创始人声誉与风险投资获取间的关系

The Relationship between Founder's Reputation and Acquiring Venture Capital

风险投资不仅能为创业企业提供资金帮助,还能为企业带来商业资源及管理经验等非财务性的支持。但由于高科技创业企业技术专业性高及未来发展不确定性较大,风险投资机构将面临决策难题。此时投资者可以将创始人声誉作为判断信号,从而选择投资对象。本文结合声誉理论及创业企业特征将创始人声誉划分为学校声誉、商业声誉、政治声誉以及社会声誉四个评价维度,并以2009—2015年在中国创业板上市的319家企业为研究对象,通过Logit模型验证创始人声誉与企业获取风险投资间的关系。研究发现:创始人声誉有利于企业获得风险投资,其中学校声誉和社会声誉的作用最显著;不同维度的声誉之间存在交互作用,其中创始人的社会声誉对学校声誉有替代作用。

Venture capital can not only provide fund support for start-ups,but also can provide non-financial support such as business resource and management experience. However,due to high threshold and uncertainty of high-tech start-ups,venture capital face huge challenge in investment decision-making. Investors can apply founder’s reputation as a signal when selecting target to invest. This article combines reputation theory and characteristics of start-ups,redefines founder’s reputation as a combination of academic reputation,business reputation,political reputation and social reputation,and then evaluates founder’s reputation from each of the four aspects.This article uses the 319 companies that were listed on China GEM between 2009-2015 as sample base,and applies Logit model to study the correlations between founder’s reputation and the odds of acquiring venture capital. Study results show that founder’s reputation is positively correlated to the odds of acquiring venture capital,among which academic reputation and social reputation are the most significant. Study results also show that interaction effect exists between the four aspects,for example founder’s social reputation can substitute the positive effect of academic reputation.