风险投资对创业企业成长的作用已成为社会关注的焦点与热点,然而现有研究很少回答风险投资介入是否对创业企业战略选择产生影响、如何产生影响以及产生怎样的影响。本文在系统梳理已有研究文献的基础上,首先总结出风险投资影响创业企业战略选择的两种理论假说;其次,从资源基础观、代理理论与信号传递理论的视角剖析风险投资影响创业企业战略选择的三种作用机制,即增值服务提供机制、监督与管理机制以及信号传递机制;最后,在分析现有经验研究的基础上,本文构建了风险投资影响创业企业战略选择的理论分析框架,并对未来主要研究方向予以展望。本文对深化与推动风险投资与创业企业之间的互动研究、拓展战略管理研究具有重要的意义。
风险投资会影响创业企业战略选择吗?——文献述评与理论架构
摘要
参考文献
9 Admati A R, Pfleiderer P. Robust financial contracting and the role of venture capitalists[J]. The Journal of FINANCE, 1994, 49(2):371-402. DOI:10.1111/j.1540-6261.1994.tb05146.x
10 Amit R, Glosten L, Muller E. Does venture capital foster the most promising entrepreneurial firms?[J]. California Management Review, 1990a, 32(3):102-111. DOI:10.2307/41166621
11 Amit R, Glosten L, Muller E. Entrepreneurial ability, venture investments, and risk sharing[J]. Management Science, 1990b, 36(10):1232-1245.
12 Barney C B. Firm resources and sustained competitive advantage[J]. Journal of Management, 1991, 17(1):99-120. DOI:10.1177/014920639101700108
13 Barry C B, Muscarella C J, Peavy Ⅲ J W, 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(2):447-471. DOI:10.1016/0304-405X(90)90064-7
14 Bruton G D, Ahlstrom D, Puky T. Institutional differences and the development of entrepreneurial ventures:A comparison of the venture capital industries in Latin America and Asia[J]. Journal of International Business Studies, 2009, 40(5):762-778. DOI:10.1057/jibs.2009.3
15 Busenitz L W, Fiet J O, Moesel D D. Reconsidering the venture capitalists' "value added" proposition:An interorganizational learning perspective[J]. Journal of Business Venturing, 2004, 19(6):787-807. DOI:10.1016/j.jbusvent.2003.06.005
16 Carpenter M A, Pollock T G, Leary M M. Testing a model of reasoned risk-taking:Governance, the experience of principals and agents, and global strategy in high-technology IPO firms[J]. Strategic Management Journal, 2003, 24(9):803-820. DOI:10.1002/(ISSN)1097-0266
17 Colombo M G, 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(6):610-626. DOI:10.1016/j.jbusvent.2009.01.005
18 Dimov D, Shepherd D A, Sutcliffe K M. Requisite expertise, firm reputation, and status in venture capital investment allocation decisions[J]. Journal of Business Venturing, 2007, 22(4):481-502. DOI:10.1016/j.jbusvent.2006.05.001
19 Dushnitsky G, Lavie D. How alliance formation shapes corporate venture capital investment in the software industry:A resource-based perspective[J]. Strategic Entrepreneurship Journal, 2010, 4(1):22-48. DOI:10.1002/(ISSN)1932-443X
20 Ebbers J J, Wijnberg N M. Nascent ventures competing for start-up capital:Matching reputations and investors[J]. Journal of Business Venturing, 2012, 27(3):372-384. DOI:10.1016/j.jbusvent.2011.02.001
21 Eisenhardt K M. Agency theory:An assessment and review[J]. Academy of Management Review, 1989, 14(1):57-74.
22 Fernhaber S A, McDougall-Covin P P. Venture capitalists as catalysts to new venture internationalization:The impact of their knowledge and reputation resources[J]. Entrepreneurship Theory and Practice, 2009, 33(1):277-295.
23 Gaba V, Meyer A D. Crossing the organizational species barrier:How venture capital practices infiltrated the information technology sector[J]. Academy of Management Journal, 2008, 51(5):976-998. DOI:10.5465/AMJ.2008.34789671
24 Gompers P A. Optimal investment, monitoring, and the staging of venture capital[J]. The Journal of FINANCE, 1995, 50(5):1461-1489. DOI:10.1111/j.1540-6261.1995.tb05185.x
25 Gompers P A. Grandstanding in the venture capital industry[J]. Journal of Financial Economics, 1996, 42(1):133-156. DOI:10.1016/0304-405X(96)00874-4
26 Gorman M, Sahlman W A. What do venture capitalists do?[J]. Journal of Business Venturing, 1989, 4(4):231-248. DOI:10.1016/0883-9026(89)90014-1
27 Gu Q, Lu X H. 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. DOI:10.1002/smj.2014.35.issue-5
28 Guler I, Guillén M F. Institutions and the internationalization of US venture capital firms[J]. Journal of International Business Studies, 2010, 41(2):185-205. DOI:10.1057/jibs.2009.35
29 Hallen B L, Katila R, Rosenberger J D. How do social defenses work? A resource-dependence lens on technology ventures, venture capital investors, and corporate relationships[J]. Academy of Management Journal, 2014, 57(4):1078-1101. DOI:10.5465/amj.2012.0003
30 Hellmann T, Puri M. Venture Capital and the professionalization of start-up firms:empirical evidence[J]. The Journal of FINANCE, 2002, 57(1):169-197. DOI:10.1111/1540-6261.00419
31 Hsu D H. Venture capitalists and cooperative start-up commercialization strategy[J]. Management Science, 2006, 52(2):204-219. DOI:10.1287/mnsc.1050.0480
32 Jensen M C, Meckling W H. Theory of the firm:Managerial behavior, agency costs and ownership structure[J]. Journal of Financial Economics, 1976, 3(4):305-360. DOI:10.1016/0304-405X(76)90026-X
33 Lee P M, Wahal S. Grandstanding, certification and the underpricing of venture capital backed IPOs[J]. Journal of Financial Economics, 2004, 73(2):375-407. DOI:10.1016/j.jfineco.2003.09.003
34 Lerner J. Venture capitalists and the oversight of private firms[J]. The Journal of Finance, 1995, 50(1):301-318. DOI:10.1111/j.1540-6261.1995.tb05175.x
35 Li Y, Mahoney J T. When are venture capital projects initiated?[J]. Journal of Business Venturing, 2011, 26(2):239-254. DOI:10.1016/j.jbusvent.2009.08.001
36 Lindsey L. Blurring firm boundaries:The role of venture capital in strategic alliances[J]. The Journal of FINANCE, 2008, 63(3):1137-1168. DOI:10.1111/j.1540-6261.2008.01354.x
37 LiPuma J A, Park S. Venture capitalists' risk mitigation of portfolio company internationalization[J]. Entrepreneurship Theory and Practice, 2014, 38(5):1183-1205. DOI:10.1111/etap.2014.38.issue-5
38 Lutz E, George G. Venture capitalists' role in new venture internationalization[J]. The Journal of Private Equity, 2012, 16(1):26-41.
39 Macmillan I C, Kulow D M, Khoylian R. Venture capitalists' involvement in their investments:Extent and performance[J]. Journal of Business Venturing, 1989, 4(1):27-47. DOI:10.1016/0883-9026(89)90032-3
40 Mäkelä M M, Maula M V J. Cross-border venture capital and new venture internationalization:An isomorphism perspective[J]. Venture Capital:An International Journal of Entrepreneurial Finance, 2005, 7(3):227-257. DOI:10.1080/13691060500258877
41 Maula M V J, Keil T, Zahra S A. Top management's attention to discontinuous technological change:Corporate venture capital as an alert mechanism[J]. Organization Science, 2013, 24(3):926-947. DOI:10.1287/orsc.1120.0775
42 Megginson W L, Weiss K A. Venture capitalist certification in initial public offerings[J]. The Journal of FINANCE, 1991, 46(3):879-903. DOI:10.1111/j.1540-6261.1991.tb03770.x
43 Ozmel U, Robinson D T, Stuart T E. Strategic alliances, venture capital, and exit decisions in early stage high-tech firms[J]. Journal of Financial Economics, 2013, 107(3):655-670. DOI:10.1016/j.jfineco.2012.09.009
44 Park H D, Steensma H K. When does corporate venture capital add value for new ventures?[J]. Strategic Management Journal, 2012, 33(1):1-22. DOI:10.1002/smj.v33.1
45 Penrose J M. Behavioral objectives:Recognition and preparation[J]. Journal of Business Communication, 1974, 11(3):29-36. DOI:10.1177/002194367401100305
46 Petkova A P, Wadhwa A, Yao X, et al. Reputation and decision making under ambiguity:A study of U.S. venture capital firms' investments in the emerging clean energy sector[J]. Academy of Management Journal, 2014, 57(2):422-448. DOI:10.5465/amj.2011.0651
47 Rosenstein J, Bruno A V, Bygrave W D, et al. The CEO, venture capitalists, and the board[J]. Journal of Business Venturing, 1993, 8(2):99-113. DOI:10.1016/0883-9026(93)90014-V
48 Smolarski J, Kut C. The impact of venture capital financing method on SME performance and internationalization[J]. International Entrepreneurship and Management Journal, 2011, 7(1):39-55. DOI:10.1007/s11365-009-0128-1
49 Steier L, Greenwood R. Venture capitalist relationships in the deal structuring and post-investment stages of new firm creation[J]. Journal of Management Studies, 1995, 32(3):337-357. DOI:10.1111/joms.1995.32.issue-3
50 Stinchcombe A L. Social structure and organizations[J]. Advances in Strategic Management, 1965, 17(1):229-259.
51 Timmons J A, Bygrave W D. Venture capital's role in financing innovation for economic growth[J]. Journal of Business Venturing, 1986, 1(2):161-176. DOI:10.1016/0883-9026(86)90012-1
52 Van de Vrande V, Vanhaverbeke W. How prior corporate venture capital investments shape technological alliances:A real options approach[J]. Entrepreneurship Theory and Practice, 2013, 37(5):1019-1043. DOI:10.1111/etap.2013.37.issue-5
53 Vanacker T, Collewaert V, Paeleman I. The relationship between slack resources and the performance of entrepreneurial firms:The role of venture capital and angel investors[J]. Journal of Management Studies, 2013, 50(6):1070-1096. DOI:10.1111/joms.2013.50.issue-6
54 Wadhwa A, Phelps C. Take a chance on me:An examination of the interdependence of start-up tie formation across venture capital and alliance networks[R]. Working Paper, 2011.
55 Wang H Z, Wuebker R J, Han S, et al. Strategic alliances by venture capital backed firms:An empirical examination[J]. Small Business Economics, 2012, 38(2):179-196. DOI:10.1007/s11187-009-9247-x
引用本文
董静, 汪立. 风险投资会影响创业企业战略选择吗?——文献述评与理论架构[J]. 外国经济与管理, 2017, 39(2): 36–46.
导出参考文献,格式为: