风险投资家为谁服务?经典的经济学代理理论会说:风险投资家既是众多富人、大型资产管理者为分散投资风险而设立的风险基金的代理人,也是应用这些基金对创业企业进行投资的委托人(Arthurs,Hoskisson,Busenitz,&Johnson,2008)。正是这种双重身份,使风险投资家身上充满悖论:在扶植企业成长上,风险投资家往往不遗余力,而最近对硅谷高科技初创企业的研究也表明,创新的企业更容易比模仿的企业获得风险投资;吸收风险投资后,这些新创企业比竞争对手显著地减少了将产品推向市场的时间(Hellman&Puri,2000)。而且有些风险投资家被其他成熟的上市公司 For whom do venture capitalists work? The classical theory of agency economics says that venture capitalists are not only the agents of venture funds set up by many rich and large asset managers to diversify investment risks, but also the ones that are used to fund start-ups (Arthurs, Hoskisson, Busenitz, & Johnson, 2008). It is this dual identity that puts venture capitalists full of paradoxes: venture capitalists often spare no effort in nurturing business growth, and recent research on high-tech start-ups in Silicon Valley shows that innovative businesses are easier than imitable businesses Gaining venture capital; these venture start-ups have significantly reduced their time-to-market than competing firms by absorbing venture capital (Hellman & Puri, 2000). And some venture capitalists are other mature public companies