创业企业与创业投资机构的合作关系及其对合作绩效的影响

Collaboration Relationship between Startup and Venture Capital Firm and Its Influence on Collaboration Performance

在创业投资中,创业企业与创业投资机构之间合作关系的好坏通常对创业企业的发展和创业投资的成败起着至关重要的作用。本文对创业企业与创业投资机构合作关系的研究文献进行了评述,指出该研究已出现了三个重要的变迁:一,从基于传统的委托代理理论、强调创业投资机构对创业企业的控制,转向基于多学科理论、重视双方的信任与合作;二,从单纯基于创业投资机构的视角,转向基于创业投资机构与创业企业两方面的视角;三,从研究影响双方关系的因素,转向重视探讨不同关系因素对合作绩效的影响。未来的研究方向应当更加重视从创业企业的视角、从创业投资(融资)的不同阶段中双方互动交往的特征来研究双方合作机制的形成和演变及其对创业企业绩效的影响。

The collaboration relationship between startups（EN） and venture capital（VC） firms is of great importance to the growth of startups and the success of VC investment.This paper reviews the literatures on this special collaboration relationship.Three important research development in this area are identified：the first,trust and collaboration are emphasized based on more multiple disciplines,rather than focusing on the control by VC based on the agency theory;the second,from both VC＇s and EN＇s perspective,rather than just VC＇s perspective;the third,the performance of this collaboration has attracted more research attention.It is suggested that future research should pay attention to the evolution of the mechanism of collaboration between VC and EN during their interaction in different stages,and its influence on the performance of startups.