技术创业还是模式创业?创业战略选择与高地位风险投资获取  

Technological Entrepreneurship or Business Model Entrepreneurship?Entrepreneurial Strategy and High-Status Venture Capitalists

作　　者：谢福泉 张诗韵 郝斌[2] 吴昀桥 Xie Fuquan;Zhang Shiyun;Hao Bin;Wu Yunqiao(Economy and Management College,East China Normal University,Shanghai 200062,China;Business College,East China University of Science and Technology,Shanghai 200037,China;International College of Finance and Economics,Shanghai Lixin University of Accounting and Finance,Shanghai 201620,China)

机构地区：[1]华东师范大学经济与管理学部,上海200062 [2]华东理工大学商学院,上海200237 [3]上海立信会计金融学院国际财经学院,上海201620

出　　处：《中国科技论坛》2023年第8期109-118,共10页Forum on Science and Technology in China

基　　金：国家自然科学基金面上项目“新创企业追逐技术潮流对创业成功作用机理研究”(72274061);中央高校基本科研业务费项目“新创企业技术跨界路径选择与风险投资获取研究”(JKN02212303)。

摘　　要：技术创业和模式创业作为两种不同的创业战略,在特定情境下对企业能力要求不同,也会对未来成长产生差异性影响。创业者在二者之间的选择不仅关乎企业自身命运,更关系到行业乃至国家的技术发展。本文探究新创企业不同创业战略对风险投资(VC)的作用,分析技术创业和模式创业在吸引高地位VC时的差异性。基于2000—2016年中国信息通信技术行业1624家新创企业所获得的2210次风险投资事件的面板回归结果,相比于技术创业,模式创业对高地位VC具有更高吸引力;当资本市场行情向好或领域中存在较多政府风险投资时,技术创业相比于模式创业对高地位VC吸引力不足的效应被减弱。本文丰富了有关创业战略与VC关系的研究,同时也对新创企业战略选择和行业技术发展实践提供理论参考。As two different entrepreneurial strategies,technological approach and business model approach have different requirements on firm capability in a particular context,and will have distinctive impacts on firm growth.Entrepreneurs'decision on choosing one over the other would not only affect firm's prospect,but also relate to technological development of a certain industry and even the whole nation.This study investigates how different entrepreneurial strategies influence venture capital investment,unveiling how they might have distinctive impacts on attracting attention from high-status venture capitalists.Drawing on data of 1624 Chinese Information and Computer Technology(ICT)firms with 2210 investments from 2000 to 2016,we find that compared to technological entrepreneurship,model entrepreneurship has higher attractiveness to high-status Venture Capitals(VCs).When stock market thrives or when there are many governmental VCs,the advantage that business model entrepreneurship holds in attracting high-status VCs will be weakened.This study contributes to the line of inquiry on entrepreneurial strategy and VC investment.It can also have implications to practitioners in terms of firm strategic choice and technological development in an industry.

关 键 词：技术创业 模式创业 创业战略 风险投资 

分 类 号：F270[经济管理—企业管理]