分阶段投资与企业创新水平的关系研究——创业团队异质性的调节效应分析

The Relationship between Staged-financing Strategy and Portfolio Company's Innovation——the Moderating Role of Entrepreneurial Team's Heterogeneity

本文以中国创业板中285家具有风险投资背景的公司为研究样本,探究了分阶段投资策略对于创业企业创新水平的影响,以及创业团队异质性对此过程的调节作用。结果表明:(1)分阶段投资能有效促进企业创新水平提高;(2)创业团队教育水平异质性对于分阶段投资与企业创新水平间关系具有显著的负向调节效应,创业团队职能背景异质性则不存在显著的调节效应;(3)与传统企业相比,该调节过程在高新技术企业中作用更加明显。

By using the data from 285 firms listed in Growth Enterprises Market with venture capital background, this studyaims at exploring the effects of staged-financing strategy on the innovation capacity in start-up companies and the moderating effect of entrepreneurial team＇s heterogeneity on this process. The result indicates that（1）staged-financing has significantly positive effects on enterprises＇ innovation capacity;（2）entrepreneurial team＇s educational level heterogeneity negatively moderates the relationship between staged-financing and innovation capacity, while functional experience background shows no significant moderating effect;（3）Comparing to traditional enterprises, the moderating effect is more significant in high-tech firms.