in law,significantly affect the shortening of the exit duration of venture capital projects.Industry investment preferences and regional investment preferences both have a significant impact on shortening the exit duration.And the interaction between tacit knowledge and investment preferences has a significant effect on the exit duration,but the interaction between tacit knowledge and industry preferences goes against shortening the exit duration.The interaction between tacit knowledge and regional preferences operates in favor of shortening the exit duration.

关 键 词：默会知识 投资偏好 退出期限 COX比例风险模型 

分 类 号：F832.48[经济管理—金融学]