资本来源对创业投资绩效的影响路径研究--制度公平与结构洞位置的作用  

Research on the influence of capital source on venture capital performance:The role of institutional fairness and structural hole location

作　　者：周育红[1] 刘建丽[2] 张世泽 Zhou Yuhong;Liu Jianli;Zhang Shize(School of Economics and Finance,South China University of Technology;Institute of Industrial Economics,Chinese Academy of Social Sciences)

机构地区：[1]华南理工大学经济与金融学院 [2]中国社会科学院工业经济研究所

出　　处：《南开管理评论》2021年第5期84-93,138,I0015,I0016,共13页Nankai Business Review

基　　金：国家社会科学基金项目(20BJY009);广州市高校创新创业项目(2020KC014);中国社会科学院登峰战略企业管理优势学科建设项目资助。

摘　　要：有研究认为,资本来源对创业投资(以下简称“创投”)绩效产生重要影响。但本文通过21年来我国创投市场24951起投资事件的全数据分析,发现资本来源并不是创投绩效的直接影响因素,它通过与制度公平环境的互动来影响投资绩效,而这种互动的效果又可部分被创投的网络结构洞位置所改善——制度公平环境是创投资本来源对投资绩效影响的完全调节变量,资本来源与制度公平的交互作用才是影响投资绩效的直接原因;而结构洞位置是这种交互作用对投资绩效影响的部分中介,拥有越丰富结构洞的创投越能改善资本来源与制度公平交互作用对投资绩效产生的影响。本文提出了新兴经济体资本来源与制度公平互动理论,实证了创投机构不同资本来源对投资绩效的影响路径,对创投机构投资战略选择、政府完善营商环境与促进中外资创投融合发展有一定指导意义。Economic globalization and regional integration are the general trends.Under the influence of the market mechanism,international capital flows to regions growing quickly.However,the anti-globalization behaviors that violate the market mechanism will be abandoned by the times.Emerging economies like China,with large market capacity and rapid economic growth,are the countries that international capitalists want to invest in.As a typical profit model of cross-border investment,venture capital is a long-term equity investment in start-ups.It is known as the“engine”of economic growth and an important part of the multi-level capital market.Nowadays,some foreign-funded enterprises have a tendency to withdraw from China.However,unlike real enterprises,venture capital is less affected by the relocation of the industrial chain and can become an important way to use foreign capital.Therefore,how to promote the integrated develop-ment of Chinese and foreign venture capital and solve the predicament of anti-globalization has become very important in the field of venture capital.There is a phenomenon of institutional separation between venture capital with dif-ferent sources.The changes in institutional fairness environment will have a differential impact on venture capital with different sources,which in turn affects investment perfor-mance.Venture capital has positive economic externalities,and it is also prone to market failures.For the development of venture capital,the government has the motivation to reform the institutional fairness environment of venture capital,so as to promote innovation economy.Institutional changes have a heterogeneous effect on venture capital with different sources.The fact remains that venture capital with different sources will be affected by the changing institutional fairness environment,resulting in different relative advantages and disadvantages,and different investment performance.Moreover,the interaction of capital sources and institutional changes is not one-way.There are large diffe

关 键 词：创业投资 资本来源 制度公平 结构洞 投资绩效 

分 类 号：F832.48[经济管理—金融学]