风险投资后管理对被投企业创业导向的影响研究

The Impact of Venture Capital's Post Investment Activities on Entrepreneurial Orientation of Portfolio Company

已有文献分别围绕风险投资后管理、创业导向展开研究,但缺乏两者间关系的研究。明确了投资后管理中增值服务的内容划分及界定,指出增值服务与创业导向间的资源纽带,提出网络资源支持、后续融资支持、战略支持、管理支持4种增值服务均正向促进被投企业的创业导向。基于委托代理理论,从风险资本与被投企业间的投资契约机理出发,厘清了投资后管理中监控影响创业导向的路径,指出监控负向影响创业导向。

Although researches about the post-investment activities and entrepreneurial orientation（EO）have been carried out respectively,little attention has been paid to the relationship between them in the existing literatures.The contents of the value added services in the post-investment activities are divided and defined.The thesis points out the resource ties between the value-added services and EO.And then it proposes that each of the four kinds of value-added services,including network resources support,the follow up financial support,strategic support,and management support promotes EO of portfolio company.Based on the principal-agent theory,from investment contract mechanism between venture capital and portfolio company,the thesis clarifies the path through which monitoring activities in the post-investment activities affect the EO of portfolio company,and then puts forward that monitoring activities impact the EO of portfolio company negatively.