创业企业股权投资对成长绩效的影响  

Influences of New Venture′s Equity Investment on Growth Performance

作　　者：王坤 WANG Kun(School of Management,Huazhong University of Science and Technology,Wuhan 430074,China)

机构地区：[1]华中科技大学管理学院,武汉430074

出　　处：《管理科学》2021年第2期30-43,共14页Journal of Management Science

摘　　要：股权投资是创业企业获取外部关键资源的重要途径,但是已有研究主要集中在成熟企业,对创业企业股权投资行为的研究相对滞后。由于创业企业小而新的属性,已有基于成熟企业的研究结果难以系统回答创业企业如何通过股权投资实现快速成长。整合已有研究观点,基于资源依赖理论,探讨股权投资与创业企业成长绩效之间的关系,进一步探究企业年龄和研发投入在股权投资与创业企业成长绩效之间的关系中发挥的调节作用。以2013年至2017年新三板软件和信息行业185家挂牌企业为样本,采用Stata 14.0和层次回归分析方法,实证检验股权投资、企业年龄和研发投入与创业企业成长绩效之间的关系。研究结果表明,(1)由于股权投资能够帮助创业企业与被投资企业建立情感和利益双重纽带,及时获取外部关键资源和信息,发挥先发优势,从而对创业企业成长绩效具有显著的促进作用;(2)企业年龄负向调节股权投资与创业企业成长绩效之间的关系,即股权投资对创业企业成长绩效的促进作用随着企业成长趋于弱化;(3)研发投入负向调节股权投资与创业企业成长绩效之间的关系,并且这种负向调节效应随着创业企业成长而增大。在稳健性检验中,上述结果仍然成立。研究发现创业企业通过股权投资获取外部关键资源促进成长具有明显的阶段特征,增进了对于股权投资对企业成长绩效的作用机制及其动态特征的认知,拓展了创业情景下的资源依赖理论。在企业实践中,创业企业在成立初期需要有意识地与外部优质企业或资源达成股权合作,创造先发优势并发挥内外部资源的协同效应,同时在股权合作过程中协调与内部研发投入的关系,逐渐降低对投资对象的依赖,尽量避免同时进行过高的投资。Equity investment is a significant path for new ventures to obtain core external resources.The existing research mainly focuses on mature enterprises,yet the research on new ventures′equity investment behavior relatively lags behind.Due to the"small and new"features of new ventures,the conclusions of existing research based on mature enterprises are difficult to systematically answer the question"how to realize rapid growth of new ventures through equity investment".By reviewing existing research and based on resource dependence theory,this study explores the relationship between equity investment and growth performance of new ventures,and further investigates the moderating role of firm age and R&D investment on the relationship between equity investment and growth performance of new ventures.The data includes 185 listed companies in the software and information industry of the National Equities Exchange and Quotations(NEEQ)from 2013 to 2017,and this study uses Stata 14.0 and hierarchical regression analysis methods to empirically test the relationships between equity investment,firm age,R&D investment and entrepreneurial growth performance.This study finds that:(1)equity investment can help new ventures and invested enterprises establish a dual bond of emotion and interest,timely access to external key resources and information,and play a"first mover advantage",so it has a significant promotion effect on entrepreneurial growth performance;(2)firm age negatively moderates the relationship between equity investment and entrepreneurial growth performance,that is,the promoting effect of equity investment on the entrepreneurial growth performance tends to weaken with the growth of new ventures;(3)R&D investment negatively moderates the relationship between equity investment and entrepreneurial growth performance,and this negative moderating effect increases with the growth of new ventures.The above results are still robust in the robustness test.The results of the study find that new ventures can obtain core exter

关 键 词：股权投资 企业年龄 研发投入 成长绩效 创业企业 

分 类 号：F272.2[经济管理—企业管理]