高管团队人力资本特征对企业风险投资引进策略的影响

Impact of top management team's human capital characteristics on venture capital strategy

本文认为高管团队作为企业战略的制定者和执行者,其人力资本特征必然会对企业引进风险投资的策略产生重要影响。本文以我国中小板上市公司中有风险投资融资背景的企业为样本展开实证研究,结果发现:高管团队受教育水平越高,企业越可能在发展早期引入风险投资,并且更青睐经验丰富、资源广泛的混合背景风投而非民营风投;高管团队年龄越大,越排斥分轮融资策略;高管团队中政府背景高管占比较高时,企业更可能引进政府背景风投,而且更愿意采用分轮融资策略;管理层持股比例越高,越会对在发展早期引入风投以及采用分轮融资策略产生显著的负面影响。本研究对丰富高管团队理论和风险投资相关研究具有较大贡献。

As the designer and executor of strategies, the characteristics of top management team （TMT） will certainly have great influence on firm＇ s decision on introducing venture capital. This article takes firms with venture capital involvement and listed on the SME Board as samples to develop an empirical study. We find that, the higher the average education of TMT, the more likely they will cooperate with venture capitals at an earlier stage and prefer venture capitals with mix background; the higher the average age of TMT, the more likely they will reject round financing; firms with a higher percentage of government background top managers in TMT, will more likely to cooperate with venture capitals with government background, and prefer to employ round financing; the higher the shares hold by TMT, the less the firm cooperates with venture capitals at an earlier stage and the less the firm employs round financing. This paper has great contribution to studies on TMT and venture capital.