摘要
基于委托代理理论和资源依赖理论,探讨了风险投资的声誉对被投资企业绩效的影响,并关注了风险投资的政治关联对二者关系的调节效应。以2009—2013年519家IPO上市公司为研究样本,结果表明:基于认证功效和监督功效,风险投资声誉对被投资企业绩效具有显著的正向影响;风险投资的政治关联降低了被投资企业绩效,并且在风险投资声誉与被投资企业绩效之间关系中起负向调节作用。
Based the on the agency theory and resource dependence theory,this study fouces on the relationship of venture capital(VC)'s reputation and the performance of the portfolio firm as well as the moderationg role of political connection of VC.We test the hypotheses on the sample of 519 Chinese IPO firms in the period of 2003 to 2013.The results show that VC reputation positively influences the performance of the portfolio firm, and the political connection of VC has the negative impact on the performance of the portfolio firm.The political connection negatively moderates the relationship between VC reputation and the performance of portfolio firm.
作者
吴骏
李娅
林润辉
谢在阳
李红玉
WU Jun;LI Ya;LIN Runhui;XIE Zaiyang;LI Hongyu(Business School,Nankai University,Tianjin 300071,China;School of Economics and Management,Tianjin Polytechnic University,Tianjin 300387,China;China Academy of Corporate Governance,Nankai University,Tianjin 300071,China;Tianjin Venture Capital Development Center,Tianjin 300384,China)
出处
《科学学与科学技术管理》
CSSCI
CSCD
北大核心
2018年第10期41-50,共10页
Science of Science and Management of S.& T.
基金
国家自然科学基金青年基金项目(71702128)
教育部人文社会科学重点研究基地重大项目(16JJD630002)
天津市科技发展战略研究计划(16ZLZXZF00470)
关键词
风险投资
声誉机制
政治关联
企业绩效
被投资企业
venture capital
reputation mechanism
political connection
firm performance
portfolio firm
