风险投资机构对创业企业的管理模式——行业专长与不确定性的视角
6209 
845
外国经济与管理 2014 年 第 36 卷第 09 期, 页码：3 - 11
摘要
参考文献
摘要
本文在梳理和分析风险投资与创业企业发展之间的关系、风险投资机构的风险及监控机制、风险投资机构的资源能力及增值服务这三个领域相关研究的基础上,开创性地构建了风险投资机构对创业企业管理模式的选择模型。该模型在创业企业类型和风险投资管理模式之间建立了匹配关系,指出风险投资机构可以通过组合激励约束机制和增值服务机制形成不同的管理模式,对在行业专长和不确定性上存在显著差异的创业企业进行分类管理,以促进创业企业的发展、提高风险投资的绩效。
[1]Amit R,et al.Entrepreneurial ability,venture investments,and risk sharing[J].Management Science,1990,36:1232-1245.
[2]Barney,et al.New venture teams’assessment of learning assistance from venture capital firms[J].Journal of Business Venturing,1996,11:257-272.
[3]Barry,et al.The role of venture capital in the creation of public companies:evidence from the going-public process[J].Journal of Financial Economics,1990,27:447-471.
[4]Batjargal B and Liu M.Entrepreneurs’access to private equity in China:the role of social capital[J].Organization Science,2004,15:159-172.
[5]Boeker W and Wiltbank R.New venture evolution and managerial capabilities[J].Organization Science,2005,16(2):123-133.
[6]Brau,et al.Do venture capitalists add value to small manufacturing firms?An empirical analysis of venture and nonventure capitalbacked initial public offerings[J].Jounral of small business management,2004,42:78-92.
[7]Brav A and Gompers A.Myth or reality?The long-run underperformance of initial public offerings:Evidence from venture and nonventurecapitalbacked companies[J].Journal of Finance,1997,52:1791-1821.
[8]Cable D and Shane S.A prisoner’s dilemma approach to entrepreneur-venture capitalist relationships[J].Academy of Management Review,1997,22(1):142-176.
[9]Clercq D and Sapienza H J.Effects of relational capital and commitment on venture capitalists’perception of portfolio company performance[J].Journal of Business Venturing,2006,21:326-347.
[10]Colombo M G and Grilli L.On growth drivers of high-tech start-ups:Exploring the role of founders’human capital and venture capital[J].Journal of Business Venturing,2010,25:610-626.
[11]De Bettignies J and Brander J A.Financing entrepreneurship:Bank finance versus venture capital[J].Journal of Business Venturing,2007,22:808-832.
[12]Dimov D,et al.Requisite expertise,firm reputation,and status in venture capital investment allocation decisions[J].Journal of Business Venturing,2007,22:481-502.
[13]Fiet J O.Venture capital risk assessment:An empirical test comparing business angels and venture capital firms[J].Best Papers Proceedings of the Annual Meeting of the Academy of Management,1991,73-77.
[14]Fitza,M,et al.Do VCs matter?The importance of owners on performance variance in start-up firms[J].Strategic Management journal,2009,30(4):387-404.
[15]Gompers P A.Optimal investment,monitoring,and the staging of venture capital[J].The Journal of Finance,1995(5),1461-1489.
[16]Hallen B L.The causes and consequences of the initial network positions of new organizations:From whom do entrepreneurs receive investments?[J].Administrative Science Quarterly,2008,53:685-718.
[17]Hellman T and Puri M.Venture capital and the professionalization of start-up firms:Empirical evidence[J].Research papers,Stanford university,graduate school of business,1961.
[18]Higashide H and Birley S.The consequences of conflict between the venture capitalist and the entrepreneurial team in the United Kingdom from the perspective of the venture capitalist[J].Journal of Business Venturing,2002,17(1):59-81.
[19]Hirsch J and Walz U.Why do contracts differ between venture capital types?[J].Small Business Economics,2013,40:511-525.
[20]Hsu D H.Venture capitalists and cooperative start-up commercialization strategy[J].Management Science,2006,52:204-219.
[21]Kaplan S and Stromberg P.Characteristics,contracts,and actions:Evidence from venture capitalist analyses[J].The Journal of Finance,Oct.2004,(5):2177-2210.
[22]Kaplan S and Tripsas M.Thinking about technology:Applying a cognitive lens to technical change[J].Research policy,2008,37:790-805.
[23]Lou M B and Macmillan I C.Entrepreneurship:Past research and future challenges[J].Journal of Management,June,1988:139-161.
[24]Lu H,et al.Why do venture capital firms exist:and institution-based rent-seeking perspective and Chinese evidence[J].Asia Pacific Management,2013,30:921-936.
[25]Lu Q,et al.Agency risk control through reprisal[J].Journal of Business Venturing,2006,21:369-384.
[26]Peteraf M A.The cornerstones of competitive advantage:A resource-based view[J].Strategic Management Journal,1993,14:179-191.
[27]Qian G U and Xiaohui L U.Unraveling the Mechanisms of reputation and alliance formation:A study of venture capital syndication in China[J].Strategic Management Journal,2014,35(5):739-750.
[28]Santos F M,Eisenhardt K M.Organizational boundaries and theories of organization[J].Organization Science,2005,16:491-508.
[29]Sapienza H J and Gupta A K.Impact of agency risks and task uncertainty on venture capitalist-CEO interaction[J].Academy of Management Journal,1994,37(6):1618-1632.
[30]Schmidt K.Convertible securities and venture capital finance[J].Journal of Finance,2003,58(3):1139-1166.
[31]Sine,et al.Revisiting burns and stalker:formal structure and new venture performance in emerging economic sectors[J].Academy of Management Journal,2006,49(1):121-132.
[32]Stam W and Elfring T.Entrepreneurial orientation and new venture performance:The moderating role of intra-and-extra industry social capital[J].Academy of Management Journal,2008,51(1):97-111.
[33]Tan J,et al.Managing risk in a transitional environment:An exploratory study of control and incentive mechanisms of venture capital firms in China[J].Journal of Small Business Management,2008,46(2):263-285.
[34]Tripsas M and Gavetti G.Capabilities,cognition and inertia:evidence from digital imaging[J].Strategic Management Journal,2000,21:1147-1161.
[35]Williamson O.The Economic Institutions of Capitalism[M].Simon&Schuster Inc.,1985,威廉姆斯.资本主义经济制度(中译本)[M].商务印书馆,2002.
[36]苟燕楠,董静.风险投资背景对企业技术创新的影响研究[J].科研管理,2014,(2).
[37]李闯,叶瑛.创业投资家——创业企业家之间信任影响因素不对称性的跨案例研究[J].中国工业经济,2010,(2).
[38]钱苹,张帏.我国创业投资的回报率及其影响因素[J].经济研究,2007,(5).
[39]姚铮,王笑雨,程越楷.风险投资契约条款设置动因及其作用机理研究[J].管理世界,2011,(2).
[40]殷林森,胡文伟,李湛.产业投资双边道德风险研究前沿与思路探讨[J].外国经济与管理,2007,(6).
[2]Barney,et al.New venture teams’assessment of learning assistance from venture capital firms[J].Journal of Business Venturing,1996,11:257-272.
[3]Barry,et al.The role of venture capital in the creation of public companies:evidence from the going-public process[J].Journal of Financial Economics,1990,27:447-471.
[4]Batjargal B and Liu M.Entrepreneurs’access to private equity in China:the role of social capital[J].Organization Science,2004,15:159-172.
[5]Boeker W and Wiltbank R.New venture evolution and managerial capabilities[J].Organization Science,2005,16(2):123-133.
[6]Brau,et al.Do venture capitalists add value to small manufacturing firms?An empirical analysis of venture and nonventure capitalbacked initial public offerings[J].Jounral of small business management,2004,42:78-92.
[7]Brav A and Gompers A.Myth or reality?The long-run underperformance of initial public offerings:Evidence from venture and nonventurecapitalbacked companies[J].Journal of Finance,1997,52:1791-1821.
[8]Cable D and Shane S.A prisoner’s dilemma approach to entrepreneur-venture capitalist relationships[J].Academy of Management Review,1997,22(1):142-176.
[9]Clercq D and Sapienza H J.Effects of relational capital and commitment on venture capitalists’perception of portfolio company performance[J].Journal of Business Venturing,2006,21:326-347.
[10]Colombo M G and Grilli L.On growth drivers of high-tech start-ups:Exploring the role of founders’human capital and venture capital[J].Journal of Business Venturing,2010,25:610-626.
[11]De Bettignies J and Brander J A.Financing entrepreneurship:Bank finance versus venture capital[J].Journal of Business Venturing,2007,22:808-832.
[12]Dimov D,et al.Requisite expertise,firm reputation,and status in venture capital investment allocation decisions[J].Journal of Business Venturing,2007,22:481-502.
[13]Fiet J O.Venture capital risk assessment:An empirical test comparing business angels and venture capital firms[J].Best Papers Proceedings of the Annual Meeting of the Academy of Management,1991,73-77.
[14]Fitza,M,et al.Do VCs matter?The importance of owners on performance variance in start-up firms[J].Strategic Management journal,2009,30(4):387-404.
[15]Gompers P A.Optimal investment,monitoring,and the staging of venture capital[J].The Journal of Finance,1995(5),1461-1489.
[16]Hallen B L.The causes and consequences of the initial network positions of new organizations:From whom do entrepreneurs receive investments?[J].Administrative Science Quarterly,2008,53:685-718.
[17]Hellman T and Puri M.Venture capital and the professionalization of start-up firms:Empirical evidence[J].Research papers,Stanford university,graduate school of business,1961.
[18]Higashide H and Birley S.The consequences of conflict between the venture capitalist and the entrepreneurial team in the United Kingdom from the perspective of the venture capitalist[J].Journal of Business Venturing,2002,17(1):59-81.
[19]Hirsch J and Walz U.Why do contracts differ between venture capital types?[J].Small Business Economics,2013,40:511-525.
[20]Hsu D H.Venture capitalists and cooperative start-up commercialization strategy[J].Management Science,2006,52:204-219.
[21]Kaplan S and Stromberg P.Characteristics,contracts,and actions:Evidence from venture capitalist analyses[J].The Journal of Finance,Oct.2004,(5):2177-2210.
[22]Kaplan S and Tripsas M.Thinking about technology:Applying a cognitive lens to technical change[J].Research policy,2008,37:790-805.
[23]Lou M B and Macmillan I C.Entrepreneurship:Past research and future challenges[J].Journal of Management,June,1988:139-161.
[24]Lu H,et al.Why do venture capital firms exist:and institution-based rent-seeking perspective and Chinese evidence[J].Asia Pacific Management,2013,30:921-936.
[25]Lu Q,et al.Agency risk control through reprisal[J].Journal of Business Venturing,2006,21:369-384.
[26]Peteraf M A.The cornerstones of competitive advantage:A resource-based view[J].Strategic Management Journal,1993,14:179-191.
[27]Qian G U and Xiaohui L U.Unraveling the Mechanisms of reputation and alliance formation:A study of venture capital syndication in China[J].Strategic Management Journal,2014,35(5):739-750.
[28]Santos F M,Eisenhardt K M.Organizational boundaries and theories of organization[J].Organization Science,2005,16:491-508.
[29]Sapienza H J and Gupta A K.Impact of agency risks and task uncertainty on venture capitalist-CEO interaction[J].Academy of Management Journal,1994,37(6):1618-1632.
[30]Schmidt K.Convertible securities and venture capital finance[J].Journal of Finance,2003,58(3):1139-1166.
[31]Sine,et al.Revisiting burns and stalker:formal structure and new venture performance in emerging economic sectors[J].Academy of Management Journal,2006,49(1):121-132.
[32]Stam W and Elfring T.Entrepreneurial orientation and new venture performance:The moderating role of intra-and-extra industry social capital[J].Academy of Management Journal,2008,51(1):97-111.
[33]Tan J,et al.Managing risk in a transitional environment:An exploratory study of control and incentive mechanisms of venture capital firms in China[J].Journal of Small Business Management,2008,46(2):263-285.
[34]Tripsas M and Gavetti G.Capabilities,cognition and inertia:evidence from digital imaging[J].Strategic Management Journal,2000,21:1147-1161.
[35]Williamson O.The Economic Institutions of Capitalism[M].Simon&Schuster Inc.,1985,威廉姆斯.资本主义经济制度(中译本)[M].商务印书馆,2002.
[36]苟燕楠,董静.风险投资背景对企业技术创新的影响研究[J].科研管理,2014,(2).
[37]李闯,叶瑛.创业投资家——创业企业家之间信任影响因素不对称性的跨案例研究[J].中国工业经济,2010,(2).
[38]钱苹,张帏.我国创业投资的回报率及其影响因素[J].经济研究,2007,(5).
[39]姚铮,王笑雨,程越楷.风险投资契约条款设置动因及其作用机理研究[J].管理世界,2011,(2).
[40]殷林森,胡文伟,李湛.产业投资双边道德风险研究前沿与思路探讨[J].外国经济与管理,2007,(6).
引用本文
董静, 翟海燕, 汪江平. 风险投资机构对创业企业的管理模式——行业专长与不确定性的视角[J]. 外国经济与管理, 2014, 36(9): 3–11.
导出参考文献，格式为：
上一篇：私人财富管理研究述评与展望
