风险投资机构与风险企业合作关系影响因素研究

Research on the Influencing Factors of Cooperation between Venture Capital Institutions and Venture Enterprises

风险投资机构与风险企业之间合作关系的构建与提升,对于风险投资业的发展有着重要的影响。在分析国内外相关文献的基础上,结合调研数据,运用探索性因子分析,探寻影响风险投资机构与风险企业之间合作关系的关键因素:外部宏观环境的关键因素——政策法规环境、资本环境、中介机构环境、科技环境;主体间合作的关键因素——信任、激励约束、退出方式以及增值服务。根据研究结果提出了提高合作关系的相应建议。

The establishment and promotion of cooperation between venture capital institutions and venture enterprises have an important influence on the development of venture capital industry. Based on the analysis of the relevant literatures both home and abroad in combination with the investigated data, the exploring factorial analysis is used to probe into the key factors affecting the cooperation relationship between the venture capital institutions and venture enterprises. The key factors of external macro--environs include the policy and regulation environs, capital environs, and the key factors of the main body cooperation include trust, motivation and constraint, withdrawal ways and value--added service. Accordingly, the corresponding suggestions on the improvement of enhancing cooperation relationship are offered based on the research findings in this paper.