风险投资机构社会资本始终促进创业企业的绩效吗?
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摘要
利用CVsource、私募通数据库,对2010—2017年间的VC融资事件进行了数据分析,运用Probit等回归分析检验了风险投资机构社会资本对创业企业各阶段绩效的影响效应。实证结果表明:风险投资机构各社会资本对创业企业的初期(融资)绩效都存在显著的正向影响;风险投资家在投行的工作经历、风险投资机构政治关联对创业企业成长绩效也存在显著的正向影响,但对其成熟期及后期的绩效有负向影响。
Based on CVsource and private equity database, this paper analyses data of the VC financing events from 2010 to 2017, and uses Probit and other regression analysis to test the effect of social capital on the performance of entrepreneurial enterprises at various stages. The empirical results show that the social capital of venture capital institutions has a significant positive impact on the early stage financing performance of entrepreneurial enterprises. The work experience in investment bank and political connections of venture capital institutions have a significant positive impact on the growth performance of entrepreneurial enterprises, but a negative one in maturity stage and afterwards.
Based on CVsource and private equity database, this paper analyses data of the VC financing events from 2010 to 2017, and uses Probit and other regression analysis to test the effect of social capital on the performance of entrepreneurial enterprises at various stages. The empirical results show that the social capital of venture capital institutions has a significant positive impact on the early stage financing performance of entrepreneurial enterprises. The work experience in investment bank and political connections of venture capital institutions have a significant positive impact on the growth performance of entrepreneurial enterprises, but a negative one in maturity stage and afterwards.
引文
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JAVAKHADZE D,FERRIS S P,DAN W F.2016.Social capital investments and external financing[J].Journal of Corporate Finance,37(3):38-55.
LI G,ZHOU H.2015.Political connections and access to IPO markets in China[J].China Economic Review,33(1):76-93.
LI Y,WANG X,HUANG L,et al.2013.How does entrepreneurs’ social capital hinder new business development?A relational embeddedness perspective[J].Journal of Business Research,66(12):2418-2424.
LIU Q,TANG J ,TIAN G.2013.Does political capital create value in the IPO market?Evidence from China [J].Journal of Corporate Finance,23(4):395-413.
李辉,王聪.2016.企业家社会资本对组织动态能力的作用路径研究——基于自主创新水平的中介效应分析[J].经济经纬(2):107-112.
任胜钢,彭宇柯,赵天宇,2015.关系社会资本的交互效应对新创企业发展绩效影响的纵向案例研究 [J].管理学报(10):1429-1435.
徐超,池仁勇.2014.企业家社会资本、个人特质与创业企业绩效——基于中国创业板上市公司的实证研究[J].软科学(4):57-61.
杨建东,李强,曾勇.2010.创业者个人特质、社会资本与风险投资 [J].科研管理(6):65-72.
张鹏,邓然,张立琨.2015.企业家社会资本与创业绩效关系研究 [J].科研管理(8):120- 128.
张玉喜,赵丽丽.2015.政府支持和金融发展、社会资本与科技创新企业融资效率[J].科研管理(11):55-63.
ALEXY O T,BLOCK J H,SANDNER P,et al.2012.Social capital of venture capitalists and start-up funding[J].Small Business Economics,39(4):835-851.
COHEN L,FRAZZINI A,MALLOY C.2008.The small world of investing:Board connections and mutual fund returns[J].Journal of Political Economy,116(5):951-979.
DAVIS G,COBB A.2010.Resource dependence theory:Past and future[J].Research in the Sociology of Organizations,28(1):21-42.
FACCIO M.2006.Politically connected firms[J].American Economic Review,96(1):369-386.
JAIN B,JAYARAMAN N,KINI O.2008.The path-to-profitability of internet IPO firms[J].Journal of Business Venturing,23(2):165-194.
JAVAKHADZE D,FERRIS S P,DAN W F.2016.Social capital investments and external financing[J].Journal of Corporate Finance,37(3):38-55.
LI G,ZHOU H.2015.Political connections and access to IPO markets in China[J].China Economic Review,33(1):76-93.
LI Y,WANG X,HUANG L,et al.2013.How does entrepreneurs’ social capital hinder new business development?A relational embeddedness perspective[J].Journal of Business Research,66(12):2418-2424.
LIU Q,TANG J ,TIAN G.2013.Does political capital create value in the IPO market?Evidence from China [J].Journal of Corporate Finance,23(4):395-413.