风险投资对技术创业绩效的影响——考虑战略导向的中介作用

Impact of Venture Capital on Performance of Technology Entrepreneurship:Considering Role of Strategic Orientation

将技术创业企业的创业绩效(以下简称技术创业绩效)分为成长绩效和创新绩效两个维度,将风险投资划分为财务投资和战略投资,将技术创业企业的战略导向划分为技术导向与市场导向;以战略导向作为中介因素,从资源基础观出发,构建了风险投资、战略导向与技术创业绩效的概念模型。以209家技术创业企业为研究样本,实证检验了风险投资对技术创业绩效的影响,以及战略导向对该影响的中介作用。研究结果显示:风险投资对创业绩效具有积极影响,且财务投资与战略投资两种投资模式对创业绩效的影响存在显著差异;风险投资与战略导向存在相关关系,财务投资使企业倾向于选择市场导向,战略投资使企业倾向于选择技术导向;战略导向对创业绩效具有正向促进作用;战略导向在风险投资与创业绩效之间发挥部分中介作用。

This paper divides the entrepreneurial performance of technology startups（hereinafter referred to as technology entrepreneurial performance）into two dimensions,namely growth performance and innovation performance.Venture capital is divided into financial investment and strategic investment.The strategic orientation of technology startups is divided into technology orientation and market orientation.Taking strategic orientation as an intermediary factor and proceeding from a resource-based perspective,it constructs a conceptual model of venture capital,strategic orientation and entrepreneurial performance.Taking 209 technology startups as the research samples,it empirically examines the impact of venture capital on technology entrepreneurial performance and the mediating role of strategic orientation in this impact.The research shows as follows：Venture capital and entrepreneurial performance are positively correlated,also the two investment models,financial investment and strategic investment has significantly different impact on entrepreneurial performance;There is a correlation between venture capital and strategic orientation,financial investment makes technological start-ups tend to choose market orientation,and strategic investment makes technological start-ups tend to choose technology orientation;Strategic orientation and entrepreneurial performance are positively correlated;Strategic orientation between venture capital and entrepreneurial performance plays a part of the intermediary role.