创业者个人特质、社会资本与风险投资

Entrepreneurs'personal characteristics,social capital,and venture capital

考察创业者个人特质和评估其社会资本对于风险投资的项目决策至关重要。本文以110家高科技创业企业为样本,实证研究发现:创业者社会资本较之其个人特质更加可能影响风险投资是否参与投资,创业者的社会关系网络尤其是政治关系对企业获得风险投资具有显著的正向作用,而创业者受教育程度和国外经历对企业获得风险投资的可能性无显著影响,创业者人数越多,越不利于企业获得风险投资。

It is very important to inspect entrepreneurs＇personal characteristics and assess their social capital when the venture capital investors make the investment decision.Using 110 high-tech start-ups as a sample,the impacts of the entrepreneur＇s personal characteristics and their social capital on the likelihood for getting venture capital are empirially investigated.The results show that the social networks,especially political ties are the vital elements of entrepreneurs＇social capital,and both of them have a positive and significant effect on the likelihood for getting venture capital.However,the level of education and the abroad experience of entrepreneurs have not significant effect on the likelihood,and the more members in an entrepreneurial team,the more unlikely for the start-up to be backed up by the venture capital.