摘要
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.
出处
《财贸研究》
CSSCI
北大核心
2017年第11期79-87,共9页
Finance and Trade Research
基金
国家自然科学基金面上项目"风险投资网络社群形成机理及对投资绩效的影响研究"(71572146)
陕西省社会科学基金项目"风险投资机构的社会资本
风险投资联盟结构与创业企业成功率研究"(2014P13)
陕西省软科学研究项目"网络嵌入性对军民融合跨功能团队创造力的影响研究"(2017KRM127)
关键词
关系嵌入
知识专业化
成功退出
交互效应
relational embeddedness
knowledge specialization
successful exit
interactive effect