【摘要】：隨著中國(guó)創(chuàng)業(yè)浪潮的興起,風(fēng)險(xiǎn)投資機(jī)構(gòu)對(duì)于創(chuàng)業(yè)企業(yè)的作用開(kāi)始逐漸被發(fā)現(xiàn),風(fēng)險(xiǎn)投資機(jī)構(gòu)對(duì)創(chuàng)業(yè)企業(yè)的管理增值作用能夠很大程度上使得創(chuàng)業(yè)企業(yè)良好的發(fā)展。本文首先介紹了風(fēng)險(xiǎn)投資對(duì)創(chuàng)業(yè)企業(yè)的管理增值背景,歸納總結(jié)梳理了國(guó)內(nèi)外有關(guān)于風(fēng)險(xiǎn)投資對(duì)創(chuàng)業(yè)企業(yè)的影響研究以及關(guān)于控制權(quán)、控制權(quán)配置、控制權(quán)最優(yōu)配置的相關(guān)文獻(xiàn),深度分析了風(fēng)險(xiǎn)投資機(jī)構(gòu)入駐后,產(chǎn)生不同的控制權(quán)配置,從而在此背景下風(fēng)險(xiǎn)投資機(jī)構(gòu)及創(chuàng)業(yè)者對(duì)于創(chuàng)業(yè)企業(yè)發(fā)展的不同影響機(jī)理研究;同時(shí)運(yùn)用委托代理理論和企業(yè)成長(zhǎng)理論兩種理論,提出了本文的框架和理論基礎(chǔ),以問(wèn)卷樣本的第一手?jǐn)?shù)據(jù)為研究對(duì)象,在李克特量表的測(cè)量下,及回歸分析、路經(jīng)分析,完成整體實(shí)證研究。深入探究了 1)風(fēng)險(xiǎn)投資機(jī)構(gòu)入駐后創(chuàng)業(yè)企業(yè)控制權(quán)結(jié)構(gòu)不同的配置類型;2)風(fēng)險(xiǎn)投資機(jī)構(gòu)與創(chuàng)業(yè)企業(yè)家這兩大主體不同的細(xì)分行為類型;3)在不同控制權(quán)配置下,風(fēng)險(xiǎn)投資機(jī)構(gòu)與創(chuàng)業(yè)企業(yè)家不同的細(xì)分行為具體對(duì)創(chuàng)業(yè)企業(yè)發(fā)展有何種影響。最終本文通過(guò)聚類分析,將風(fēng)險(xiǎn)投資入駐的創(chuàng)業(yè)企業(yè)控制權(quán)配置類型分為企業(yè)家主導(dǎo)型、風(fēng)投干預(yù)型、風(fēng)投主導(dǎo)型,并實(shí)證分析發(fā)現(xiàn),在風(fēng)投干預(yù)型創(chuàng)業(yè)企業(yè)中,因風(fēng)險(xiǎn)投資機(jī)構(gòu)的介入,創(chuàng)業(yè)者的非生產(chǎn)性行為將會(huì)對(duì)企業(yè)短期績(jī)效產(chǎn)生負(fù)面影響,但正因?yàn)轱L(fēng)險(xiǎn)投資機(jī)構(gòu)的積極介入,致使其所行駛的監(jiān)督作用對(duì)創(chuàng)業(yè)企業(yè)短期績(jī)效發(fā)展具有積極作用;另一方面,企業(yè)家的積極行為和風(fēng)險(xiǎn)投資機(jī)構(gòu)的監(jiān)督介入均能夠幫助企業(yè)在長(zhǎng)期的發(fā)展中產(chǎn)生積極的作用效果。在風(fēng)投主導(dǎo)型的創(chuàng)業(yè)企業(yè)中,由于風(fēng)險(xiǎn)投資機(jī)構(gòu)過(guò)于介入創(chuàng)業(yè)企業(yè)運(yùn)營(yíng),致使其自身的監(jiān)督行為在短期對(duì)企業(yè)績(jī)效發(fā)展產(chǎn)生負(fù)面影響;同時(shí)創(chuàng)業(yè)者的代理屬性較為明顯,即創(chuàng)業(yè)者更多的作為代理人角色,無(wú)論對(duì)于企業(yè)的短期亦或者長(zhǎng)期發(fā)展均起到積極作用。在企業(yè)家主導(dǎo)型創(chuàng)業(yè)企業(yè)中,企業(yè)家的積極行為對(duì)于企業(yè)的短期及中長(zhǎng)期發(fā)展均有明顯的促進(jìn)作用,在此類企業(yè)中,因企業(yè)家主導(dǎo)企業(yè)決策,因此風(fēng)險(xiǎn)投資機(jī)構(gòu)的監(jiān)督行為對(duì)于企業(yè)的短期發(fā)展產(chǎn)生負(fù)面影響;同時(shí),在企業(yè)家的主導(dǎo)下,風(fēng)險(xiǎn)投資機(jī)構(gòu)的完全支持行為以及在此主導(dǎo)行為下的投機(jī)行為從側(cè)面支持了企業(yè)家的主導(dǎo)地位,對(duì)于企業(yè)長(zhǎng)期穩(wěn)定發(fā)展具有良好作用,產(chǎn)生較為積極的作用。
[Abstract]:With the rise of China's entrepreneurial wave, the role of venture capital institutions for start-ups has been gradually discovered, venture capital institutions on the value-added management of start-ups can largely make the good development of start-ups. This paper studies the impact of venture capital on venture enterprises at home and abroad as well as the literature on control rights, control rights allocation and optimal control rights allocation. It deeply analyzes the different control rights allocation of venture capital institutions after they are stationed. Thus, under this background, venture capital institutions and entrepreneurs have different effects on the development of venture enterprises. At the same time, using the principal-agent theory and the enterprise growth theory, this paper puts forward the framework and theoretical basis of this paper, taking the first-hand data of the questionnaire sample as the research object, under the Likert scale measurement, and regression analysis, through the analysis, complete the overall empirical study. Venture capital institutions and entrepreneurs have different subdivision behavior types; 3) Under different control rights allocation, the different subdivision behavior of venture capital institutions and entrepreneurs has specific impact on the development of venture capital enterprises. The allocation of control rights of venture capital entrepreneurs can be divided into three types: entrepreneurs-led, venture capital intervention, and venture capital-led. Empirical analysis shows that in venture capital intervention venture capital enterprises, due to the intervention of venture capital institutions, the non-productive behavior of entrepreneurs will have a negative impact on the short-term performance of enterprises, but it is precisely because of venture capital opportunities. On the other hand, the positive behavior of entrepreneurs and the supervision and intervention of venture capital institutions can help enterprises produce positive effects in the long-term development. The excessive involvement of capital institutions in the operation of start-ups has a negative impact on their own supervisory behavior in short-term performance development; at the same time, the attributes of entrepreneurs are more obvious, that is, entrepreneurs act as agents, whether for the short-term or long-term development of enterprises play a positive role. In industrial enterprises, the positive behavior of entrepreneurs can obviously promote the short-term and medium-long-term development of enterprises. In such enterprises, because entrepreneurs dominate enterprise decision-making, the supervision behavior of venture capital institutions has a negative impact on the short-term development of enterprises; at the same time, under the guidance of entrepreneurs, the venture capital institutions are complete. Supportive behavior and speculative behavior under this dominant behavior support entrepreneurs'dominant position from the side, and play a positive role in the long-term stable development of enterprises.
【學(xué)位授予單位】：浙江大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F279.2;F832.48

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