何种引导基金更多投资高科技企业?——基于高管团队视角的组态分析

What kind of guiding fund invests more in high- tech companies?——Configurational analysis from top management team perspective

政府引导基金由政府牵头设立,旨在缓解中小型高科技企业发展初期融资难问题。本文以174家引导基金为案例,基于引导基金募资金额和投资频率情境,检验高管团队成员性别、海外经历、理工科背景、政治关联条件的不同组态对引导基金投向高科技企业的效应,从组态视角运用fsQCA方法探究何种引导基金高管团队特征更多地驱动引导基金投资高科技企业。研究结果显示:单一引导基金高管团队特征要素并不构成产生投资于高科技企业的必要条件,引导基金投资高科技企业的驱动组态有4种,分别为女性高管成员驱动型、本土高管成员驱动型、募资-投资驱动型以及理工成员-政治关联驱动型。研究结果支持了引导基金高管团队特征可以通过不同形式的组合实现投资于高科技企业,为引导基金高管团队构建提供了新的研究视角和决策依据。

The Government Guiding Fund is set up by the Chinese government to alleviate the financing constraint of firms,especially in the early stages of the development of small and medium-sized high-tech enterprises.However,in reality,the Guiding Funds have been criticized in the market for not investing in high-tech companies,but focusing on traditional industries.Taking the data of 174 Guiding Funds,this paper considers the fundraising ability and investment frequency of the Government Guiding Fund as scenarios and uses the fsQCA method to examine how the different configurations of top management team members'gender,overseas study or work experience,STEM background,and political connection conditions affect the Guiding Funds investment decision.Thus,from the perspective of configuration,this paper investigates what kind of Government Guiding Funds'top management teams tend to invest more in high-technology firms.The results show that a single characteristic element of the top management team of the Government Guiding Funds does not constitute a necessary condition for investment in high-tech firms.There are four configurations for the Government Guiding Funds to invest in high-tech enterprises,namely female management member-driven configuration,local management mem⁃ber-driven configuration,fundraising&investment-driven configuration,and STEM member&political connection-driven configu⁃ration.The female management member-driven configuration indicates that the Guiding Funds with a high proportion of female execu⁃tives and high investment frequency tend to invest in high-tech companies.The local management member-driven configuration sup⁃ports the Guiding Funds with a low proportion of executives with overseas working or education experience and a low proportion of exec⁃utives with political connections as well as high investment frequency to invest more in high-tech companies.Fundraising&invest⁃ment-driven configuration explains the fact that as long as the Guiding Funds raise enough funds and the investment frequency is high enough,the composition of the top management team will not affect the funds'investment decision in high-tech enterprises.The politi⁃cal connection-driven configuration shows that the political connections also affect the investment decision of Guiding Funds.The funds with a high percentage of STEM background members and political connections have a high tendency to invest in high-tech tar⁃get firms.The results remain robust after several robustness checks.After adjusting the frequency threshold,consistency threshold,and PRI consistency threshold,respectively,and taking the fundraising ability as a major condition in all configurations,the four final configurations remain robust.The four different driving configurations show that different from the result of traditional linear regression analysis,the combination of multiple elements can achieve the same result,and there is not only one way to promote the Guiding Funds to invest more in high-tech enterprises.When the investment frequency of the fund is high enough,various executive configurations can drive the Guiding Funds to invest in high-tech target enterprises.The research results support the idea that different characteristic configurations of the Guiding Funds’top management team can all have a tendency to invest in high-tech enterprises and thus provide a new research perspective and decision-making basis for the construction of the Guiding Fund top management team.