【作者】 徐梦周；

【导师】 蔡宁；

【作者基本信息】 浙江大学 ， 企业管理， 2010， 博士

【摘要】 近二十年来,我国创投市场日益繁荣的同时呈现投资阶段不断后移的显著特征,这一现象已严重影响了产业的健康发展,弱化创业投资对技术创新和区域经济发展应有的促进作用。另一方面,创投机构之间绩效分化明显,多数创投机构难以获得高绩效,即使是以往有着良好表现的创投机构,也面临保持持久竞争优势的巨大压力。目前,国外学界就创投机构战略选择和投资绩效提升形成了广泛探讨,但相关结论存在诸多争议；而国内学界仍将研究重点停留在产业经济外部性等宏观问题的论述上。结合我国创投产业发展的现实背景,相关研究亟待进一步深入。为此,本研究聚焦于创业机构阶段战略选择与投资绩效的探讨,并结合高阶理论和网络理论,引入创投机构运作主体——创业投资家团队和创投机构运作环境——联合投资网络两大因素,就该主题开展多维度的理论拓展。在相关文献梳理和实地访谈的基础上,本文围绕以下几方面问题提出了相应的理论假设：(1)在未考虑运作主体和运作环境差异情况下,早期投资和后期投资如何作用于投资绩效?区别于以往研究,本文将投资绩效区分为投资效率和效益两个维度,讨论战略选择的影响。(2)创业投资家团队作为战略的决策者,在战略选择中的作用如何?同时,创业投资家团队是否会影响战略实施的结果?什么样的创业投资家团队能够从早期投资中获益?在借鉴高阶理论的基础上,本文区分了创业投资家团队背景和团队异质性两个特征维度进行机理假设。(3)联合投资网络作为战略实施的外部环境,其非均等性如何影响战略选择与投资绩效的关联,什么样网络位置下的创投机构能够从早期投资中获益?基于网络理论,本研究选取了网络中心性和结构洞两种位置进行理论建构。在实证分析中,本研究通过由第三方数据库获得的69家创投机构2004-2007年相关数据,对理论框架以及23条假设进行验证,在微观研究普遍缺乏系统性实证研究的背景下,本研究具有一定的开拓性。通过理论探讨和实证分析,本文主要得到以下四个方面的结论：(1)在未考虑运作主体和运作环境差异情况下,后期战略在投资效率和效益两方面都优于早期战略；(2)技术类背景团队和异质性团队会选择早期战略。而且技术类背景团队能够缓解早期战略对投资效率负面影响的同时,产生优于后期战略的投资效益。异质性团队仅能缓解早期战略对投资效率的负面影响,但对早期战略和投资效益的影响并不显著；(3)金融类背景团队和创业类背景团队在战略选择上并没有明显倾向,但金融类背景团队采取早期战略能够带来更好投资效率,并且产生优于后期战略的投资效益。团队创业类经历对于早期战略的投资收益存在负向影响；(4)网络中心地位能够大幅提高早期战略的投资效益,并超过后期战略,网络结构洞位置会进一步强化早期战略对投资效率的负面影响。上述研究结论深化了创投机构战略选择与投资绩效的理解,使得本研究具有一定的探索意义。较其他相关研究而言,本文的创新之处体现在以下三个方面：(1)拓展了现有关于创业投资家团队投资决策的研究,同时证实了创业投资家团队对战略选择绩效影响的权变作用,丰富了高阶理论的研究思路。(2)明晰了联合投资网络对于战略选择与投资绩效关联的权变影响,证实了不同网络位置的差异化作用路径,并为网络理论中网络两面性的论述提供了借鉴。(3)对于战略选择与投资绩效的关联分析中发现,早期投资与两种创业投资家团队背景因素(技术类经历和金融类经历)以及网络中心性的耦合能够产生优于后期战略的投资效益。该研究所得为创投机构和政府的实践提供了良好参考。当然,囿于研究者本身的学术素养,研究工作仍然存在诸多不足之处。对此,论文最后部分提出了本研究的局限性以及在未来还需要深入研究的若干问题。更多还原

【Abstract】 In the past two decades, while the venture capital in China has been booming, it also has experienced the prominent phenomenon of retro-displacement in the investment stage, which has much at deteriorated the industry development and weakened the expected facilitation that investment should bring to the technological innovation and regional economic development. Meanwhile, the performance of venture capital firms differed from each other. It is difficult for most of venture capital firms to gain high performance; even those organizations with excellent investment records are facing tremendous pressure to maintain competitive advantage. Currently, there exist extensive discussions on the selection of venture capital strategy and investment performance improvement by foreign scholars, and many disputing conclusions have been achieved. At the time, domestic academic still focus their research on such macro problems as externalities of industry. Considering the practical background of venture capital industry of China, we believe that the relevant research should be started as soon as possible.Therefore, this study focuses on the selection of investment stage strategy and the improvement of investment performance for venture capital firms, also it extends the theoretical research in multiple dimensions by combining Upper Echelons and Network theory, introducing the two factors, the venture capitalist team and syndication network. Based on the literature and field interviews, this thesis proposes the following assumptions. First, how do the early-stage investment and the late-stage investment impact on the investment performance, while the difference of initiatives and environment of venture capital firms are not taken into consideration? Differed from past research, this study discusses the impact of strategy selection in the two dimensions of investment performance:efficiency and effectiveness. Second, what is the function of venture capitalist team in the strategic decision making? Will the venture capitalist team affect the results of strategy implementation? Which kind of venture capitalist team will benefit from the early-stage investment? Referring to the Upper Echelons theory, this paper proposes assumptions by differentiating the two dimensions of the backgrounds and the heterogeneity of venture capitalist team. Third, how does the inequality of syndication network, being the external environment for strategy implementation, affect the relationship between strategic decision making and investment performance? Which kind of network location will enable venture capital firms benefit from the early-stage investment? Referring to the Network theory, this study built its theoretical framework based on the centrality as well as structure holes of network position.In the empirical analysis, this study validated its theoretical framework and 23 hypotheses based on the data of 69 venture capital firms from 2004 to 2007 obtained through third-party database. The conclusion is pioneering to some extent considering the lack of systematic empirical analysis in the micro research.Through theoretical discussion and empirical analysis, we’ve achieved 4 conclusions. First, both investment efficiency and effectiveness of late-stage investment are better than those of early-stage investment when the difference of initiatives and network environment of venture capital firms are not taken into consideration. Second, venture capitalist teams with technical background and heterogeneity prefer to early-stage investment. Teams with technical background can both alleviate the negative effect of early-stage investment on the investment efficiency and gain better investment effectiveness in the early-stage investment, while the teams with heterogeneity can only achieve the former. Third, teams with financial background and entrepreneurship have no obvious preference in investment stage. However, the former teams can achieve better investment efficiency and effectiveness in the early-stage investment, while the entrepreneurship experience will cause negative impact on the investment effectiveness in the early-stage investment. Fourth, network centralization can greatly improve the investment effectiveness in the early-stage investment, while the structure hole will strengthen the negative effects of early-stage investment on investment efficiency.Conclusions listed above facilitated the understanding of relationship between strategic-decision making of venture capital firms and their investment performance. Differed from other research, the innovations of this paper are demonstrated as below: (1) This paper extended the research on the decision making process of venture capitalist teams, proved that the teams have contingent influence on the results of strategies, as well as enriched Upper Echelons theory; (2) This paper clarified the contingent effect of syndication network on the relationship between strategic-decision making and investment performance, and confirmed the differentiation of network location. Both provided reference to the discussion of the duel characteristics of network; (3) Based on the analysis of the relationship between strategic-decision making and investment performance, this paper found that the coupling of early-stage investment, the technical and financial backgrounds of venture capitalist teams as well as the network centralization will generate better investment effectiveness than that of later-stage investment, which provided positive reference to venture capital firms as well as governments.Of course, regardless of the academic attainments, there are still a lot to be improved. In the last part of this paper, the author presents the limitations of this study and several issues that need to be studied in the future.更多还原