基于交互效应的风险投资决策意愿影响因素的实证研究
|
摘要
作为新的商业模式，我国风险投资还处于初步发展阶段，风险资本额的快速增长对风险投资机构作为金融中介的运行效率提出了挑战，特别是VC/PE功能异化的行为投机化和发展泡沫化、中小企业获取风险投资困难以及宏观政策环境的缺失等问题亟待解决，对于依然处于成长初期的我国风险投资机构来说，如何迅速建立有效的治理机制，缓解风险投资和创业企业之间的矛盾，是首先要解决的问题。本文对风险投资决策意愿的影响因素进行了理论和实证研究。
本文通过文献研究的方法对风险投资决策意愿的文献进行研究，研究发现国内外研究现状中所存在的不足，主要缺乏对风险投资决策意愿影响因素的系统、全面的实证分析，特别是影响因素之间交互替代效应还没有研究先例。
本文以风险投资决策意愿的影响因素为研究对象，应用信息不对称理论、完全契约理论、不完全契约理论等作为本文的理论基础，得到了本文的理论分析框架，即运用期望回报、预期风险、创业能力、契约控制权和投资环境来研究风险投资决策意愿的影响因素。
本文采取了两个阶段来建立理论假设模型。第一个阶段先考察全部因素变量对决策意愿变量的直接影响关系；第二个阶段是在因素变量之间构建若干假设影响关系，考察各因素变量对决策意愿变量的协同影响和因素变量之间的交互影响。
本文通过文献综述、深度访谈构建对应的测量模型，设计了相关变量的测量表，开发了调查问卷，并针对不同行业的250家风险投资机构进行问卷调查，采用结构方程模型方法对数据进行统计分析，有效验证了相关假设。
最后，本文分析了各影响因素对风险投资决策意愿的影响作用机制，得出了相关结论。
As a new business model, venture investment in China is still in the preliminarystages of development, the rapid growth of the venture capital presents a challenge tothe operating efficiency of those VC institutions who act as financial intermediaries.Many issues need to be solved such as VC/PE function alienation behaviors such asspeculation and development bubble、SMEs' difficulties accessing to venture capitalas well as the lack of macro-policy environment For those venture capital institutionsin China who are still at an early stage, it is of great significance to quickly establishan effective governance mechanism, therefore ease the contradiction between venturecapital and start-ups.In this paper, we theoretically and empirically explored theinfluencing factors of venture capital decision-making wishes to solve those aboveproblems.
By literature research of venture capital decision-making wishes, we try toexplore the deficiencies in the domestic and foreign research status. Finding that whatwe mainly lack is comprehensive、systematic and empirical analysis of influencingfactors of venture capital decision-making wishes. In particular, the interactive andsubstitution effects among the influencing factors which has not been precedentlystudied.
Influencing factors of venture capital decision-making wishes.as the researchobject, application of Information Asymmetry Theory, Incomplete Contract Theory,Incomplete contract theory as the theoretical basis of this article, we build thetheoretical analysis framework, which is by expected return, expected risk,entrepreneurial ability, contractual control rights and the investment environment tostudy their impacts on venture capital decision willingness factors.
Taking two stages to establish the theoretical hypotheses, the first stage toexamine the direct effects of the entire factors variable on decision-makingwillingness; the second stage is to build certain assumptions that affect the relationship among the variable factors, examining collaborative effects betweendecision-making wishes factors and the interactive effects among the various factorsvariables.
Through the literature review, in-depth interviews, this article is to construct thecorresponding measurement model designing the measurement table of the relevantvariables and developing a questionnaire. The questionnaire is targeted at differentsectors of250venture capital institutions, using structural equation modeling methodof statistical analysis of data, and effectively validates the underlying assumptions.
Finally, this paper analyzes the influencing factors on the mechanism of venturecapital decision-making wishes to draw the relevant conclusions.
本文通过文献研究的方法对风险投资决策意愿的文献进行研究，研究发现国内外研究现状中所存在的不足，主要缺乏对风险投资决策意愿影响因素的系统、全面的实证分析，特别是影响因素之间交互替代效应还没有研究先例。
本文以风险投资决策意愿的影响因素为研究对象，应用信息不对称理论、完全契约理论、不完全契约理论等作为本文的理论基础，得到了本文的理论分析框架，即运用期望回报、预期风险、创业能力、契约控制权和投资环境来研究风险投资决策意愿的影响因素。
本文采取了两个阶段来建立理论假设模型。第一个阶段先考察全部因素变量对决策意愿变量的直接影响关系；第二个阶段是在因素变量之间构建若干假设影响关系，考察各因素变量对决策意愿变量的协同影响和因素变量之间的交互影响。
本文通过文献综述、深度访谈构建对应的测量模型，设计了相关变量的测量表，开发了调查问卷，并针对不同行业的250家风险投资机构进行问卷调查，采用结构方程模型方法对数据进行统计分析，有效验证了相关假设。
最后，本文分析了各影响因素对风险投资决策意愿的影响作用机制，得出了相关结论。
As a new business model, venture investment in China is still in the preliminarystages of development, the rapid growth of the venture capital presents a challenge tothe operating efficiency of those VC institutions who act as financial intermediaries.Many issues need to be solved such as VC/PE function alienation behaviors such asspeculation and development bubble、SMEs' difficulties accessing to venture capitalas well as the lack of macro-policy environment For those venture capital institutionsin China who are still at an early stage, it is of great significance to quickly establishan effective governance mechanism, therefore ease the contradiction between venturecapital and start-ups.In this paper, we theoretically and empirically explored theinfluencing factors of venture capital decision-making wishes to solve those aboveproblems.
By literature research of venture capital decision-making wishes, we try toexplore the deficiencies in the domestic and foreign research status. Finding that whatwe mainly lack is comprehensive、systematic and empirical analysis of influencingfactors of venture capital decision-making wishes. In particular, the interactive andsubstitution effects among the influencing factors which has not been precedentlystudied.
Influencing factors of venture capital decision-making wishes.as the researchobject, application of Information Asymmetry Theory, Incomplete Contract Theory,Incomplete contract theory as the theoretical basis of this article, we build thetheoretical analysis framework, which is by expected return, expected risk,entrepreneurial ability, contractual control rights and the investment environment tostudy their impacts on venture capital decision willingness factors.
Taking two stages to establish the theoretical hypotheses, the first stage toexamine the direct effects of the entire factors variable on decision-makingwillingness; the second stage is to build certain assumptions that affect the relationship among the variable factors, examining collaborative effects betweendecision-making wishes factors and the interactive effects among the various factorsvariables.
Through the literature review, in-depth interviews, this article is to construct thecorresponding measurement model designing the measurement table of the relevantvariables and developing a questionnaire. The questionnaire is targeted at differentsectors of250venture capital institutions, using structural equation modeling methodof statistical analysis of data, and effectively validates the underlying assumptions.
Finally, this paper analyzes the influencing factors on the mechanism of venturecapital decision-making wishes to draw the relevant conclusions.
引文
[1]风险投资.2011风险投资统计年鉴，1170
[2]王伟中.推进科技与金融结合缓解融资难[R].深圳:（第十四届）中国风险投资论坛,2012
[3]张景安.中小企业迫切需要风险投资[R].深圳:（第十三届）中国风险投资论坛,2011
[4]史本叶,范硕.英国剑桥高技术产业集群风险投资的经验及启示[J].经济纵横,2011,01期
[5] Tyzoon T. Tyebjee, Albert V. Bruno. A model of venture Capitalist InvestmentActivity [J]. Management Science.1984,30(9)
[6] Timmons J A. New venture creation: Entrepreneurship for the21st century [M].5th edition. McGraw-Hill,1999
[7]姜彦福,邱琼.创业机会评价重要指标序列的实证研究[J].《科学学研究》,2004,22(1)
[8] Luehrman A. Investment opportunities as real options: Getting started on thenumbers [J]. Harvard B usiness Review,1998(July2August):51-66
[9] Blanca MaraMartins Rodrguez. A New insight into the valuation of start-ups:bridging the intellectual capital gap in venture capital appraisals [J]. ElectronicJournal on Knowledge Management,2003,1(2):125-138
[10] Roure Robert H., Juan B. Predictors of suceess in new technology based ventures[J]. Journal of Business Venturing,1990,5(4):201-220
[11] Hall J., Hofer C W. Venture capitalist’s decision criteria in new ventureevaluation [J]. Joumal of Business Venturing,1993,8(l)
[12] Zider B. How venture capital works [J]. Harvard Business Review,1998,76(6):131-139
[13] Robinson K., McDougall P. Entry barriers and new venture performance: Acomparison of universal and contingency approaches [J]. Strategic ManagementJoumal,2001,22:659-685
[14] Gompers, Paul&Josh Lerner. The Venture Capital Cycle[M]. Boston: MIT press,1999
[15] RamyElitzur, Arieh Gaivious. A Multi-period Game Theoretic Model of ventureCapitalists and Entrepreneurs [J]. European Joumal of operation Research,2001
[16] Neher. Financing: An Ageney Perspective [J]. Review of Economic studies,1999
[17]郑君君.风险投资中的道德风险和逆向选择[M].武汉:武汉大学出版社,2006
[18] Houben E. Venture Capital, Double-sided Adverse Selection and Double-sidedMoral Hazard [D]. SSRNWorking Paper.2002,11
[19] Schmidt. Convertible Securities and Venture Capital Finance [J]. The Journal ofFinance,2003,58(3)
[20] Casamatta C. Financing and Advising: Optimal Financial Contractswith VentureCapitalists [J]. The Journal of Finance,2003,58(5)
[21] Koekesen L, Ozerturk S. Exclusivity and overinvestment: A Model ofRelationship Financing [D]. Columbia University,2004
[22] Egli.D, Ongena, S., Smith, et al. On the sequencing of Projects, ReputationBuilding, and Relationship Finance [J]. Finance Researeh Letters,2006
[23]Holmstrom, B. Managerial Incentive Problem, A Dynamic Perspective, in Essaysin Economics and management in Honour of Lars Wahlbeck[D]. Helsinki: SwedishSchool of Economics,1982
[24] Chan, Yuk-Shee. On the positive role of financial interm ediation in allocation ofventure capital market with imperfect information [J]. Journal of Financial,1983,38
[25] Cornelli, Francesca and Oved, Yosha. Stage financing and the role of convertibledebt [D]. London Business School and Tel Aviv University,1997
[26]Amit R, Glosten L, Muller E. Entrepreneurial ability, venture investments and risksharing [J]. Management Science,1990,36(10):1232-1245
[27]Koopmans, T.C. Three Essays on the State of Economic Science[M]. New York:McGraw-Hill,1957
[28]Williamson, Oliver. The Mechanisms of Governance[M]. New York: OxfordUniversity Press,1996
[29]Hart, Oliver. Financial Contracting [J], Journal of Economic Literature,2001,December:1079-1100
[30]Sahlman, W. A. The Structure and Governance of Venture-capitalOrganizations[J]. Journal of Financial Economics,1994,27(2):473~521
[31]Kaplan, S. N. and Stromberg, P. Financial Contracting Theory Meets the RealWorld: An Empirical Analysis of Venture Capital Contracts[J]. Review of EconomicStudies,2003,70(2):281~315
[32]Barney, J. B., Busenitz, L., Fiet, J. O. and Moesel, D. The Relationship BetweenVenture Capitalists and Managers in New Firms: Determinants of ContractualCovenants[J]. Managerial Finance,1993,20(1):19~30
[33]Bergemann, D. and Hege, U. Venture Capital Financing, Moral Hazard andLearning[J]. Journal of Banking and Finance,1998,22(6~8):703~735
[34]Kirilenko, A. A. Valuation and Control in Venture Finance[J]. The Journal ofFinance,2001,56(2):565~587
[35]Dessein, W. Information and Control in Ventures and Alliances[J]. The Journal ofFinance,2005,60(5):2513~2549
[36]Aghion, P. and Bolton, P. An Incomplete Contracts Approach to FinancialContracting [J]. The Review of Economic Studies,1992,59(3):473~494
[37]Gorman, M. and Sahlman, W. A. What Do Venture Capitalists Do. Journal ofBusiness Venturing,1989,4(4):231~248
[38]Sapienza, H. J., Manigart, S. and Vermeir, W. Venture Capitalist Governance andValue Added in Four Countries[J]. Journal of Business Venturing,1996,11(6):439~469
[39]Hellmann, T. and Puri, M. The Interaction Between Product Market andFinancing Strategy: The Role of Venture Capital[J]. The Review of Financial Studies,2000,13(4):959~984
[40]Kaplan, S. N. and Stromberg, P. Characteristics, Contracts and Actions: Evidencefrom Venture Capitalist Analyses[J]. The Journal of Finance,2004,59(5):2177~2210
[41]Inderst, R. and Mueller, H. M. Early-stage Financing and Firm Growth in NewIndustries [J]. Journal of Financial Economics,2009,93(2):276~291
[42]Hellmann, T. The Allocation of Control Rights in Venture Capital Contracts[J].The RAND Journal of Economics,1998,29(1):57~76
[43]Chan, Y-S., Siegal, D. and Thakor, A. V. Learning, Corporate Control andPerformance Requirements in Venture Capital Contracts[J]. International EconomicReview,1990,31(2):365~381
[44]Sahlman, W. A. The Structure and Governance of Venture capital Organizations[J].Journal of Financial Economics,1990,27(2):473~521
[45]Trester, J. J. Venture Capital Contracting Under Asymmetric Information[J].Journal of Banking and Finance,1998,22(6~8):675~699
[46]Chang, S-C. and Wu, H-M. The Role of Convertible Securities in Venture CapitalFinancing [D]. National Taiwan University,2009
[47]Cumming, D. J. Capital Structure in Venture Finance[J]. Journal of CorporateFinance,2005,11(3):550~585
[48]Cornelli, F. and Yosha, O. Staged Financing and the Role of ConvertibleSecurities[J]. Review of Economic Studies,2003,70(1):1~32
[49]Kais S. B Gilad. Characteristics of opportunities search of entrepreneurs versusexecutives: sources, interest, and general alertness [J]. Journal of Business Venturing,1991,(6):45-61
[50]Shane S. Prior knowledge and the discovery of entrepreneurial opportunities [J].Organization Science,1999,11(4):448-469
[51]Aldrich, H. E. and Auster, E. Even Dwarfs Started Small: Liabilities of Age andSize and Their Strategic Impli cations[J]. Research in Organizational Behavior,1986,8:165~198
[52] MacMillan, L. Zemann and Subbanarasimha. Criteria Distinguishing SuccessfulVentures in the Venture Screening Process[J]. Journal of Business Venture,1987,spring:123～137
[53]Stuart R., Abetti P A. Start-up ventures: Towards the predietion of initial success[J]. Joumal of Business Veniuring,1987,2(3):215-230
[54]Timmons J A. New Venture Creation [M]. McGraw/Hill,1992
[55]Bamey, J. Firm Resources and Sustained Competitive Advantage [J]. Journal ofManagement,1991,17(l):99-120
[56]Van Deventer B, Mlambo C．Factors Influencing Venture Capitalists’ ProjectFinancing Decisions in South Africa[J]． South African Journal of BusinessManagement,2009,40(1):33-41
[57]Pintado T R，De Lema, D. G. P&Van Auken H. Venture Capital in Spain byStage of Development[J]. Journal of Small Business Management,2007,45(1):68-88
[58]Birley S. The Role of Networks in the Entrepreneurial Process[J]．Journal ofBusiness Venturing,1985,1(1):107-111
[59]Batjargal B. Social Capital and Entrepreneurial Performance in Russia: ALongitudinal Study[J]. Organization Studies,2003,24(4):535-556
[60]Packalen K A. Complementing Capital: The Role of Status，DemographicFeatures, Social Capital in Founding Teams’ Abilities to Obtain Resources [J].Entrepreneurship Theory and Practice,2007,31(6):873-891
[61]Batjargal B, Liu M. Entrepreneurs’ Access to Private Equity in China: The Role ofSocial Capital[J]. Organization Science,2004,15(2):159-172
[62]Powell. Neither Market nor Hierarchy: Network forms of Organization [J].Research in Organizational Behavior,1990,12:295-336
[63]Peng M W, Luo Y D. Managerial Ties and Firm Performance in a TransitionEconomy: The Nature of a Micro-Macro Link[J]. Academy of Management Journal,2000,43(3):486-501
[64]Li H Y, Zhang Y, The role of managers’ political networking and functionalexperience in new venture performance: Evidence from China’ s transition economy[J]. Strategic Management Journal,2007,28(8):791-804
[65]Timmons, Jeffery, Bygrave, William. Venture capital’s role in financinginnovation for economic growth [J]. Journal of Business Venturing,1986,1:161-176
[66]Kortum, Lerner. Does Venture Capital spur Innovation[D]. NBERWorkingPaperSeries,1998:674-692
[67]ROMAIN, ASTRID, BRUNO. The Economic Impact ofVenture Capital[D].WP-CEB,2004:104
[68]BygraveW D, Timmons JA. Venture Capital at the Crossroads[M]. Boston: HBSPress,1992
[69]Josh Lerner. When Bureaucrats Meet Entrepreneurs: The Design of EffectivePublic Venture Capital Programmes[J]. Economic Journal,2002,112(477):73-84
[70]许萍.国外政府对中小企业融资的扶持政策及其启示[J].福州大学学报(哲学社会科学版),2003,(2)
[71]David McGlue. The Funding of Venture Capital in Europe: Issues for PublicPolicy[J]. Venture Capital,2002,4(1):45-58
[72]Benoit Leleux, Bernard Surlemont. Public Versus Private Venture Capital:Seeding or Crowding Out? A Pan-European Analysis[J]. Journal of BusinessVenturing,2003,18:81-104
[73]Peter Sunley, Britta Klagge, Christian Berndt and Ron Martin. Venture CapitalProgrammes in the UK and Germany: In What Sense Regional Policy[J]. RegionalStudies,2005,39(2):255-273
[74]Neil Hood. Public Venture Capital and Economic Development: The ScottishExperience[J]. Venture Capital,2000,2(4):313-341
[75]Colin Mason, Richard Harrison. Does Investing in Technology-based FirmsInvolve Higher Risk? An Exploratory Study of the Performance of Technology andNon-technology Investments by Business Angels[J]. Venture Capital,2004,6(4):313-332
[76]Colin M. Mason. Public Policy Support for the Informal Venture Capital Marketin Europe: A Critical Review[J]. International Small Business Journal,2009,27(5):536-556
[77]G Murray. Seed Capital Funds and the Effect of Scale Economies[J]. VentureCapital,1999,1(4):351-384
[78]Charles I. Jones, John C.Williams. Measuring the Social Return to R&D[J].Quarterly Journal of Economics,1998,113(4):1119-1135
[79]Samuel Kortum, Josh Lerner. Assessing the Contribution of Venture Capital toInnovation[J]. The RAND Journal of Economics,2000,31(4):674-692
[80]徐菱涓,刘宁晖.多因素模糊综合评判模型在风险投资项目评估中的运用研究[J].企业经济,2006(2)，306
[81]尹淑娅.风险投资中的创业企业价值评估模型及其运用[J].中国软科学,1999(6)，78－79
[82]刘金林.创业风险投资项目评价指标体系的构建研究[J],会计之友,2011,8
[83]李芳勇.创业企业战略对其盈利能力的影响分析[J].研究与发展管理,2002(12):1-6
[84]周孝华,柏政成.基于纵向产品差异化市场的风险资退出决策研究[J].软科学,2010,12
[85]胡海峰.创业资本契约理论文献综述[J].改革,2002,(5):81-89
[86]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)
[87]张新立,王青建.风险投资家的最有激励契约模型研究[J].财经研究,2006,(5):129-135
[88]苟小菊.风险投资决策过程中逆向选择问题研究[J].科技管理研究,2005,10
[89]石树琴.信号传递和信息甄别模型浅析及其应用[J].复旦学报(自然科学版),2003,(4):246~252
[90]赵炎,陈晓剑.不确定环境中风险企业家与风险投资家的博弈分析[J].中国软科学,2003
[91]赵振武.风险资本家与企业家间双重道德风险的研究[J].哈尔滨工业大学学报,2005
[92]郑君君.基于委托一代理理论的股权激励模型的研究[J].管理科学学报,2005
[93]张卫国.风险投资中的可转换证券与双重道德风险研究[J].管理科学,2005,4
[94]李毳,欧阳昌民.基于不确定性的企业风险投资项目价值评估方法分析[J].中央财经大学学报,2007,06
[95]彭小兵.风险投资不确定性决策的CEU模型[J].科技与管理,2000,02
[96]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
[97]杨建东,李强,曾勇.创业者个人特质、社会资本与风险投资[J].科研管理,2010,11
[98]李金龙,费方域.风险投资中控制权分配及其影响因素的研究[J].财经研究,2005(12):107-115
[99]安实,王健,何琳.风险企业控制权分配模型研究[J].系统工程学报,2004(1):38-45
[100]王培宏,刘卓军.多阶段风险投资过程中控制权转移范围研究[J].中国管理科学,2008,6:29-32
[101]马春华.风险投资介入对中小企业控制权转移的影响[J].商业时代,2011,31
[102]程承坪.论企业家人力资本与企业绩效关系[J].中国软科学,2001,7
[103]朱杏珍.人力资本与企业绩效[J].广西社会科学,2003,1
[104]石秀印.中国企业家成功的社会网络基础[J].管理世界,1998,6:187-208
[105]龚鹤强,林健.关系认知、关系运作和企业绩效:来自广东省私营中小企业的实证研究[J].南开管理评论,2007,10(2):45-53
[106]储小平.社会关系资本与华人家族企业的创业及发展[J].南开管理评论,2003(6):8-12
[107]孙俊华,陈传明.企业家社会资本与公司绩效关系研究--基于中国制造业上市公司的实证研究[J].南开管理评论,2009,12(2):28-36
[108]邓建平,曾勇.政治关联能改善民营企业的经营绩效吗[J].中国工业经济,2009(2):98-108
[109]胡旭阳.民营企业家的政治身份与民营企业的融资便利-以浙江省民营百强企业为例[J].管理世界,2006,5:107-114
[110]巫景飞,何大军,林日韦,王云.高层管理者政治网络与企业多元化战略:社会资本视角-基于我国上市公司面板数据的实证分析[J].管理世界,2008,8:107-118
[111]余明桂,潘红波.政治关系、制度环境与民营企业银行贷款[J].管理世界,2008,8:9-23
[112]寸晓宏.风险投资支撑环境系统分析[J].经济问题探索,2000,4:23-24
[113]刘德学,樊治平,张昕光,鞠芳辉.一种区域风险投资环境的综合评价方法[A].2001年中国管理科学学术会议论文[C].2001
[114]陈德棉,蔡莉.风险投资国际比较与借鉴[M].北京:经济科学出版社,2003:69-90
[115]左志刚.政府干预风险投资的有效性:经验证据及启示[J].财经研究,2011,5
[116]Grossman S, Hart O. The Costs and Benefits of Ownership: A Theory of Verticaland Lateral Integration[J]. Journal of Political Economy,1986,94(4):691-719
[117]Hart O, Moore J. Property Rights and Nature of the Firm[J]. Journal of PoliticalEconomy,1990,98(6):1119-1158
[118]Modiigliani, Frano, Miller, M. H. The Cost of capital, Corporation Finance andthe Theory of Investment[J]. American Economic Review,1958,48:261-297
[119]Jensen, Mchael, Meckling, William. Theory of the Firm: Managerial Behavior,Agency Costs and Capital Structure[J]. Journal of Financial Economics,1976,3:305-360
[120]张维迎.企业理论与中国企业改革[M].北京:北京大学出版社.1999
[121]张维迎.所有权、治理结构及委托代理关系[J].经济研究,1996,9:3-6
[122]Harris, M., Raviv, A. Corporate Control Contests and Capital Structure [J].Journal of Financial Economics,1988,20:55-86
[123]Stulz, R. Managerial Control of Voting Rights: Financing Policies and theMarket for Corporate Control[J]. Journal of Financial Economics,1988,20:25-54
[124]Aghion, Philippe, Bolton, Patrick. An Incomplete Contracts Approach toFinancial Contracting[J]. Review of Economic Studies,1992,59:473-494
[125]Hart, O.Firms. Contracts and Financial structure[M]. Oxford: Oxford UniversityPress.1995
[126]吴江林,柏政成,周孝华.创业企业创新与风险投资最优退出方式选择[J].科学学与科学技术管理,2011,02
[127]Hellmann M P. Venture capital and the professionalization of start-up firms:Empirical evidence[J]. Journal of Finance,2002,57(1):169-197
[128]Koopmans, T.C. Three Essays on the State of Economic Science[M], New York:McGraw-Hill,1957
[129]Williamson, Oliver. The Mechanisms of Governance[M]. New York: OxfordUniversity Press,1996
[130]凌晓东.风险投资项目评估体系研究[J].上海企业.2011,04
[131]Trester J J. Venture capital contracting under asymmetric information[J].Journal of Banking and Finance,1998,22:675-699
[132]Aghion P, Bolton P, Tirole J, Exit options in corporate finance: liquidity versusincentives[J]. Review of Finance,2004,8(2):327-353
[133]Bamey, J. Firm Resources and Sustained Competitive Advantage [J]. Journal ofManagement,1991,17(l):99-120
[134]Stuart R. Abetti P A.Start-up ventures: Towards the predietion of initial success[J]. Joumal of Business Veniuring,1987,2(3):215-230
[135]Timmons J A. New Venture Creation [M], McGraw/Hill,1992
[136]MacMillan, L. Zemann and Subbanarasimha. Criteria Distinguishing SuccessfulVentures in the Venture Screening Process[J]. Journal of Business Venture,1987,spring:123-137
[137]Tyzoon T. Tyebjee, Albert V. Bruno. A model of venture Capitalist InvestmentActivity[J]. Management Science,1984,30(9)
[138]Timmons J A. New venture creation: Entrepreneurship for the21st century[M].5th edition. McGraw-Hill,1999
[139]Luehrman A. Investment opportunities as real options: Getting started on thenumbers [J]. Harvard B usiness Review,1998(July2August):51-66
[140]Van Deventer B, Mlambo C. Factors Influencing Venture Capitalists’ProjectFinancing Decisions in South Africa[J]. South African Journal of BusinessManagement,2009,40(1):33-41
[141]Pintado T R, De Lema, D. G. P&Van Auken H. Venture Capital in Spain byStage of Development[J]. Journal of Small Business Management,2007,45(1):68-88
[142]Shane S. Prior knowledge and the discovery of entrepreneurial opportunities [J].Organization Science,1999,11(4):448-469
[143]Birley S. The Role of Networks in the Entrepreneurial Process[J]. Journal ofBusiness Venturing,1985,1(1):107-111
[144]Batjargal B. Social Capital and Entrepreneurial Performance in Russia: ALongitudinal Study[J]. Organization Studies,2003,24(4):535-556
[145]Packalen K A. Complementing Capital: The Role of Status, DemographicFeatures, Social Capital in Founding Teams’Abilities to Obtain Resources[J].Entrepreneurship Theory and Practice,2007,31(6):873-891
[146]Batjargal B, Liu M. Entrepreneurs’Access to Private Equity in China: The Roleof Social Capital[J]. Organization Science,2004,15(2):159-172
[147]Peng M W, Luo Y D. Managerial Ties and Firm Performance in a TransitionEconomy: The Nature of a Micro-Macro Link[J]. Academy of Management Journal,2000,43(3):486-501
[148]Li H Y, Zhang Y. The role of managers’political networking and functionalexperience in new venture performance: Evidence from China’s transition economy[J].Strategic Management Journal,2007,28(8):791-804
[149]李宏舟,王惠贤.日本促进创业投资产业发展的主要措施及其启示[J].现代日本经济,2007,4:55
[150]许萍.国外政府对中小企业融资的扶持政策及其启示[J].福州大学学报(哲学社会科学版),2003,2
[151]Kaplan S, Stromberg P. Contracts, characteristics, and actions: evidence fromventure capitalist analyses[J]. Journal of Finance,2004,59(1):2177-2210
[152]Gompers Paul and Josh Lerner. The Venture Capital Cycle [M]. Boston: MITpress,1999
[153]Gompers P A. Optimal investment, monitoring and the staging of venturecapital[J]. Journal of Finance,1995,50:1461-1489
[154]Lerner J, Merges R P. The control of technology alliances: An empirical analysisof the biotechnology industry[J]. The Journal of Industrial Economics,1998,46(2):125-156
[155]Kaplan S, Stromberg P. Financial Contracting Theory Meets the Real World: anEmpirical Analysis of Venture Capital Contracts[J]. Review of Economic Studies,2003,70(2):281-315
[156]Dessein W. Information and control in alliances&ventures[J]. Journal ofFinance,2005,60(3):2513-2549
[157]Kaplan S, Stromberg P. Contracts, characteristics, and actions: evidence fromventure capitalist analyses[J]. Journal of Finance,2004,59(1):2177-2210
[158]Hege U., palomino F. and Sehwienbaeher A. Determinants of Venture CapitalPerformance: Europe and the United States[D]. LSE,2003
[159]Hellmann, T. The Allocation of Control Rights in Venture Capital Contracts[J],The RAND Journal of Economics,1998,29(1):57-76
[160]Barnhart S.W. Marr M.W.Rosenstein S. FirmPerformance and BoardComposition: Some New Evidence[J]. Managerial and Decision Economics,1994,15(4):329-340
[161]Inderst, R. and Mueller, H. M. Early-stage Financing and Firm Growth in NewIndustries [J]. Journal of Financial Economics,2009,93(2):276~291
[162]徐细雄,淦未宇,万迪昉.企业控制权动态配置的内在机理及其治理效应-实验的证据[J].经济科学,2008,4:87-98
[163]Sahlman W. Structure and governance of venture capital organizations [J].Journal of Financial Economics,1990,27:473-524
[164]Batjargal B, Liu M. Entrepreneurs’Access to Private Equity in China: The Roleof Social Capital[J]. Organization Science,2004,15(2):159-172
[165]Powell. Neither Market nor Hierarchy: Network forms of Organization[J].Research in Organizational Behavior,1990,12:295-336
[166]Benoit Leleux, Bernard Surlemont. Public Versus Private Venture Capital:Seeding or Crowding Out A Pan-European Analysis[J]. Journal of Business Venturing,2003,18:81-104
[167]Peter Sunley, Britta Klagge, Christian Berndt and Ron Martin. Venture CapitalProgrammes in the UK and Germany: In What Sense Regional Policy[J]. RegionalStudies,2005,39(2):255-273
[168]Neil Hood. Public Venture Capital and Economic Development: The ScottishExperience. Venture Capital,2000,2(4):313-341
[169]Barney. Firm Resources and Sustained Competitive Advantage [J]. Journal ofManagement,1991,17(1):99-120
[170]Snell S.A. Youndt M.A. Wright P.M. Establishing a Framework for Research inStrategic Human Resource Management: Merging Resource Theory andOrganizational Learning [J]. Research in Personnel and Human ResourcesManagement,1996,1:61-90
[171]吴明隆. SPSS统计应用实务—问卷分析与应用统计[M].第一版.北京:科学出版社.2003,10:23
[172]Michael S Garver, John T Mentzer. Logistics research methods: test for constructvalidity[J]. Journal of Business Logistics,1999,1(20):33-58
[173]Baron R M, Kenny D A. The moderator-mediator variable distinction in socialpsychological research: conceptual, strategic, and statistical considerations[J]. Journalof Personality and Social Psychology,1986,51(6):1173-1182
[2]王伟中.推进科技与金融结合缓解融资难[R].深圳:（第十四届）中国风险投资论坛,2012
[3]张景安.中小企业迫切需要风险投资[R].深圳:（第十三届）中国风险投资论坛,2011
[4]史本叶,范硕.英国剑桥高技术产业集群风险投资的经验及启示[J].经济纵横,2011,01期
[5] Tyzoon T. Tyebjee, Albert V. Bruno. A model of venture Capitalist InvestmentActivity [J]. Management Science.1984,30(9)
[6] Timmons J A. New venture creation: Entrepreneurship for the21st century [M].5th edition. McGraw-Hill,1999
[7]姜彦福,邱琼.创业机会评价重要指标序列的实证研究[J].《科学学研究》,2004,22(1)
[8] Luehrman A. Investment opportunities as real options: Getting started on thenumbers [J]. Harvard B usiness Review,1998(July2August):51-66
[9] Blanca MaraMartins Rodrguez. A New insight into the valuation of start-ups:bridging the intellectual capital gap in venture capital appraisals [J]. ElectronicJournal on Knowledge Management,2003,1(2):125-138
[10] Roure Robert H., Juan B. Predictors of suceess in new technology based ventures[J]. Journal of Business Venturing,1990,5(4):201-220
[11] Hall J., Hofer C W. Venture capitalist’s decision criteria in new ventureevaluation [J]. Joumal of Business Venturing,1993,8(l)
[12] Zider B. How venture capital works [J]. Harvard Business Review,1998,76(6):131-139
[13] Robinson K., McDougall P. Entry barriers and new venture performance: Acomparison of universal and contingency approaches [J]. Strategic ManagementJoumal,2001,22:659-685
[14] Gompers, Paul&Josh Lerner. The Venture Capital Cycle[M]. Boston: MIT press,1999
[15] RamyElitzur, Arieh Gaivious. A Multi-period Game Theoretic Model of ventureCapitalists and Entrepreneurs [J]. European Joumal of operation Research,2001
[16] Neher. Financing: An Ageney Perspective [J]. Review of Economic studies,1999
[17]郑君君.风险投资中的道德风险和逆向选择[M].武汉:武汉大学出版社,2006
[18] Houben E. Venture Capital, Double-sided Adverse Selection and Double-sidedMoral Hazard [D]. SSRNWorking Paper.2002,11
[19] Schmidt. Convertible Securities and Venture Capital Finance [J]. The Journal ofFinance,2003,58(3)
[20] Casamatta C. Financing and Advising: Optimal Financial Contractswith VentureCapitalists [J]. The Journal of Finance,2003,58(5)
[21] Koekesen L, Ozerturk S. Exclusivity and overinvestment: A Model ofRelationship Financing [D]. Columbia University,2004
[22] Egli.D, Ongena, S., Smith, et al. On the sequencing of Projects, ReputationBuilding, and Relationship Finance [J]. Finance Researeh Letters,2006
[23]Holmstrom, B. Managerial Incentive Problem, A Dynamic Perspective, in Essaysin Economics and management in Honour of Lars Wahlbeck[D]. Helsinki: SwedishSchool of Economics,1982
[24] Chan, Yuk-Shee. On the positive role of financial interm ediation in allocation ofventure capital market with imperfect information [J]. Journal of Financial,1983,38
[25] Cornelli, Francesca and Oved, Yosha. Stage financing and the role of convertibledebt [D]. London Business School and Tel Aviv University,1997
[26]Amit R, Glosten L, Muller E. Entrepreneurial ability, venture investments and risksharing [J]. Management Science,1990,36(10):1232-1245
[27]Koopmans, T.C. Three Essays on the State of Economic Science[M]. New York:McGraw-Hill,1957
[28]Williamson, Oliver. The Mechanisms of Governance[M]. New York: OxfordUniversity Press,1996
[29]Hart, Oliver. Financial Contracting [J], Journal of Economic Literature,2001,December:1079-1100
[30]Sahlman, W. A. The Structure and Governance of Venture-capitalOrganizations[J]. Journal of Financial Economics,1994,27(2):473~521
[31]Kaplan, S. N. and Stromberg, P. Financial Contracting Theory Meets the RealWorld: An Empirical Analysis of Venture Capital Contracts[J]. Review of EconomicStudies,2003,70(2):281~315
[32]Barney, J. B., Busenitz, L., Fiet, J. O. and Moesel, D. The Relationship BetweenVenture Capitalists and Managers in New Firms: Determinants of ContractualCovenants[J]. Managerial Finance,1993,20(1):19~30
[33]Bergemann, D. and Hege, U. Venture Capital Financing, Moral Hazard andLearning[J]. Journal of Banking and Finance,1998,22(6~8):703~735
[34]Kirilenko, A. A. Valuation and Control in Venture Finance[J]. The Journal ofFinance,2001,56(2):565~587
[35]Dessein, W. Information and Control in Ventures and Alliances[J]. The Journal ofFinance,2005,60(5):2513~2549
[36]Aghion, P. and Bolton, P. An Incomplete Contracts Approach to FinancialContracting [J]. The Review of Economic Studies,1992,59(3):473~494
[37]Gorman, M. and Sahlman, W. A. What Do Venture Capitalists Do. Journal ofBusiness Venturing,1989,4(4):231~248
[38]Sapienza, H. J., Manigart, S. and Vermeir, W. Venture Capitalist Governance andValue Added in Four Countries[J]. Journal of Business Venturing,1996,11(6):439~469
[39]Hellmann, T. and Puri, M. The Interaction Between Product Market andFinancing Strategy: The Role of Venture Capital[J]. The Review of Financial Studies,2000,13(4):959~984
[40]Kaplan, S. N. and Stromberg, P. Characteristics, Contracts and Actions: Evidencefrom Venture Capitalist Analyses[J]. The Journal of Finance,2004,59(5):2177~2210
[41]Inderst, R. and Mueller, H. M. Early-stage Financing and Firm Growth in NewIndustries [J]. Journal of Financial Economics,2009,93(2):276~291
[42]Hellmann, T. The Allocation of Control Rights in Venture Capital Contracts[J].The RAND Journal of Economics,1998,29(1):57~76
[43]Chan, Y-S., Siegal, D. and Thakor, A. V. Learning, Corporate Control andPerformance Requirements in Venture Capital Contracts[J]. International EconomicReview,1990,31(2):365~381
[44]Sahlman, W. A. The Structure and Governance of Venture capital Organizations[J].Journal of Financial Economics,1990,27(2):473~521
[45]Trester, J. J. Venture Capital Contracting Under Asymmetric Information[J].Journal of Banking and Finance,1998,22(6~8):675~699
[46]Chang, S-C. and Wu, H-M. The Role of Convertible Securities in Venture CapitalFinancing [D]. National Taiwan University,2009
[47]Cumming, D. J. Capital Structure in Venture Finance[J]. Journal of CorporateFinance,2005,11(3):550~585
[48]Cornelli, F. and Yosha, O. Staged Financing and the Role of ConvertibleSecurities[J]. Review of Economic Studies,2003,70(1):1~32
[49]Kais S. B Gilad. Characteristics of opportunities search of entrepreneurs versusexecutives: sources, interest, and general alertness [J]. Journal of Business Venturing,1991,(6):45-61
[50]Shane S. Prior knowledge and the discovery of entrepreneurial opportunities [J].Organization Science,1999,11(4):448-469
[51]Aldrich, H. E. and Auster, E. Even Dwarfs Started Small: Liabilities of Age andSize and Their Strategic Impli cations[J]. Research in Organizational Behavior,1986,8:165~198
[52] MacMillan, L. Zemann and Subbanarasimha. Criteria Distinguishing SuccessfulVentures in the Venture Screening Process[J]. Journal of Business Venture,1987,spring:123～137
[53]Stuart R., Abetti P A. Start-up ventures: Towards the predietion of initial success[J]. Joumal of Business Veniuring,1987,2(3):215-230
[54]Timmons J A. New Venture Creation [M]. McGraw/Hill,1992
[55]Bamey, J. Firm Resources and Sustained Competitive Advantage [J]. Journal ofManagement,1991,17(l):99-120
[56]Van Deventer B, Mlambo C．Factors Influencing Venture Capitalists’ ProjectFinancing Decisions in South Africa[J]． South African Journal of BusinessManagement,2009,40(1):33-41
[57]Pintado T R，De Lema, D. G. P&Van Auken H. Venture Capital in Spain byStage of Development[J]. Journal of Small Business Management,2007,45(1):68-88
[58]Birley S. The Role of Networks in the Entrepreneurial Process[J]．Journal ofBusiness Venturing,1985,1(1):107-111
[59]Batjargal B. Social Capital and Entrepreneurial Performance in Russia: ALongitudinal Study[J]. Organization Studies,2003,24(4):535-556
[60]Packalen K A. Complementing Capital: The Role of Status，DemographicFeatures, Social Capital in Founding Teams’ Abilities to Obtain Resources [J].Entrepreneurship Theory and Practice,2007,31(6):873-891
[61]Batjargal B, Liu M. Entrepreneurs’ Access to Private Equity in China: The Role ofSocial Capital[J]. Organization Science,2004,15(2):159-172
[62]Powell. Neither Market nor Hierarchy: Network forms of Organization [J].Research in Organizational Behavior,1990,12:295-336
[63]Peng M W, Luo Y D. Managerial Ties and Firm Performance in a TransitionEconomy: The Nature of a Micro-Macro Link[J]. Academy of Management Journal,2000,43(3):486-501
[64]Li H Y, Zhang Y, The role of managers’ political networking and functionalexperience in new venture performance: Evidence from China’ s transition economy[J]. Strategic Management Journal,2007,28(8):791-804
[65]Timmons, Jeffery, Bygrave, William. Venture capital’s role in financinginnovation for economic growth [J]. Journal of Business Venturing,1986,1:161-176
[66]Kortum, Lerner. Does Venture Capital spur Innovation[D]. NBERWorkingPaperSeries,1998:674-692
[67]ROMAIN, ASTRID, BRUNO. The Economic Impact ofVenture Capital[D].WP-CEB,2004:104
[68]BygraveW D, Timmons JA. Venture Capital at the Crossroads[M]. Boston: HBSPress,1992
[69]Josh Lerner. When Bureaucrats Meet Entrepreneurs: The Design of EffectivePublic Venture Capital Programmes[J]. Economic Journal,2002,112(477):73-84
[70]许萍.国外政府对中小企业融资的扶持政策及其启示[J].福州大学学报(哲学社会科学版),2003,(2)
[71]David McGlue. The Funding of Venture Capital in Europe: Issues for PublicPolicy[J]. Venture Capital,2002,4(1):45-58
[72]Benoit Leleux, Bernard Surlemont. Public Versus Private Venture Capital:Seeding or Crowding Out? A Pan-European Analysis[J]. Journal of BusinessVenturing,2003,18:81-104
[73]Peter Sunley, Britta Klagge, Christian Berndt and Ron Martin. Venture CapitalProgrammes in the UK and Germany: In What Sense Regional Policy[J]. RegionalStudies,2005,39(2):255-273
[74]Neil Hood. Public Venture Capital and Economic Development: The ScottishExperience[J]. Venture Capital,2000,2(4):313-341
[75]Colin Mason, Richard Harrison. Does Investing in Technology-based FirmsInvolve Higher Risk? An Exploratory Study of the Performance of Technology andNon-technology Investments by Business Angels[J]. Venture Capital,2004,6(4):313-332
[76]Colin M. Mason. Public Policy Support for the Informal Venture Capital Marketin Europe: A Critical Review[J]. International Small Business Journal,2009,27(5):536-556
[77]G Murray. Seed Capital Funds and the Effect of Scale Economies[J]. VentureCapital,1999,1(4):351-384
[78]Charles I. Jones, John C.Williams. Measuring the Social Return to R&D[J].Quarterly Journal of Economics,1998,113(4):1119-1135
[79]Samuel Kortum, Josh Lerner. Assessing the Contribution of Venture Capital toInnovation[J]. The RAND Journal of Economics,2000,31(4):674-692
[80]徐菱涓,刘宁晖.多因素模糊综合评判模型在风险投资项目评估中的运用研究[J].企业经济,2006(2)，306
[81]尹淑娅.风险投资中的创业企业价值评估模型及其运用[J].中国软科学,1999(6)，78－79
[82]刘金林.创业风险投资项目评价指标体系的构建研究[J],会计之友,2011,8
[83]李芳勇.创业企业战略对其盈利能力的影响分析[J].研究与发展管理,2002(12):1-6
[84]周孝华,柏政成.基于纵向产品差异化市场的风险资退出决策研究[J].软科学,2010,12
[85]胡海峰.创业资本契约理论文献综述[J].改革,2002,(5):81-89
[86]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)
[87]张新立,王青建.风险投资家的最有激励契约模型研究[J].财经研究,2006,(5):129-135
[88]苟小菊.风险投资决策过程中逆向选择问题研究[J].科技管理研究,2005,10
[89]石树琴.信号传递和信息甄别模型浅析及其应用[J].复旦学报(自然科学版),2003,(4):246~252
[90]赵炎,陈晓剑.不确定环境中风险企业家与风险投资家的博弈分析[J].中国软科学,2003
[91]赵振武.风险资本家与企业家间双重道德风险的研究[J].哈尔滨工业大学学报,2005
[92]郑君君.基于委托一代理理论的股权激励模型的研究[J].管理科学学报,2005
[93]张卫国.风险投资中的可转换证券与双重道德风险研究[J].管理科学,2005,4
[94]李毳,欧阳昌民.基于不确定性的企业风险投资项目价值评估方法分析[J].中央财经大学学报,2007,06
[95]彭小兵.风险投资不确定性决策的CEU模型[J].科技与管理,2000,02
[96]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
[97]杨建东,李强,曾勇.创业者个人特质、社会资本与风险投资[J].科研管理,2010,11
[98]李金龙,费方域.风险投资中控制权分配及其影响因素的研究[J].财经研究,2005(12):107-115
[99]安实,王健,何琳.风险企业控制权分配模型研究[J].系统工程学报,2004(1):38-45
[100]王培宏,刘卓军.多阶段风险投资过程中控制权转移范围研究[J].中国管理科学,2008,6:29-32
[101]马春华.风险投资介入对中小企业控制权转移的影响[J].商业时代,2011,31
[102]程承坪.论企业家人力资本与企业绩效关系[J].中国软科学,2001,7
[103]朱杏珍.人力资本与企业绩效[J].广西社会科学,2003,1
[104]石秀印.中国企业家成功的社会网络基础[J].管理世界,1998,6:187-208
[105]龚鹤强,林健.关系认知、关系运作和企业绩效:来自广东省私营中小企业的实证研究[J].南开管理评论,2007,10(2):45-53
[106]储小平.社会关系资本与华人家族企业的创业及发展[J].南开管理评论,2003(6):8-12
[107]孙俊华,陈传明.企业家社会资本与公司绩效关系研究--基于中国制造业上市公司的实证研究[J].南开管理评论,2009,12(2):28-36
[108]邓建平,曾勇.政治关联能改善民营企业的经营绩效吗[J].中国工业经济,2009(2):98-108
[109]胡旭阳.民营企业家的政治身份与民营企业的融资便利-以浙江省民营百强企业为例[J].管理世界,2006,5:107-114
[110]巫景飞,何大军,林日韦,王云.高层管理者政治网络与企业多元化战略:社会资本视角-基于我国上市公司面板数据的实证分析[J].管理世界,2008,8:107-118
[111]余明桂,潘红波.政治关系、制度环境与民营企业银行贷款[J].管理世界,2008,8:9-23
[112]寸晓宏.风险投资支撑环境系统分析[J].经济问题探索,2000,4:23-24
[113]刘德学,樊治平,张昕光,鞠芳辉.一种区域风险投资环境的综合评价方法[A].2001年中国管理科学学术会议论文[C].2001
[114]陈德棉,蔡莉.风险投资国际比较与借鉴[M].北京:经济科学出版社,2003:69-90
[115]左志刚.政府干预风险投资的有效性:经验证据及启示[J].财经研究,2011,5
[116]Grossman S, Hart O. The Costs and Benefits of Ownership: A Theory of Verticaland Lateral Integration[J]. Journal of Political Economy,1986,94(4):691-719
[117]Hart O, Moore J. Property Rights and Nature of the Firm[J]. Journal of PoliticalEconomy,1990,98(6):1119-1158
[118]Modiigliani, Frano, Miller, M. H. The Cost of capital, Corporation Finance andthe Theory of Investment[J]. American Economic Review,1958,48:261-297
[119]Jensen, Mchael, Meckling, William. Theory of the Firm: Managerial Behavior,Agency Costs and Capital Structure[J]. Journal of Financial Economics,1976,3:305-360
[120]张维迎.企业理论与中国企业改革[M].北京:北京大学出版社.1999
[121]张维迎.所有权、治理结构及委托代理关系[J].经济研究,1996,9:3-6
[122]Harris, M., Raviv, A. Corporate Control Contests and Capital Structure [J].Journal of Financial Economics,1988,20:55-86
[123]Stulz, R. Managerial Control of Voting Rights: Financing Policies and theMarket for Corporate Control[J]. Journal of Financial Economics,1988,20:25-54
[124]Aghion, Philippe, Bolton, Patrick. An Incomplete Contracts Approach toFinancial Contracting[J]. Review of Economic Studies,1992,59:473-494
[125]Hart, O.Firms. Contracts and Financial structure[M]. Oxford: Oxford UniversityPress.1995
[126]吴江林,柏政成,周孝华.创业企业创新与风险投资最优退出方式选择[J].科学学与科学技术管理,2011,02
[127]Hellmann M P. Venture capital and the professionalization of start-up firms:Empirical evidence[J]. Journal of Finance,2002,57(1):169-197
[128]Koopmans, T.C. Three Essays on the State of Economic Science[M], New York:McGraw-Hill,1957
[129]Williamson, Oliver. The Mechanisms of Governance[M]. New York: OxfordUniversity Press,1996
[130]凌晓东.风险投资项目评估体系研究[J].上海企业.2011,04
[131]Trester J J. Venture capital contracting under asymmetric information[J].Journal of Banking and Finance,1998,22:675-699
[132]Aghion P, Bolton P, Tirole J, Exit options in corporate finance: liquidity versusincentives[J]. Review of Finance,2004,8(2):327-353
[133]Bamey, J. Firm Resources and Sustained Competitive Advantage [J]. Journal ofManagement,1991,17(l):99-120
[134]Stuart R. Abetti P A.Start-up ventures: Towards the predietion of initial success[J]. Joumal of Business Veniuring,1987,2(3):215-230
[135]Timmons J A. New Venture Creation [M], McGraw/Hill,1992
[136]MacMillan, L. Zemann and Subbanarasimha. Criteria Distinguishing SuccessfulVentures in the Venture Screening Process[J]. Journal of Business Venture,1987,spring:123-137
[137]Tyzoon T. Tyebjee, Albert V. Bruno. A model of venture Capitalist InvestmentActivity[J]. Management Science,1984,30(9)
[138]Timmons J A. New venture creation: Entrepreneurship for the21st century[M].5th edition. McGraw-Hill,1999
[139]Luehrman A. Investment opportunities as real options: Getting started on thenumbers [J]. Harvard B usiness Review,1998(July2August):51-66
[140]Van Deventer B, Mlambo C. Factors Influencing Venture Capitalists’ProjectFinancing Decisions in South Africa[J]. South African Journal of BusinessManagement,2009,40(1):33-41
[141]Pintado T R, De Lema, D. G. P&Van Auken H. Venture Capital in Spain byStage of Development[J]. Journal of Small Business Management,2007,45(1):68-88
[142]Shane S. Prior knowledge and the discovery of entrepreneurial opportunities [J].Organization Science,1999,11(4):448-469
[143]Birley S. The Role of Networks in the Entrepreneurial Process[J]. Journal ofBusiness Venturing,1985,1(1):107-111
[144]Batjargal B. Social Capital and Entrepreneurial Performance in Russia: ALongitudinal Study[J]. Organization Studies,2003,24(4):535-556
[145]Packalen K A. Complementing Capital: The Role of Status, DemographicFeatures, Social Capital in Founding Teams’Abilities to Obtain Resources[J].Entrepreneurship Theory and Practice,2007,31(6):873-891
[146]Batjargal B, Liu M. Entrepreneurs’Access to Private Equity in China: The Roleof Social Capital[J]. Organization Science,2004,15(2):159-172
[147]Peng M W, Luo Y D. Managerial Ties and Firm Performance in a TransitionEconomy: The Nature of a Micro-Macro Link[J]. Academy of Management Journal,2000,43(3):486-501
[148]Li H Y, Zhang Y. The role of managers’political networking and functionalexperience in new venture performance: Evidence from China’s transition economy[J].Strategic Management Journal,2007,28(8):791-804
[149]李宏舟,王惠贤.日本促进创业投资产业发展的主要措施及其启示[J].现代日本经济,2007,4:55
[150]许萍.国外政府对中小企业融资的扶持政策及其启示[J].福州大学学报(哲学社会科学版),2003,2
[151]Kaplan S, Stromberg P. Contracts, characteristics, and actions: evidence fromventure capitalist analyses[J]. Journal of Finance,2004,59(1):2177-2210
[152]Gompers Paul and Josh Lerner. The Venture Capital Cycle [M]. Boston: MITpress,1999
[153]Gompers P A. Optimal investment, monitoring and the staging of venturecapital[J]. Journal of Finance,1995,50:1461-1489
[154]Lerner J, Merges R P. The control of technology alliances: An empirical analysisof the biotechnology industry[J]. The Journal of Industrial Economics,1998,46(2):125-156
[155]Kaplan S, Stromberg P. Financial Contracting Theory Meets the Real World: anEmpirical Analysis of Venture Capital Contracts[J]. Review of Economic Studies,2003,70(2):281-315
[156]Dessein W. Information and control in alliances&ventures[J]. Journal ofFinance,2005,60(3):2513-2549
[157]Kaplan S, Stromberg P. Contracts, characteristics, and actions: evidence fromventure capitalist analyses[J]. Journal of Finance,2004,59(1):2177-2210
[158]Hege U., palomino F. and Sehwienbaeher A. Determinants of Venture CapitalPerformance: Europe and the United States[D]. LSE,2003
[159]Hellmann, T. The Allocation of Control Rights in Venture Capital Contracts[J],The RAND Journal of Economics,1998,29(1):57-76
[160]Barnhart S.W. Marr M.W.Rosenstein S. FirmPerformance and BoardComposition: Some New Evidence[J]. Managerial and Decision Economics,1994,15(4):329-340
[161]Inderst, R. and Mueller, H. M. Early-stage Financing and Firm Growth in NewIndustries [J]. Journal of Financial Economics,2009,93(2):276~291
[162]徐细雄,淦未宇,万迪昉.企业控制权动态配置的内在机理及其治理效应-实验的证据[J].经济科学,2008,4:87-98
[163]Sahlman W. Structure and governance of venture capital organizations [J].Journal of Financial Economics,1990,27:473-524
[164]Batjargal B, Liu M. Entrepreneurs’Access to Private Equity in China: The Roleof Social Capital[J]. Organization Science,2004,15(2):159-172
[165]Powell. Neither Market nor Hierarchy: Network forms of Organization[J].Research in Organizational Behavior,1990,12:295-336
[166]Benoit Leleux, Bernard Surlemont. Public Versus Private Venture Capital:Seeding or Crowding Out A Pan-European Analysis[J]. Journal of Business Venturing,2003,18:81-104
[167]Peter Sunley, Britta Klagge, Christian Berndt and Ron Martin. Venture CapitalProgrammes in the UK and Germany: In What Sense Regional Policy[J]. RegionalStudies,2005,39(2):255-273
[168]Neil Hood. Public Venture Capital and Economic Development: The ScottishExperience. Venture Capital,2000,2(4):313-341
[169]Barney. Firm Resources and Sustained Competitive Advantage [J]. Journal ofManagement,1991,17(1):99-120
[170]Snell S.A. Youndt M.A. Wright P.M. Establishing a Framework for Research inStrategic Human Resource Management: Merging Resource Theory andOrganizational Learning [J]. Research in Personnel and Human ResourcesManagement,1996,1:61-90
[171]吴明隆. SPSS统计应用实务—问卷分析与应用统计[M].第一版.北京:科学出版社.2003,10:23
[172]Michael S Garver, John T Mentzer. Logistics research methods: test for constructvalidity[J]. Journal of Business Logistics,1999,1(20):33-58
[173]Baron R M, Kenny D A. The moderator-mediator variable distinction in socialpsychological research: conceptual, strategic, and statistical considerations[J]. Journalof Personality and Social Psychology,1986,51(6):1173-1182
© 2004-2018 中国地质图书馆版权所有 京ICP备05064691号 京公网安备11010802017129号 地址：北京市海淀区学院路29号 邮编：100083 电话：办公室：(+86 10)66554848；文献借阅、咨询服务、科技查新：66554700 |