风险投资家人力资本特征与风险投资基金募集关系研究
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摘要
风险投资家人力资本特征与其基金募集结果密切相关。以145个风险投资募资团队和252个募资团队领导者为研究样本,分析人力资本特征与风险投资基金募资结果的关系。结果发现,募资规模与募资团队海外背景、整体教育程度显著正相关,与募资团队平均任期显著负相关,与团队领导者海外背景、管理职业背景显著正相关;募资团队海外背景显著有利于外资基金募集;募资团队整体人力资本特征对基金募集的影响高于团队领导者人力资本特质。该成果拓展了对风险投资基金募集的研究,为风险投资机构培养与选拔募资人才及团队提供了理论依据。
Human capital characteristics of venture capitalists have close relation with venture capital fundraising.Using the data on145 fundraising teams and 252 team leaders of the top 50 VC institutions in China,this paper empirically explores the relation between fundraising of VCs and human capital characteristics of venture capitalists.The results show that,from the team level,overseas background,and education degree has significant positive influence on fundraising scale,while average tenure has significant negative effect on fundraising scale;from the individual level of team leader,overseas background and professional background of administration has significant positive effect on fundraising scale;and overseas background has positive effect on the foreign currency fundraising from both team and leader perspective;besides,compared to team leader's individual characteristics,general characteristics of team are more important in VC fundraising.This article has deepened the study on VC fundraising,and provided theoretical advice for VCs to develop human capital and teams for fundraising.
Human capital characteristics of venture capitalists have close relation with venture capital fundraising.Using the data on145 fundraising teams and 252 team leaders of the top 50 VC institutions in China,this paper empirically explores the relation between fundraising of VCs and human capital characteristics of venture capitalists.The results show that,from the team level,overseas background,and education degree has significant positive influence on fundraising scale,while average tenure has significant negative effect on fundraising scale;from the individual level of team leader,overseas background and professional background of administration has significant positive effect on fundraising scale;and overseas background has positive effect on the foreign currency fundraising from both team and leader perspective;besides,compared to team leader's individual characteristics,general characteristics of team are more important in VC fundraising.This article has deepened the study on VC fundraising,and provided theoretical advice for VCs to develop human capital and teams for fundraising.
引文
[1]孙立强,倪正东.中国创业投资机构募集资金影响因素分析[J].研究与发展管理,2008(3):82-87.
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[3]董建卫,杨敏利,郭立宏.宏观经济环境、“飞向品质”与风险资本筹集[J].管理评论,2014,26(1):23-29.
[4]戴亦一,潘越,刘新宇.社会资本、政治关系与我国私募股权基金投融资行为[J].南开管理评论,2014(4):88-97.
[5]冯冰,党兴华,王凤.网络地位对风险投资机构筹资行为的影响研究——基于地位信号视角[J].经济问题,2015(8):42-49.
[6]党兴华,施国平,仵永恒.政治关联与风险资本筹集[J].预测,2015(6):45-50.
[7]叶小杰.风险投资声誉、产权性质与基金募集[J].山西财经大学学报,2017,39(3):30-43.
[8]王文烂,余文鑫.美、日、欧风险投资模式比较与借鉴[J].科技进步与对策,2002,19(4):150-151.
[9]王福民.风险投资家人力资本价值与风险投资绩效关系分析[J].湖南科技学院学报,2010(11):122-124.
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[12]姜付秀,伊志宏,苏飞,等.管理者背景特征与企业过度投资行为[J].管理世界,2009(1):130-139.
[13]TIHANYI L,ELLSTRAND A E,DAILY C M,et al,Composition of the top management team and firm international diversification[J].Journal of Management,2000(26):1157-1177.
[14]ADAMS R B,FERREIRA D.Women in the boardroom and their impact on governance and performance[J].Journal of Financial Economics,2009(94):291-309.
[15]李焰,秦义虎,张肖飞.企业产权、管理者背景特征与投资效率[J].管理世界,2011(1):135-144.
[16]时奕松.管理者背景特征与上市企业绩效关系的实证研究[J].经营管理,2011(8):129,147.
[17]FRANKE N,GRUBER M,HARHOFF D,et al.What you are is what you like:similarity biases in venture capitalists'evaluations of start-up teams[J].Journal of Business Venturing,2006,21(6):802-826.
[18]DE CLERCQ D,DIMOV D P.Internal knowledgee development and external knowledge access in venture capital investment performance[J].Journal of Management Studies,2008,45(3):585-612.
[19]曾萍,邬绮虹.女性参与高管团队对企业绩效的影响:回顾与展望[J].经济管理,2012(1):190-199.
[20]祝继高,叶康涛,严冬.女性董事的风险规避与企业投资行为研究——基于金融危机的视角[J].财贸经济,2012(4):50-58.
[21]BANTEL K A,JACKSON S E.Top management and innovations in banking:does the composition of the top team make a difference[J].Strategic Management Journal,1989(3):107-124.
[22]WIERSEMA M F,BANTEL K A.Top management team demography and corporate strategic change[J].Academy of Management Journal,1992(5):91-121.
[23]TIHANYI L,ELLSTRAND A E,DAILY C M.Composition of the top management team and firm international diversification[J].Journal of Management,2000(2):503-538.
[24]HSU W T,CHEN H L,CHENG C Y.Internationalization and firm performance of smes:the moderating effects of CEO Attributes[J].Journal of World Business,2013(1):1-12.
[25]陈炜华.引进海外人才与智力取得辉煌成就——引进海外人才与智力25年综述[J].国际人才交流,2008(6):5-7.
[26]刘海淼.风险投资与风险投资人[J].资本市场杂志,2000(7):46-48.
[27]耿庆章.如何培养高素质的风险投资人[J].科学学与科学技术管理,2000,21(5):51-53.
[28]陈任如,赖煜.高管政治背景与民营企业盈利能力的实证研究[J].南方经济,2010,28(5):60-68.
[29]PFEFFER J,SALANCIK G R.The external control of organizations:a resource dependence perspective[M].Stanford Business Books,2003.
[30]SHLEIFER A,R W VISHNY.Politicians and firms[J].Quarterly Journal of Economics,1994(109):995-1025.
[31]GRANOVETTER M.The strength of weak ties[J].American Journal of Sociology,1973,78(6):1360-1380.
[32]GRANOVETTER M.Economic action and social structure:the problem of embeddness[J].American Journal of Sociology,1985,91(3):481-510.
[33]LIN NAN.Social capital:a theory of social structure and action[M].Cambridge University Press,2001.
[34]COLEMAN J S.Foundations of social theory[M].Harvard University Press,1990.
[35]NAHAPIET,GHOSHAL.Social capital,intellectual capital,and the organizational advantage[J].Academy of Management Review,1998(23):242-266.
[36]彭文平,杨蓝蓝.业绩评价、职业声誉和基金经理行为异化[J].经济管理,2013(6):81-94.
[37]WESTPHAL J D,MILTON L P.How experience and network ties affect the influence of demographic minorities on corporate boards[J].Administrative Science Quarterly,2000,45(2):366-398.
[2]CHANG C Y,WANG F,CHEN J,et al.Analysis of the factors that influence venture capital fundraising:an empirical study in China[J].African Journal of Business Management,2011,5(12):4765-4774.
[3]董建卫,杨敏利,郭立宏.宏观经济环境、“飞向品质”与风险资本筹集[J].管理评论,2014,26(1):23-29.
[4]戴亦一,潘越,刘新宇.社会资本、政治关系与我国私募股权基金投融资行为[J].南开管理评论,2014(4):88-97.
[5]冯冰,党兴华,王凤.网络地位对风险投资机构筹资行为的影响研究——基于地位信号视角[J].经济问题,2015(8):42-49.
[6]党兴华,施国平,仵永恒.政治关联与风险资本筹集[J].预测,2015(6):45-50.
[7]叶小杰.风险投资声誉、产权性质与基金募集[J].山西财经大学学报,2017,39(3):30-43.
[8]王文烂,余文鑫.美、日、欧风险投资模式比较与借鉴[J].科技进步与对策,2002,19(4):150-151.
[9]王福民.风险投资家人力资本价值与风险投资绩效关系分析[J].湖南科技学院学报,2010(11):122-124.
[10]HAMBRICK D,MASON P.Upper echelons:the organization as a reflection of its top managers[J].Academy of Management Review,1984,9(2):193-206.
[11]PATZELT H,KNYPHAUSEN D Z,FISCHER H T.Upper echelons and portfolio strategies of venture capital firms[J].Journal of Business Venturing,2009,24(6):558-572.
[12]姜付秀,伊志宏,苏飞,等.管理者背景特征与企业过度投资行为[J].管理世界,2009(1):130-139.
[13]TIHANYI L,ELLSTRAND A E,DAILY C M,et al,Composition of the top management team and firm international diversification[J].Journal of Management,2000(26):1157-1177.
[14]ADAMS R B,FERREIRA D.Women in the boardroom and their impact on governance and performance[J].Journal of Financial Economics,2009(94):291-309.
[15]李焰,秦义虎,张肖飞.企业产权、管理者背景特征与投资效率[J].管理世界,2011(1):135-144.
[16]时奕松.管理者背景特征与上市企业绩效关系的实证研究[J].经营管理,2011(8):129,147.
[17]FRANKE N,GRUBER M,HARHOFF D,et al.What you are is what you like:similarity biases in venture capitalists'evaluations of start-up teams[J].Journal of Business Venturing,2006,21(6):802-826.
[18]DE CLERCQ D,DIMOV D P.Internal knowledgee development and external knowledge access in venture capital investment performance[J].Journal of Management Studies,2008,45(3):585-612.
[19]曾萍,邬绮虹.女性参与高管团队对企业绩效的影响:回顾与展望[J].经济管理,2012(1):190-199.
[20]祝继高,叶康涛,严冬.女性董事的风险规避与企业投资行为研究——基于金融危机的视角[J].财贸经济,2012(4):50-58.
[21]BANTEL K A,JACKSON S E.Top management and innovations in banking:does the composition of the top team make a difference[J].Strategic Management Journal,1989(3):107-124.
[22]WIERSEMA M F,BANTEL K A.Top management team demography and corporate strategic change[J].Academy of Management Journal,1992(5):91-121.
[23]TIHANYI L,ELLSTRAND A E,DAILY C M.Composition of the top management team and firm international diversification[J].Journal of Management,2000(2):503-538.
[24]HSU W T,CHEN H L,CHENG C Y.Internationalization and firm performance of smes:the moderating effects of CEO Attributes[J].Journal of World Business,2013(1):1-12.
[25]陈炜华.引进海外人才与智力取得辉煌成就——引进海外人才与智力25年综述[J].国际人才交流,2008(6):5-7.
[26]刘海淼.风险投资与风险投资人[J].资本市场杂志,2000(7):46-48.
[27]耿庆章.如何培养高素质的风险投资人[J].科学学与科学技术管理,2000,21(5):51-53.
[28]陈任如,赖煜.高管政治背景与民营企业盈利能力的实证研究[J].南方经济,2010,28(5):60-68.
[29]PFEFFER J,SALANCIK G R.The external control of organizations:a resource dependence perspective[M].Stanford Business Books,2003.
[30]SHLEIFER A,R W VISHNY.Politicians and firms[J].Quarterly Journal of Economics,1994(109):995-1025.
[31]GRANOVETTER M.The strength of weak ties[J].American Journal of Sociology,1973,78(6):1360-1380.
[32]GRANOVETTER M.Economic action and social structure:the problem of embeddness[J].American Journal of Sociology,1985,91(3):481-510.
[33]LIN NAN.Social capital:a theory of social structure and action[M].Cambridge University Press,2001.
[34]COLEMAN J S.Foundations of social theory[M].Harvard University Press,1990.
[35]NAHAPIET,GHOSHAL.Social capital,intellectual capital,and the organizational advantage[J].Academy of Management Review,1998(23):242-266.
[36]彭文平,杨蓝蓝.业绩评价、职业声誉和基金经理行为异化[J].经济管理,2013(6):81-94.
[37]WESTPHAL J D,MILTON L P.How experience and network ties affect the influence of demographic minorities on corporate boards[J].Administrative Science Quarterly,2000,45(2):366-398.