制度压力视角下创业投资机构对政府引导基金的响应研究  

Research on the Response of Venture Capital Institutions toGovernment-guided Funds under the Perspective of Institutional Pressure

作　　者：程聪慧 褚清清 CHENG Conghui;CHU Qingqing(Hunan University,Changsha 410082)

机构地区：[1]湖南大学,湖南长沙410082

出　　处：《财贸研究》2024年第5期77-89,共13页Finance and Trade Research

基　　金：国家社会科学基金项目“政府引导基金运作研究:政策、机理与效应”(22FGLB043)。

摘　　要：建构“制度压力→响应动机→战略行为”理论框架,考察创业投资机构响应创业投资政府引导基金的战略行为机理。结果表明,制度压力对创业投资机构做出响应政府引导基金的战略行为有显著正向影响,且机构响应动机在其间发挥中介作用。具体地,规制压力通过规章约束影响机构的管理行为,并利用政治关联诱导机构与引导基金合作,但负向影响机构投资策略调整;规范压力通过降低机构成长风险激励机构资源整合,并通过社会约束促进机构调整投资策略,但负向影响机构主动与引导基金合作;认知压力通过促进机构产生同业竞争动机正向影响合作机会搜寻和投资战略调整,但对机构资源整合没有显著影响。The theoretical framework of“institutional pressure→response motivation→strategic behavior”is constructed to investigate the mechanism of strategic behavior of venture capital institutions in response to government-guided venture capital funds.Results show that institutional pressure has a significant positive effect on the strategic behaviors of VC institutions in response to the GGF,and the institutional response motivation has a mediating effect.Specifically,the regulatory pressure affects the management of the institution through regulation constraints,and induces the cooperation between the institution and GGF through political connections,but negatively affects the adjustment of investment strategies of VC institutions;Normative pressure encourages institutional resource integration by reducing the risk of institutional growth,and promotes institutional adjustment of investment strategies by social constraints,but negatively affect the initiative of VC institutions in cooperating with the GGF;and cognitive pressure positively affects the search for cooperation opportunities and the adjustment of investment strategies of VC institutions through the promotion of their motivation to compete with other VC institutions,but do not have any significant effect on the integration of VC institutions’resources.

关 键 词：政府引导基金 创业投资机构 制度压力 响应动机 战略行为 

分 类 号：C936[经济管理—管理学]