科技进步与对策
科技進步與對策
과기진보여대책
Science & Technology Progress and Policy
2013年
4期
22~27
,共null页
风险投资 投资后管理 创业导向 被投企业
風險投資 投資後管理 創業導嚮 被投企業
풍험투자 투자후관리 창업도향 피투기업
Venture Capital; Post Investment Activities; Entrepreneurial Orientation; Portfolio Company
已有文献分别围绕风险投资后管理、创业导向展开研究,但缺乏两者间关系的研究。明确了投资后管理中增值服务的内容划分及界定,指出增值服务与创业导向间的资源纽带,提出网络资源支持、后续融资支持、战略支持、管理支持4种增值服务均正向促进被投企业的创业导向。基于委托代理理论,从风险资本与被投企业间的投资契约机理出发,厘清了投资后管理中监控影响创业导向的路径,指出监控负向影响创业导向。
已有文獻分彆圍繞風險投資後管理、創業導嚮展開研究,但缺乏兩者間關繫的研究。明確瞭投資後管理中增值服務的內容劃分及界定,指齣增值服務與創業導嚮間的資源紐帶,提齣網絡資源支持、後續融資支持、戰略支持、管理支持4種增值服務均正嚮促進被投企業的創業導嚮。基于委託代理理論,從風險資本與被投企業間的投資契約機理齣髮,釐清瞭投資後管理中鑑控影響創業導嚮的路徑,指齣鑑控負嚮影響創業導嚮。
이유문헌분별위요풍험투자후관리、창업도향전개연구,단결핍량자간관계적연구。명학료투자후관리중증치복무적내용화분급계정,지출증치복무여창업도향간적자원뉴대,제출망락자원지지、후속융자지지、전략지지、관리지지4충증치복무균정향촉진피투기업적창업도향。기우위탁대리이론,종풍험자본여피투기업간적투자계약궤리출발,전청료투자후관리중감공영향창업도향적로경,지출감공부향영향창업도향。
Although researches about the post-investment activities and entrepreneurial orientation（EO）have been carried out respectively,little attention has been paid to the relationship between them in the existing literatures.The contents of the value added services in the post-investment activities are divided and defined.The thesis points out the resource ties between the value-added services and EO.And then it proposes that each of the four kinds of value-added services,including network resources support,the follow up financial support,strategic support,and management support promotes EO of portfolio company.Based on the principal-agent theory,from investment contract mechanism between venture capital and portfolio company,the thesis clarifies the path through which monitoring activities in the post-investment activities affect the EO of portfolio company,and then puts forward that monitoring activities impact the EO of portfolio company negatively.
