创业企业资源禀赋、资源需求与产业投资者引入——基于创业板上市公司的经验证据

Entrepreneur Resources' Endowment,Demand and Industrial Investors——Evidence of the China GEM Listing Corporation

创业企业在决定是否引入产业投资者时总是面临两难:一方面需要从产业投资者那里获得互补资源,一方面又担心其干扰公司战略或侵占技术资源。本文基于中国创业板上市公司经验数据,分析创业企业在引入产业投资者时所考虑的因素,研究表明:当创业企业自身存在强烈互补性资源需求并具备一定风险防御能力时,才会引入外部产业股东。具体地说,创业企业的财务资本、生产性资源与市场性资源的需求程度与引入产业投资者正相关;创业企业技术性资源与产业投资者引入呈负相关,但其研发能力或创始股东的控制权较强时,这一负相关关系将弱化。

When raising equity capital from industrial investors( IIs),the entrepreneurs typically face a'dilemma': the benefits of related complementary resources( i. e.,financial,manufacturing and market resources) from IIs and the potential risks concerned with resources misappropriation or intervention of firm's strategy. We use data of China GEM listing companies to study the influential factors which entrepreneurs decide to raise capital from IIs.Our findings show that only entrepreneurs eagerly need those resources and have effectively defensive mechanisms to protect themselves,can they raise IIs' external resources. Specifically,introducing of IIs is positively associated with firm's complementary resources needs,inversely related to firm's technical resources endowments; albeit the firms' Rand D capability or the founder( s) ' control power will mitigate this negative correlation.