摘要
风险投资行业在中国发展迅猛,对促进国家经济转型和鼓励本土创新创业具有重要战略意义。本文从知识基础观出发,探究中国风险投资机构的组织知识积累与其联合投资行为之间的关系,并讨论了外部制度环境因素对这一关系的影响。基于对中国风险投资机构首轮投资纵向历史数据的实证分析,本文发现:风险投资机构基于特定行业和地域的组织知识积累和该机构与其他风险投资机构进行联合投资的可能性负相关,而投资活动所在地的市场化程度作为调节变量,削弱了风险投资机构的组织知识和联合投资之间的负向关系。
Venture capital institutions are important financial intermediaries in the economy that provide financing for start-ups that have difficulty obtaining funding from traditional sources,such as bank loans.Since venture capital is often accompanied by high risks,the use of joint investment is a common strategy in the industry.Joint investment is an important means for venture capital institutions to obtain resources and mitigate investment risks,in order to achieve better pre-screening and post-investment management effects.This paper integrates the knowledge base and the institutional theory to explore the joint investment behavior of venture capital institutions.This study proposes that venture capital institutions'organizational knowledge accumulation based on specific industries and regions reduces the information asymmetry between them and the investment objects,and enhances the ability of venture capital institutions to create value for the bidding enterprises in the post-investment stage.Therefore,organizational knowledge based on specific industries and geographies reduces the inclination of these institutions to make joint investments.At the same time,the degree of marketization of the investment environment is found to be an important regulatory variable,one that weakens the negative relationship between the level of organizational knowledge possessed by venture capital institutions and joint investment.When investing in a less market-oriented environment,the accumulation of organizational knowledge based on specific industries and geographies will become more important to joint investment decisions.To rigorously test this hypothesis,this study used a logistic regression analysis of the longitudinal historical data of the first round of investment by venture capital institutions during the period from 1989-2011.The data was mainly derived from the CVsource database and private equity database,which together offer a good coverage of venture capital events in China's Mainland.Following cleansing and screening of the data,the final sample included 3,930 first-round investment records from 372 active venture capital institutions.The results of the study show that there is a significant negative correlation between the organizational knowledge of venture capital institutions and their joint investment behavior,and that this correlation is weaker in investment environments where the degree of marketization is higher.In comparison,when venture capital institutions invest in regions with lower marketization,the degree of information asymmetry between these institutions and investment target enterprises is higher.In order to reduce the risk caused by information asymmetry,venture capital institutions lacking specific industry or regional investment experience will rely more on the knowledge sharing brought about by joint investment,thus rendering higher the probability of joint investment.The research in this paper has deepened the understanding of the joint investment behavior of knowledge-driven venture capital institutions.At the same time,by demonstrating how the institutional environment regulates the impact of organizational knowledge on organizational strategy,this study also contributes to the venture capital literature,knowledge base,and institutional theory.
作者
张曦如
张林
路江涌
ZHANG Xiru;ZHANG Lin;LU Jiangyong(ICBC Post-Doctoral Research Center,Beijing 100140,China;Guanghua School of Management,Peking University,Beijing 100871,China)
出处
《管理工程学报》
CSSCI
CSCD
北大核心
2020年第2期1-10,共10页
Journal of Industrial Engineering and Engineering Management
基金
国家自然科学基金资助面上项目(71472010)
国家杰出青年科学基金资助项目(71525004)。
关键词
风险投资
联合投资
组织知识
制度环境
Venture capital
Syndication
Organizational knowledge
Institutional environment
