风险投资与创业企业互动关系的理论框架与未来研究展望

A Research Framework and Future Directions of the Interactive Relationship Between Venture Capital Firms and New Ventures

风险投资与创业企业的互动关系特征对创业企业战略和行为有着突出的影响,然而学术界尚未系统揭示其深层次影响机理。本文构建了风险投资与创业企业互动关系的理论框架,基于代理理论、社会网络理论和资源依赖理论,首先梳理并凝练了风险投资与创业企业在治理层面、网络层面和战略层面的互动方式和行为表现,其次识别和定义了风险投资机构和创业企业间的4种关系类型,进一步探讨了不同关系类型对双方互动方式和结果的影响,以及如何通过跨组织决策和资源整合影响创业企业的成长。这一理论框架有助于弥补现有研究对双方相互依赖关系及其行为影响认识的不足,推动互动视角下风险投资与创业企业研究的发展。

The interactive relationship between venture capital(VC) firms and new ventures has a prominent impact on new ventures’ strategies and behaviors. However, the mechanism through which the interaction relationship takes effect has not been examined systematically. It constructed a research framework of the interactive relationship between VC firms and new ventures. Based on agency theory, social network theory, and resource dependence theory, it summarized the interactive behaviors between VC firms and new ventures from the governance perspective, the network perspective and the strategic perspective. Further, it defined four types of relationships between them and investigated the effects of those relationships on their interactive behaviors and outcomes, as well as new ventures’ growth via the mechanisms of cross-organizational decision-making and resource integration. The research framework contributes to the existing literature by revealing the interdependent relationships and behaviors between VC firms and new ventures, which promotes the research on VC and entrepreneurship from an interactive perspective.