服务还是监控:风险投资机构对创业企业的管理——行业专长与不确定性的视角

Value-Added Service or Supervisory Control?Management Patterns of Venture Capital Institutes to Entrepreneurial Firms: Views from Industrial Specialty and Uncertainty

本文以中国中小板和创业板上市公司为研究样本,探析并检验了风险投资机构的基本管理手段对创业企业绩效的影响,以及行业专长和不确定性对上述影响的调节机制。开创性地对创业企业和风险投资管理模式进行分类,探讨并验证了二者之间的匹配关系。研究结果表明:(1)风险投资机构提供的增值服务对创业企业绩效有显著的正向影响,且风险投资机构的行业专长越高,越能增强这种影响;(2)风险投资机构实施的监督控制对创业企业绩效的影响不显著,但是当创业企业面临的不确定性越高时,越多的监督控制对企业绩效会产生负向影响;(3)风险投资管理模式与创业企业类型之间存在匹配关系:在风险投资机构具有高行业专长和创业企业面对低不确定性的情形下,教练型管理模式的效果最好;在风险投资机构具有高行业专长和创业企业面对高不确定性的情形下,服务加强型管理模式的效果最好;在风险投资机构具有低行业专长和创业企业面对低不确定性的情形下,控制加强型管理模式的效果最好;在风险投资机构具有低行业专长和创业企业面对高不确定性的情形下,与理论预期不同的是放养型管理模式在统计上不显著。本文开创性地研究了风险投资机构介入创业企业进而创造价值的内在管理机制,对丰富风险投资理论和创业企业理论具有较高的学术和实践价值,为风险投资机构"合理"介入创业企业提供了实证参考。

Based on samples from China 's SME Board and GEM, this paper discussed and empirically tested the influences of venture capitals 'management methods on performance of entrepreneurial firms. And the modification effect of industrial specialty and uncertainty are also analyzed. Then, we explored a novel classification of entrepreneurial firms and venture capital management patterns, and discussed and tested the matching relations between them. Results show:(1) value-added service from venture capitals has a positive and significant influence on entrepreneurial firms 'performance, and this influence will be enhanced when venture capitals 'have high industrial specialty;(2) supervisory control from venture capitals doesn 't have significant influence on entrepreneurial firms 'performance, but when firmsare in high uncertainty, more supervisory control will lead to worse performance;(3) venture capital management patterns should match firms categories: while VCs have high industrial specialty and firms are in low uncertainty, Coaching Management will lead to better performance; while VCs have high industrial specialty and firms are in high uncertainty, Service-enhancing Management will be better; while VCs have low industrial specialty and firms are in low uncertainty, Control-enhancing Management will be the best pattern; and while VCs have low industrial specialty and firms are in high uncertainty, Laissez-faire Management doesn 't statistically benefit entrepreneurial firms 'performance which is inconsistent with the hypothesis. This paper explored management mechanisms of venture capitals which are involved in entrepreneurial firms and want to create value. This paper has important theoretical and practical value in venture capital and entrepreneurship research field. And the evidence from this paper supports venture capitals properly participating firms 'management is beneficial.