制度环境变迁对文化旅游业联合风险投资决策的影响——行业合法性作用的非同步性

Impacts of Institutional Environment Transition on Venture Capital Syndication in the Culture and Tourism Sector:The Asynchronization Effects of Sector Legitimation

基于制度理论,文章以行业合法性为切入点,区分同行行为和监管许可两个维度,在实证检验文化旅游业风险投资机构的行业知识和网络嵌入对联合投资决策影响的基础上,探讨行业合法性作用的非同步性。结果发现:在文化旅游业,缺乏行业知识或网络嵌入较低的风险投资机构为突破资源约束更倾向于采用联合投资的方式;同行行为和监管许可作为行业合法性的不同维度在作用路径上存在显著差异。文章关注到新兴市场发展初期非正式制度和正式制度的非同步性过程,是对已有关于新兴市场制度环境与投融资研究的有益补充;拓展了制度理论的研究情境,对更好地理解提升行业合法性对风险投资决策的作用机制,了解新兴投资市场的发展规律具有重要意义,可为中国文化旅游产业投融资实践提供指引与启示。

This study focused on the phenomenon of venture capital syndication in the culture and tourism sector from the perspective of institutional theory by distinguishing two dimensions of sector legitimation—“actions of peers”and“regulatory approval”,and discussed the asynchronization impacts of the informal institution and the formal institution,on how industry knowledge and network embeddedness of venture capitalists influence their decisions to syndicate in the culture and tourism sector through a three-way interaction.The results indicate that venture capitalists lacking of industry knowledge or network embeddedness are inclined to syndicate in the culture and tourism sector.Besides,the sector legitimation exhibits significant path dependencies based on different dimensions.The authors believe that the results contribute to current research on institutional environment and venture capital financing in emerging markets by focusing on the asynchronous process of informal institution and formal institution,and expand the research context of institutional theory,which are helpful to better understand the mechanism that how sector legitimation influences venture capital syndication,and the pattern of the development of venture capital investment in emerging industries with practical guidance and enlightenment for venture capital investment and financing in China’s culture and tourism sector.