论文部分内容阅读
本文立足资源基础理论与交易成本理论,从风险投资领域“关系型融资”价值创造视角构建关系专用性投资、VC治理行为与技术创新绩效关系的理论模型。以科技型创业企业为研究对象,采用SEM结构方程模型对不同关系专用性投资属性对VC治理行为、技术创新绩效的影响进行实证研究。研究结果显示:实物型关系专用性投资与VC监控行为呈正相关,与VC增值服务呈负相关,VC监控行为与技术创新绩效负相关;知识型关系专用性投资与VC监控行为呈负相关,与VC增值服务呈正相关,VC增值服务与技术创新绩效呈正相关。
Based on the theory of resource base and transaction cost, this paper constructs a theoretical model of the relationship between specific investment, VC governance behavior and technological innovation performance from the perspective of value creation of “venture financing”. Taking science and technology start-ups as the research object, SEM structural equation model is used to empirically study the impact of different-relationship-specific investment attributes on VC governance behavior and technological innovation performance. The results show that: the physical investment is positively correlated with the VC monitoring behavior, negatively correlated with the VC value-added service, the VC monitoring behavior is negatively correlated with the technological innovation performance; the knowledge-based special investment is negatively correlated with the VC monitoring behavior, and the VC value-added services were positively correlated, VC value-added services and technology innovation performance were positively correlated.