風(fēng)險(xiǎn)投資、股權(quán)結(jié)構(gòu)與創(chuàng)業(yè)績(jī)效-資料下載頁(yè)
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【正文】 Venturing, 1992, 7(3): 223236.[4] Quince T, Whittaker H. Entrepreneurial Orientation and Entrepreneurs’ Intentions and Objectives[R]. CBR Research Program 3 on Small and Mediumsized Enterprises, 2003.[5] 苗淑娟. 融資方式對(duì)新創(chuàng)企業(yè)績(jī)效的影響研究——基于創(chuàng)業(yè)者特征的視角[D]. 吉林大學(xué)博士學(xué)位論文, 2007.[6] Durand R, Coeurderoy R. Age, Order of Entry, Strategic Orientation, and Organizational Performance[J]. Journal of Business Venturing, 2001, 16(5): 471494.[7] 柳燕. 創(chuàng)業(yè)環(huán)境、創(chuàng)業(yè)戰(zhàn)略和創(chuàng)業(yè)績(jī)效關(guān)系的實(shí)證研究——基于汽車行業(yè)大型跨國(guó)企業(yè)的創(chuàng)業(yè)經(jīng)驗(yàn)[D]. 吉林大學(xué)博士學(xué)位論文, 2007.[8] Hellmann T, Puri M. The Interaction Between Product Market and Financing Strategy: The Role of Venture Capital[J]. Review of Financial Studies, 2000, 13(4): 959984.[9] Hellmann T, Puri M. Venture Capital and the Professionalization of StartUp Firms: Empirical Evidence[J]. Journal of Finance, 2002, 57(1): 169197.[10] Stubner S, Wulf T, Hungenberg H. Management Support and The Performance of Entrepreneurial StartUps: An Empirical Analysis of Newly Founded Companies in Germany[J]. Schmalenbach Business Review, , 59: 138159.[11] Lerner J. The Government as Venture Capitalist: The LongRun Impact of the SBIR Program[J]. Journal of Business, 1999, 72(3): 285318.[12] Engel D, Keilbach M. FirmLevel Implications of Early Stage Venture Capital Investment: An Empirical Investigation[J]. Journal of Empirical Finance, 2007, 14(2): 150167.[13] Manigart S, Baeyens K, Hyfte W V. The Survival of Venture Capital Backed Companies[J]. Venture Capital, 2002, 4(2): 103124.[14] Wang C K, Wang K, Lu Q. Effects of Venture Capitalists’ Participation in Listed Companies[J]. Journal of Banking amp。 Finance, 2003, 27(10): 20152034.[15] 陳玉罡, 王蘇生. 創(chuàng)業(yè)投資IPO偏低定價(jià)與退出績(jī)效實(shí)證研究[N]. 證券市場(chǎng)導(dǎo)報(bào), 2007年10月.[16] Leland H E, Pyle D. Information Asymmetry, Financial structure, and Financial Intermediation[J]. Journal of Finance, 1977, 32(2): 371381.[17] 張煒, 謝吉華, 邢瀟. 中小科技企業(yè)創(chuàng)業(yè)價(jià)值與成長(zhǎng)績(jī)效關(guān)系實(shí)證研究[J]., 2007, 28(11): 171174.[18] 劉延明. 美、日、中風(fēng)險(xiǎn)投資公司支撐環(huán)境比較研究[D]. 吉林大學(xué)碩士學(xué)位論文, 2004.[19] Gompers P A. Grandstanding in the Venture Capital Industry[J]. Journal of Financial Economics, 1996 42(1): 133156.[20] ZHANG Guangrong, ZENG Yong. CheckandBalance Ownership Structure, A Tradeoff between Fairness and Efficiency: Evidence from China’s Listed Companies[C]. 第四屆公司治理國(guó)際會(huì)議, 天津, 2007年11月34日.[21] 沈超紅, 羅亮. 創(chuàng)業(yè)成功關(guān)鍵因素與創(chuàng)業(yè)績(jī)效指標(biāo)研究[J]. 中南大學(xué)學(xué)報(bào)(社會(huì)科學(xué)版), 2006, 12(2): 231235.Venture Capital, Ownership Structure andEntrepreneurial PerformanceHou Jianren, Li Qiang, Zeng Yong(School of Management and Economics, University of Electronic Science and Technology of China, Chengdu 610054, China)Abstract: Based on the 450 entrepreneurial enterprises, the paper tests empirically the importance of the venture capital and the entrepreneurs, and the impacts of the characteristic of their participation on the entrepreneurial performance measured by the return on investment, the profitability and the growth rate, respectively. The regression results show that the return on investment and the profitability will deteriorate when the entrepreneurial firms are backed by venture capital, and the duration of venture investors’ participation in the firm will have a negative effect on firms’ return on investment and the profitability. However, giving the venture capital some control right by increasing their relative stakes, providing incentives to the entrepreneurs by increasing their holdings of stocks or as senior stockholders will be reasonable alternatives to improve the return on investment and the profitability. At the same time, it is worth noting that giving the venture capital control right will be harmful to firms’ growth performance significantly, and providing incentives to the entrepreneurs may fail when the entrepreneurial enterprises pursuit a good growth performance.Key Words: Entrepreneurial Enterprises, Venture Capital, Entrepreneurial Performance14 / 14
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