机构投资者对新创企业绩效的影响:一个被调节的中介模型

The Effect of Institutional Investors on the Performance of New Ventures:a Moderated Mediation Model

机构投资者能够改善企业治理效果,进而积极影响企业绩效,但该类研究都是基于成熟企业情境,未考虑新创企业情境的特殊性。基于新创企业研究情境,构建一个被调节的中介模型,从战略决策视角探讨机构投资者、创业导向及环境动态性对企业绩效的影响。结果表明,机构投资者显著抑制企业创业导向;创业导向正向影响企业绩效;创业导向在机构投资者与企业绩效之间发挥中介作用。研究还发现,环境动态性不仅负向调节创业导向与企业绩效的关系,还正向调节创业导向在机构投资者与企业绩效关系中的中介作用。研究结论有助于深入理解机构投资者影响企业绩效的作用机理及边界条件。

Institutional investors can improve the corporate governance effect,and then positively affect performance.However,these studies are based on the context of mature enterprises,ignoring the specificity in context of new ventures.Based on context of new ventures,we construct a moderated mediation model to explain the effect of institutional investors,entrepreneurial orientation and environmental dynamics on firm performance and boundary conditions of institutional investors on firm performance from the perspective of strategic decision-making.The results show that institutional investors negatively impact entrepreneurial orientation,which has positive effect on firm performance,and entrepreneurial orientation mediates the effect of institutional investors on firm performance.In addition,environmental dynamism negatively moderates the relationship between entrepreneurial orientation and firm performance,and also positively moderate mediation effect of entrepreneurial orientation.The conclusions help to understand the mechanism and boundary conditions of institutional investors on firm performance.