风险投资机构关系嵌入、知识专业化对成功退出的影响:一个交互效应

Impact of Venture Capital Firms' Relational Embeddedness and Knowledge Specialization on Successful Exit: An Interactive Effect

基于知识观视角,以我国本土风险投资机构为研究对象,运用CV Source数据库2005年1月1日至2014年12月31日间的样本数据,构建logit回归分析模型,检验风险投资机构关系嵌入、知识专业化及其交互效应对投资绩效的影响。结果表明:(1)投资机构关系嵌入与成功退出呈倒U型关系;(2)知识专业化与成功退出呈正相关关系;(3)知识专业化负向调节关系嵌入与成功退出的倒U型关系。

Based on the view of knowledge,this paper takes Chinese local venture capital firms as research object,uses the sample data of CV Source database from January 1,2005 to December 31,2014,sets up a logit multiple regression model,and tests the impacts of venture capital firms＇ relational embeddedness,knowledge specialization,relational embeddedness and knowledge specialization＇s interactive on successful exit. The results show that：（ 1） The relationship of venture capital firms＇ relational embeddedness and successful exit have significantly inverted U type.（ 2） Venture capital firms＇ knowledge specialization has a positive effect on successful exit.（ 3） Knowledge specialization negatively moderates the inverted U type relationship between relational embeddedness and successful exit.