新创高科技企业声誉对其风险投资获得时间的影响——基于Cox比例风险模型的实证分析

The Effect of High-tech Startups' Reputation on the Length of Time to Obtain Venture Capital Funding——Empirical Analysis of Proportional Risk Model based on Cox

良好的声誉通常伴随着较高的业绩,而业绩是投资者最为关心的问题。文章利用英国纳米微米技术行业高科技企业的样本,基于Cox比例风险模型,研究了企业声誉能否帮助企业缩短获得风险投资所需时间的重要问题。研究结果表明:企业的总体声誉,包括熟悉度和美誉度,可以显著缩短风险投资的获得时间;熟悉度比美誉度的影响作用更大;企业管理团队的职业背景差异化程度可以缩短风险投资获得的时间,但年龄的差异化程度与风险投资获得的时间没有显著关系。

Reputation usually positively influences startups'performance,which is the key element considered by venture capitalists.Through the analysis of a sample of 200 startups operating in the UK micro and nanotechnology sector,and based on the Cox proportional hazard model,the results indicate that firstly,the higher the level of general visibility and favorability,the faster the startup receives venture capital funding;secondly,the effect of favorability is much stronger than the effect of general visibility;thirdly,the higher the level of management team occupational background heterogeneity,the faster the startup receives venture capital funding.However,management team age heterogeneity does not have a significant influence on the duration needed to receive venture capital funding.