科技创业企业股权融资:“才引财来”还是“财逐才入”?

Technological Start-ups' Equity Financing: Technology Attracting Capital or Capital Pursuing Technology?

文章基于资源基础理论、财务理论和社会网络理论,分析了科技企业的技术资源、社会资本与财务资本对引入外部财务股东的影响,并采用通信与信息技术行业上市公司的经验数据证实如下结论:以专利权为代表的技术资源发挥信号作用,有利于吸引更多财务资本;创始股东的社会资本进一步增加接触财务股东的机会,有助于财务股东的引入;而创始股东的初始资本投入量越多引入外部财务资本概率越小,财务资本与技术资源都比较丰富的科技创业企业倾向于不接受外部财务股东。本文基于资源观点解释科技企业股权融资行为,分析企业多种资源间的相互作用,指出创始股东与外部资本的股权关系并不是"技术吸引资本"抑或是"资本追逐技术"的单一效应,而是企业基于自身资源禀赋与资源特征,在动机与机会兼具的情况下追求资源互补的结果。

The resource endowments of start-ups not only affect their motivation to acquire complementary resources, but also determine whether they have the opportunity to attract external resources. From the perspective of financing motivation, enterprises with rich technology resources need more financial capital to convert their scientific and technological achievements("technology attracting capital"), and from the perspective of financing opportunities, such enterprises are also welcomed by venture capital("capital pursuing technology"). It is a persuasive perspective to explain the external financing activities of enterprises on the structure of the entrepreneurial resource analysis.This paper puts forward the following assumptions:(1) Hypothesis 1: the technological resources of start-ups have a promoting effect on the introduction of financial investors.(2) Hypothesis 2-1:Increasing the access of founding shareholders’ social capital to external capital is conducive to introducing capital from external financial shareholders;hypothesis 2-2: the attractive force of technical resources to external capital is stronger in enterprises with more social capital of founding shareholders.(3) Hypothesis 3-1: The more financial capital is invested, the greater possibility founders do not accept the investment from external financial shareholders;hypothesis 3-2: start-ups with abundant technological and financial resources are reluctant to accept external financial shareholders.This paper proves the above hypotheses by using the empirical data of companies in the communication and information technology industry before their list. The research of this paper has the following innovations:(1) It explains financing activities from the perspective of resources, and considers the construction of equity relationship of start-ups as an active choice behavior based on the consideration of complementary resources.(2) The dual analysis framework of motivation and opportunity is applied to research venture financing, and only when "subjective motivation paralleling objective opportunity", the equity relationship between start-ups and venture capital can be established.(3) It highlights the particularity of entrepreneurial resources of scientific and technological enterprises,studies the signal function of technological resources. In general, this paper combines the resource base theory, the financing theory and the social network theory to explain the financing choice of start-ups.The conclusions have a great significance on the selection of external shareholders.