创业投资治理行为与新创企业绩效——一个中介模型及讨论

Governance Activities of Venture Capital and Performance of New Venture Enterprise——A Mediating Model and Discussion

本文研究创业投资对新创企业的治理行为与新创企业绩效之间的关系.在将创业投资治理行为划分为价值保护和价值创造两类行为基础上,本文构建了一个结构方程模型,探讨了内控系统完备性和管理自由度在治理行为与绩效作用路径上的完全中介作用.通过149个样本的实证验证,本文得出结论:价值保护和价值创造治理行为对新创企业成长绩效均起到了促进作用,但是作用的路径和程度不同.前者通过内控系统完备性自下而上间接影响绩效,而后者通过管理自由度自上而下间接影响绩效.其中,价值创造治理行为拥有更强的促进作用.本研究回应了创业投资干预与新创企业绩效之间的争论,验证了中介变量的完全中介效应,揭示了创业投资治理行为与新创企业绩效之间作用的路径.

It focuses on the relationship between governance activities of venture capital （VC） and performance of new venture enterprise （NE）. The governance activities of VC are firstly divided into two categories as value protection and value creation. Then it constructs a structural equation model and analyzes the mediating effect of internal control sys- tem completeness and managerial discretion on the relationship between governance activities of VC and performance of NE. Through the empirical validation on the 149 samples, it concludes that value protection and value creation govern- ance activities have played a catalytic role on the performance of NE, but their contents and paths differ. The former shows bottom-up indirect effect on the performance through the internal control system while the latter shows top-down indirect effect through managerial discretion. What＇s more, the value creation governance activities play a stronger role in promoting. It responds to the debate on governance activities of VC and performance of NE, verifies the complete mediating effect of mediating variables, and reveals the path between governance activities of VC and performance of NE.