创投机构信任特征对风险企业成长绩效的影响——基于政治和商业关系视角

Influence of Venture Capital Institutions' Trust on the Growth Performance of Venture Enterprises——Based on the Political and Business Relationship

基于我国107家创投机构210份问卷的调研数据,以风险企业的政治和商业关系为视角,探讨创投机构对风险企业的信任特征对风险企业成长绩效的影响.研究发现,初始信任、计算性信任、了解性信任和认同性信任4个信任特征维度与风险企业成长绩效显著正相关.进一步考虑社会网络的影响,发现风险企业的政治关系对初始信任、计算性信任与风险企业成长绩效的关系具有显著的负向调节效应,对了解性信任、认同性信任与成长绩效的关系无调节效应;商业关系对信任特征与风险企业成长绩效的关系无调节效应.研究结果表明,风险企业的政治关系弱化了创投机构的低等级信任对企业成长的促进作用,政治关系对低等级信任起到了一定程度的替代效应.在我国当前的环境下,对帮助风险企业发展而言,政治关系比商业关系作用更显著,可靠度更高.

Based on 210 questionnaires from 107 venture capital institutions, it studied how the venture capital insitutions＇ trust affects venture enterprises＇ growth performance from the perspective of political and business relation- ship. The results show that initial-trust, calculus-based trust, knowledge-based trust and identification-based trust all improve the venture enterprises＇ growth. Considering the network characteristics, it shows that political relationship has a negative moderating effect on the initial trust and growth performance. Also, it negatively moderates the relationship between calculus-based trust and the venture enterprises＇ growS. But political relationship does not moderate the rela- tionship between the other two trust dimensions and the venture enterprises＇ growth. Business relationship of network has no significant moderating effect on trust and the venture enterprises＇ growth. It suggests that political relationship of venture enterprises weakens the promotion of the low-level trust on the venture enterprises＇ growth. To some extent, po- litical relationship replaces the low-level trust. In the current circumstance, political relationship plays a more important role on the venture enterprises＇ growth than business relationship.