创业投资治理行为的选择——基于委托代理和资源依赖视角的检验

Choice of governance activities of venture capital: A test based on principal agent and resource dependency perspective

该文研究创业投资(VC)对所投资的新创企业(NE)治理行为的选择。首先根据委托代理理论、资源依赖理论,结合对创业投资干预行为的观察,将创业投资的治理行为划分为两类:价值保护和价值创造。接着分析了VC-NE关系类因素对于创业投资治理行为选择的影响。然后通过149个样本对该文的假设进行了实证验证。研究表明:创业投资价值保护和价值创造治理行为分别受到不同的影响,其中目标契合度和信任正向影响价值创造治理行为,而负向影响价值保护治理行为。关系冲突则正好相反。工作冲突不影响治理行为的选择。该研究对于VC更加理性地选择治理行为以及NE正确理解VC的干预有启示作用。

This paper focuses on the governance activities between venture capital （VC） and new venture enterprise （NE）. Based on the agency theory and the resource dependency theory, governance activities of VC were divided into two categories, value protection and value creation, with the observation of the involvement activities of venture capital. The influence factors of governance activities of VC with the classification of VC NE relationship were then analyzed using 149 samples. The results show that different effects exist on the value protection and value creation governance activities with different factors having different positive and negative directions. The goal fitness and trust create a positive impact on value creation and a negative impact on value protection. The impact of relationship conflict is opposite without task conflict affecting the governance activities. This study is meaningful for a more rational choice of VC governance activities and for proper understanding of NE about VC＇s involvement.