华东经济管理
華東經濟管理
화동경제관리
EAST CHINA ECONOMIC MANAGEMENT
2014年
9期
99-105
,共7页
创业项目复杂性%声誉%风险投资联盟%联盟规模
創業項目複雜性%聲譽%風險投資聯盟%聯盟規模
창업항목복잡성%성예%풍험투자련맹%련맹규모
entrepreneurial project complexity%reputation%alliance of venture capital investments%scale of syndication
风险投资联盟已成为不确定性环境下风险投资机构获取竞争优势的一个非常重要的策略选择，联盟的规模对创业企业的绩效存在重要影响。文章研究了项目复杂性、风险投资机构声誉对风险投资联盟规模的作用机理，基于资源观、不确定性理论，提出了相应研究假设，利用国内CVsource的风险投资数据库，对2000-2012年间的VC融资事件进行了数据处理分析，运用多元回归分析验证了3个研究假设，实证研究表明：创业项目复杂性越高，该项目接受风险投资联盟规模就越大。风险投资机构的声誉越高，项目的风险投资联盟规模就越大，而且，还发现风险投资机构的声誉在项目复杂性与风险投资联盟规模的正相关关系中发挥了正向调节作用。文章研究结论弥补了联盟形成理论的不足，为联盟形成理论提供了一种新的情景。
風險投資聯盟已成為不確定性環境下風險投資機構穫取競爭優勢的一箇非常重要的策略選擇，聯盟的規模對創業企業的績效存在重要影響。文章研究瞭項目複雜性、風險投資機構聲譽對風險投資聯盟規模的作用機理，基于資源觀、不確定性理論，提齣瞭相應研究假設，利用國內CVsource的風險投資數據庫，對2000-2012年間的VC融資事件進行瞭數據處理分析，運用多元迴歸分析驗證瞭3箇研究假設，實證研究錶明：創業項目複雜性越高，該項目接受風險投資聯盟規模就越大。風險投資機構的聲譽越高，項目的風險投資聯盟規模就越大，而且，還髮現風險投資機構的聲譽在項目複雜性與風險投資聯盟規模的正相關關繫中髮揮瞭正嚮調節作用。文章研究結論瀰補瞭聯盟形成理論的不足，為聯盟形成理論提供瞭一種新的情景。
풍험투자련맹이성위불학정성배경하풍험투자궤구획취경쟁우세적일개비상중요적책략선택，련맹적규모대창업기업적적효존재중요영향。문장연구료항목복잡성、풍험투자궤구성예대풍험투자련맹규모적작용궤리，기우자원관、불학정성이론，제출료상응연구가설，이용국내CVsource적풍험투자수거고，대2000-2012년간적VC융자사건진행료수거처리분석，운용다원회귀분석험증료3개연구가설，실증연구표명：창업항목복잡성월고，해항목접수풍험투자련맹규모취월대。풍험투자궤구적성예월고，항목적풍험투자련맹규모취월대，이차，환발현풍험투자궤구적성예재항목복잡성여풍험투자련맹규모적정상관관계중발휘료정향조절작용。문장연구결론미보료련맹형성이론적불족，위련맹형성이론제공료일충신적정경。
Under the circumstance of uncertainty,alliance of venture capital investments has become a very important strate-gic choice for venture capital institutions to gain competitive advantages,the scale of syndication has an important effect on the performance of entrepreneurial enterprises. The study examines the impacts of complexity of entrepreneurial project and reputa-tion of venture capital institutions on the scale of alliance of venture capital investments. The paper puts forward appropriate re-search hypotheses based on resources-based theory and uncertainty theory, carries out data processing and analysis on VC fi-nancing events during the year of 2000 to 2012 by using domestic CVsource venture capital database,and verifies these three hypotheses by applying the multivariate regression analysis. The empirical results show that:the higher the complexity of entre-preneurial projects,the greater the scale of alliance of venture capital investments;the higher the reputation of venture invest-ment institutions,the greater the size of syndication of venture capital investments. Furthermore,the paper finds that the repu-tation of institutions plays a positive moderating role in the positive correlation between the complexity of the project and the size of venture capital alliance. These conclusions make up the deficiency of alliance formation theory,and provide a new con-text for alliance formation theory.
