风险投资机构对创业企业的管理模式——行业专长与不确定性的视角

Management Patterns of Venture Capital Institutes to Start-ups:From the Perspective of Industrial Expertise and Uncertainty

本文在梳理和分析风险投资与创业企业发展之间的关系、风险投资机构的风险及监控机制、风险投资机构的资源能力及增值服务这三个领域相关研究的基础上,开创性地构建了风险投资机构对创业企业管理模式的选择模型。该模型在创业企业类型和风险投资管理模式之间建立了匹配关系,指出风险投资机构可以通过组合激励约束机制和增值服务机制形成不同的管理模式,对在行业专长和不确定性上存在显著差异的创业企业进行分类管理,以促进创业企业的发展、提高风险投资的绩效。

Based on the review and analysis of the literature on the relationship between venture investments and start-ups＇ development,risk and monitory mechanisms of venture capital institutes,and resources ability and value-added services of venture capital institutes,this paper establishes a model of the selection of management patterns of venture capital institutes to start-ups.This model matches proper venture capital management patterns to the categories of start-ups and points out that venture capital institutes can form different management patterns by combining motivation mechanism and value-added service mechanism,and apply them to start-ups at different level of industrial expertise and uncertainty respectively,to improve start-ups＇ development and venture investments＇ performance.