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已有研究表明风险投资机构能够影响风险企业的管理决策甚至能够对风险企业的管理层结构进行调整,但是鲜有文献从风险投资机构角度研究风险企业高管变更的影响因素。本文以来自107家机构的风险投资专家填写的208份问卷为样本,集中研究风险投资机构产生风险企业高管变更意愿的影响因素以及风险投资机构推进风险企业高管变更的影响因素。实证结果表明,风险企业的业绩表现,风险投资机构与风险企业之间的分歧,都会显著影响变更意愿和高管变更,而风险企业高管团队的工作表现不能显著影响高管变更,但是可以显著影响变更意愿。
Research has shown that venture capital firms can influence the management decisions of venture firms and even adjust the management structure of venture firms. However, there is little literature on the influencing factors of venture firm executives’ change from the perspective of venture capital firms. In this paper, 208 questionnaires completed by venture capital experts from 107 institutions are selected as samples to study the factors that affect the willingness of venture capital firms to change their minds and the factors that affect the changes of venture capital executives. The empirical results show that the performance of venture firms, the differences between venture capital firms and venture firms can significantly affect willingness to change and executives’ changes, while the performance of venture firm’s senior management teams can not significantly affect the change of executives, but it can be significant Affect the willingness to change.