风险投资契约条款设置对风险企业成长绩效影响研究

Venture Capital Contract Terms' Impact on Venture Growth Performance

已有研究结果表明风险投资机构介入对风险企业成长有显著的促进作用,然而风险投资机构促进风险企业成长的机理尚缺乏相关的实证检验。鉴于此,本文以风险投资契约为研究的切入点,在案例研究和业内专家访谈的基础上,自主编制风险投资契约条款设置和风险企业成长绩效量表,对风险企业主要创始人进行问卷调查,并对129份有效问卷数据进行统计分析。实证结果表明,控制权、增值服务和股权回购条款强度与风险企业成长绩效正相关,估值调整条款强度与风险企业成长绩效之间存在倒U型曲线关系。

Literatures have shown that the involvement of venture capital plays a promoting role in the growth of venture. However, there is no empirical study on the mechanism of venture capital's positive impact on venture growth. Focusing on venture capital contract, we developed measuring scales for venture capital contract terms and venture growth performance based on case study and interviews with industry experts, conducted a questionnaire survey among venture executives, and analyzed the data of 129 valid questionnaires. Empirical results reveal that venture capital control, value-added service and share repurchase terms all have a positive effect on venture growth performance, while valuation adjustment term shows an inverted U-shaped relationship with venture growth performance.